The India Resurgence Fund has acquired a majority stake in Fine Edge Engineering Private Limited. In a separate development, TPG has divested its stake in transportation company Shadowfax through an open-market transaction.
IndiaRF buys majority stake in Ashok Iron Works’ casting business
The India Resurgence Fund (IndiaRF), backed by Piramal Finance and Bain Capital, has acquired a majority stake in Fine Edge Engineering Private Limited, which operates the iron casting and machining business of Ashok Iron Works and its group companies.
Founded in 1974, Ashok Iron Works is based in Belagavi, Karnataka, and manufactures machined iron castings used in industrial engines, agricultural equipment, and automobiles.
The company operates four foundries with a combined capacity of 1,44,000 metric tonnes per annum (MTPA) and seven machine shops that can produce around 600,000 parts annually.
It makes engine blocks, engine heads, and transmission housings weighing between 20 kg and 5,000 kg. The company can manufacture machined engine blocks for engines ranging from one-cylinder to 18-cylinder configurations.
Ashok Iron Works supplies its products to original equipment manufacturers (OEMs) across multiple sectors and has been operating in the casting and machining business for nearly five decades.
TPG divests Shadowfax stake for Rs 300 crore
TPG divested its stake in transportation company Shadowfax for about Rs 300.6 crore through an open-market transaction.
The transaction was routed through the private equity major’s NewQuest Asia Fund IV (Singapore), according to BSE data.
TPG held an 11.53% stake in the logistics company at the end of June 2026.
Among others who have offloaded their stakes in Shadowfax in the past few weeks are Flipkart and Eight Roads. While the e-commerce giant sold its stake in the company through a block deal for about Rs 690 crore, Eight Roads divested part of its stake across two transactions for about Rs 964.4 crore.
