Carraro India Ltd, a Pune-based leader in transmission systems and axles for tractors and off-highway vehicles, has received final approval from the Securities and Exchange Board of India (SEBI) for its ₹1,812 crore Initial Public Offering (IPO). The offering, filed on August 23, 2024, is an Offer for Sale (OFS) by its parent company, Carraro International S.E., with shares carrying a face value of ₹10 each.
Founded in 1997 as a subsidiary of Carraro S.p.A, Carraro India began manufacturing transmission systems in 1999 and axles in 2000. The company is a trusted supplier of engineered components to original equipment manufacturers (OEMs) in the agricultural and construction equipment sectors. Its portfolio includes axles, transmission systems, gears, shafts, and ring gears, which are essential components for vehicles such as backhoe loaders, soil compactors, cranes, motor graders, and self-loading concrete mixers.
Carraro India operates two state-of-the-art manufacturing facilities in Pune: one for driveline production and the other for gear systems. These plants, equipped with advanced casting, machining, assembly, and heat treatment technologies, achieved high capacity utilisation in fiscal 2024, with the driveline facility at 81.07% and the gear plant at 89.94%.
The company serves 38 OEMs in India, including leading agricultural tractor manufacturers such as CNH, TAFE, Mahindra & Mahindra, John Deere India, Escorts Kubota, and International Tractors Limited. In the construction equipment sector, key customers include CNH, Bull Machines, Liugong, Manitou Equipment, and Doosan. CNH remains a significant client across various sectors.
Carraro India benefits from the expertise and global reach of its parent company, Carraro Group, a leading independent tier-1 supplier of transmission systems. The Carraro Group holds a dominant position in the Indian market for tractors with up to 150 HP and four-wheel-drive capabilities. Carraro India initially utilized intellectual property from other Carraro Group entities and design support from Carraro Technologies India Private Limited (CTIPL).
The IPO will be managed by Axis Capital Limited, BNP Paribas, and Nuvama Wealth Management Limited, with Link Intime India Private Limited as the registrar. The shares will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
This public offering marks a pivotal moment for Carraro India, enabling the company to strengthen its market presence, expand its operations, and maintain its leadership in the transmission systems and axles sector.
Carraro India, a subsidiary of the Italian engineering company Carraro Group, is a leading manufacturer of precision transmission systems and driveline components for the automotive, agricultural, and construction industries in India. Established in 2007, Carraro India operates state-of-the-art manufacturing facilities that produce high-quality gearboxes, axles, and related products for both domestic and international markets.
The company is renowned for its advanced engineering capabilities, commitment to innovation, and strong focus on sustainability. By leveraging Carraro Group’s global expertise, Carraro India plays a crucial role in meeting the growing demand for specialized drivetrain solutions, while contributing significantly to the Indian economy and the development of the local automotive and machinery sectors.
