PANAJI, September 23:Goa-based defence manufacturer Hughes Precision Manufacturing Pvt. Ltd. has raised more than ₹250 crore through a mix of primary and secondary investment to expand its ammunition manufacturing capacity and establish a dedicated medium-calibre production facility.
The funding round involved a group of ultra-high-net-worth individuals, with STEER Advisors acting as the sole transaction adviser, according to the company.
Hughes Precision said it plans to increase its small-calibre ammunition manufacturing capacity from around 80 million rounds annually to 220 million rounds, while part of the fresh capital will be deployed to establish medium-calibre ammunition manufacturing capabilities.
The proposed medium-calibre facility is expected to broaden the company’s product portfolio beyond small-calibre ammunition and enable it to address requirements from the Indian Armed Forces as well as international defence customers.
The company said its order book has crossed ₹1,000 crore, with approximately 60 per cent coming from the domestic market and the remaining 40 per cent from exports. Hughes Precision expects to execute the current order book over roughly the next two years.
Domestic orders include requirements from the Indian Army, police and paramilitary forces, while the company said it currently serves customers across more than 20 countries in North America, Europe, the Middle East, Africa and Asia.
Managing Director Sanjay Soni said the fresh capital would support the expansion of small-calibre manufacturing capacity, the company’s entry into medium-calibre ammunition and continued investment in manufacturing, quality, technology and workforce development.
Hughes Precision, established in 2016, operates an ammunition manufacturing facility in Goa.
According to the company’s current manufacturing information, it is also developing a 40,000-square-metre expansion designed to support the planned increase in small-calibre production capacity to 220 million rounds annually.
The company said the latest investment would support its strategy of scaling domestic manufacturing while expanding its presence across Indian and international defence markets.
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