Mumbai, October 29th, 2025 : True North Private Credit
announced an investment of INR 360 Cr in Innova Rubbers Private Limited
(“Innova”) and Vee Tee Auto Manufacturing Company Private Limited (“Vee Tee”).
The investment proceeds will be used towards the consolidation of the
promoter’s stake to enable control and better growth prospects of the two
companies.
Innova, founded in 1969 by the Ambardekar, Mekal, and
Bakshi families, specialises in designing and manufacturing automotive
rubber-moulded and rubber-to-metal bonded NVH (Noise, Vibration &
Harshness) products. A long-standing leader in this field, Innova has
established deep relationships with OEMs.
Vee Tee Auto, also founded by the three families in
1988, specialises in the aftermarket trading of suspension parts (mountings and
bushes), oils, filters, steering components, brake parts, and other auto
components for 4W, 2W, and 3W vehicles. It also manufactures steering
components for the tractor segment, which are sold directly to OEMs.
Altamount Capital Management acted as the strategic
advisor to the promoters for this transaction.
Commenting on the investment, Kapil Singhal, Managing
Partner, Private Credit of True North, said, “We are excited to partner with Innova, a company known for its
strong research and manufacturing strengths. It is well placed to meet the
rising demand for noise and vibration control solutions from original equipment
makers. We are also delighted to work with Vee Tee, a leader in the replacement
parts market with one of the widest distributor networks in the country. This
transaction in particular is among the larger private credit deals in India and
is a testament of our team’s growing capabilities to deliver transactions of
larger sizes to meet different business needs. This Rs. 360 Cr investment was
led and structured by True North Private Credit and saw participation from 2
other funds and few larger reputed family offices. Our focus remains on
partnering with quality entrepreneurs and well-governed businesses with
exceptional management teams and strong growth potential. Our superior engagement and the trust of founders in the
True North brand led to a successful closure.”
Sameer Ambardekar, Managing Director of Vee Tee
Auto, said, “We are excited about our
partnership with True North. This has helped consolidate our stake, providing
the momentum and focus needed to accelerate our growth in the coming years.”
Sachin Ambardekar, Managing Director of Innova
Rubbers, added, “This strategic development
is an important milestone that will enable us to take the next step in our
growth journey, driving best-in-class performance and strengthening our
position in the market.”
With a focus on long-term value creation, True North
Private Credit has consistently expanded its capital deployment, successfully
managing larger transactions to support the growth of high-potential
businesses.
Notes to Editor
About True North:
Founded in 1999, True North is one of India’s most
respected home-grown private equity firms with a focus on investing in and
transforming mid-sized profitable businesses into large, well-established
businesses that are valuable, enduring and socially responsible. In Private
Equity, True North has successfully launched six separate investment funds with
a combined corpus of ~ USD 3 billion, including co-investments. In 2022 the
firm forayed into Private Credit, True North’s ‘Performing Credit Regular
Income Fund’ has raised INR 2000+ Cr having completed 23 investments and 11
successful exits and 3 partial exits. True North’s deep insights and
understanding of India has added value to more than 75 businesses over the last
25 years across sectors such as consumer, financial services, healthcare,
technology and manufacturing.
For more details, visit: https://www.truenorth.co.in/
