India: Maini Precision seeks to raise $75m from PE funds

India: Maini Precision seeks to raise $75m from PE funds

Chetan Maini, co-founder of Maini Precision, is perhaps best known for creating the Reva, India’s first electric car, the holding company of which was bought by Mahindra in 2010. Photo: Aniruddha Chowdhury/Mint

The Bengaluru-based Maini Precision Products Ltd is in talks to raise up to Rs.500 crore from private equity funds and is likely to drop its planned initial public offering (IPO), two people aware of the matter said.

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