In the driver's seat
India’s early automobile manufacturers, visionary though they were, could never have predicted that the country would one day run on wheels. Today, India’s automotive industry is one of the largest in the world – and growing rapidly.
AVTEC is an engine and transmissions business which was spun out of Hindustan Motors in June 2005. The company makes complete engines and transmissions for cars (customers include GM, Ford, Tata and Ashok Leyland), automatic transmissions for off-road vehicles (customers include Caterpillar India, Allison, Voltas and Bharat Earth Movers) and components for each of these.
As an established provider to Indian motor manufacturers, AVTEC benefits from increased domestic demand as well as demand from multinational manufacturers outsourcing production of components to countries with lower cost engineering skills.
When Actis invested in AVTEC in 2005 it was primarily a contract manufacturer. It has grown to become an intellectual property-led manufacturing business with a significant part of its revenues deriving from proprietary products. As part of this evolution, AVTEC acquired a leading Swiss-based proprietary face-gear technology business in May 2012.
Actis exited AVTEC in April 2013.