the strategic investment is intended to fund the companys foray into electric vehicle components as well as move up the value chain in the conventional automobile space chennai chennaibased auto component company umac auto components has secured an undisclosed amount of investment from three individual investors the strategic investment is intended to fund the companys foray into electric vehicle components as well as move up the value chain in the conventional automobile space umac is a vendor to top automobile companies in india including ashok leyland brakes india wabco lucas tvs and sundram fasteners among others the company makes spring steel components mainly washers and circlips advt the majority investment has come during covid19 times and was led by dr thavamani ponniah who holds a phd in rubber technology and has worked for wellknown corporates including sabic in the past the other two investors are dr mahesh sarveswaran and parthipan periyakaruppan the investment represents not only an opportunity to stabilize and strengthen existing business but also to create a new range of product segments given umacs presence over a decade said ponniah the deal was handled by anova corporate services a chennaibased ma advisory firm akshay chakrapani member of the founding family said umac has been built over years with a lot of commitment and hard work by the family and we are convinced that the strategic investment can lead to much greater growth including foray to ev segment added govindarajan srinivasan director of anova this is a good strategic move for umac especially in current times and can help achieve growth in adjacent segments within the auto industry can automotive component makers weather the covid19 storm by nandini sen gupta tnn published on jul 8 2020 at 0955 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app umac auto investors electric vehicle components auto parts ev parts investments homenewsauto componentsumac auto secures investment from three individual investors