Premji Invest pumps $35 million into Hical Technologies to expand aerospace, defence manufacturing

Bengaluru-based Hical Technologies has raised $35 million (around Rs 310 crore) in growth equity from Premji Invest, marking its first institutional investment in nearly four decades as the aerospace and defence components maker looks to expand manufacturing capacity and strengthen its engineering and research capabilities.

The company’s valuation is estimated at $300 million-$400 million, according to industry sources.

Founded in 1986, Hical manufactures electromechanical components and systems for the aerospace and defence industries, supplying global original equipment manufacturers (OEMs), including Dassault Aviation, Boeing and Airbus.


Its products are used in Rafale fighter jets, commercial aircraft, ships, submarines, defence applications, and Indian Space Research Organisation (ISRO) launch vehicles and satellites.

Exports account for more than 90% of Hical’s business, reflecting its presence in global aerospace and defence supply chains.

The investment will support the company's manufacturing expansion across South India, including its new facility in Hosur and a recently inaugurated facility in Devanahalli.

Premji Invest backing to fund capacity expansion

The fresh capital will be used to acquire high-precision machinery, strengthen vertically integrated manufacturing and develop specialised aerospace manufacturing processes. The company also plans to increase spending on engineering, research and development (R&D), technical talent and quality systems.

Hical manufactures more than 1,000 different part numbers used in Boeing and Airbus commercial aircraft and business jet applications. It also supplies Dassault Aviation for the Rafale programme.

The company aims to use the investment to take on more complex, design-led manufacturing programmes and increase the engineering and technology content of its products.

Yashas Jaiveer, managing director of Hical Technologies, said the investment would help the company accelerate its expansion while building greater engineering and technology capabilities.

"Our ambition is to build from India for the world, not simply by adding capacity, but by increasing the engineering and technology content of what we deliver," he said.

Global aerospace supply chains create opportunities

The investment comes as global aerospace and defence manufacturers look to deepen manufacturing and engineering partnerships in India.

Manoj Jaiswal, partner at Premji Invest, said Hical had developed specialised product capabilities, engineering expertise and long-standing relationships with global aerospace and defence customers.

"We see significant potential for Hical to scale these capabilities as global supply chains increasingly seek high-quality engineering and manufacturing partners in India," he said.

Deloitte Corporate Finance acted as Hical's exclusive financial advisor for the transaction.

Premji Invest, founded in 2006 by Azim Premji, is a global investment firm with more than $15 billion in evergreen capital. It invests across private and public markets in India and the US, with its investment activities primarily supporting the philanthropic initiatives of the Azim Premji Foundation.