Maxop Engineering buys majority stake in Faith Automation

NEW DELHI: Fairfax-backed Maxop Engineering has bought a majority stake in Pune-based Faith Automation Systems and Tooling, a design and engineering firm that automates the production lines for vehicle manufacturers, the companies said in a joint statement. Industry experts pegged the enterprise value of the deal at Rs 400-500 crore.

The companies did not disclose financial details.

Faith manages every stage of a project, from process planning and mechanical design through robot programming, system integration and on-site commissioning. It has revenues of around Rs 300 crore. Its clients include Honda, Mahindra & Mahindra and Stellantis. The company's founding team led by Nilesh Pandhare and six of his colleagues previously worked at Italian firm Comau, which was part of Stellantis.


Maxop Engineering makes aluminium die cast components for the automobiles, electrical and consumer engineering sectors. Fairfax India Holdings Corporation had acquired a 67% stake in Maxop Engineering in 2021. The company is helmed by Shailesh Arora.

The acquisition is expected to help Maxop and Faith Automation tap synergies such as expanding solutions to existing customers and bringing in new customers.

“Our robotics and systems-integration expertise will be expanded to industrial segments such as warehousing and logistics automation, heavy engineering, FMCG manufacturing and electrical equipment production,” said Pandhare, managing director of Faith Automation Systems and Tooling.