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“Over the last couple of years, there has been a rising focus in India and globally to become more self-reliant. Sensitive sectors like aerospace, defence, industrial and advanced/value added manufacturing have been the biggest beneficiaries of this shift in mindset,” Pranav Parikh, managing partner and head of private equity at Nuvama Asset Management, told Mint in an interview.
According to Parikh, global conflicts and geopolitical uncertainties have made domestic self-sufficiency a critical priority. He noted that Nuvama is currently evaluating additional investment prospects in the sector, having spent the past year identifying resilient businesses positioned to thrive amid these global market disruptions.
As a critical link in the supply chain of high-growth industries like aerospace, defence and precision manufacturing, Val-Met will play a crucial role in fulfilling demand towards self-fulfillment as well as high value exports from the country, Parikh said. “The opportunity is to further scale this business from an India focused play to a regional and eventually a global play. We will look at acquisitions in Europe and partnerships in Southeast Asia.”
Scaling beyond borders
The fast-growing business has an Ebitda margin of over 20%. “This is a very profitable business, and we expect Val-Met to grow 30%+ CAGR in revenue for the next few years as the industry tailwinds and the capital provides the ability for scale. We anticipate consistent growth from this business given its healthy order book and the sheer number of increased opportunities that have come to India,” Parikh said.
Meanwhile, the third fund—about ₹3,600 crore in size—typically involves cheque sizes ranging from ₹150 crore to ₹450 crore. Beyond manufacturing, the firm also invests in other sectors such as consumer and consumer-internet, fintech, BFSI (banking, financial services and insurance), healthcare and business services.
Its fourth crossover fund is aiming for a ₹4,000 crore corpus and will target wealthy West Asia investors, as per online reports. “I think the natural evolution is to be able to look at various pools of capital,” Parikh said, without commenting on the specifics.
Broadly, the Nuvama Group oversees ₹4.61 trillion of client assets and caters to a diverse set of clients which includes over 1.3 million affluent and high-net-worth individuals and more than 4,700 of India’s most prosperous families, as of Q3 FY26.
Priyamvada C
Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.
