Ammunitions maker Hughes Precision attracts Rs.250-Cr from family offices, UHNIs

Goa-based Hughes Precision has attracted INR 250 crore - via a mix of primary and secondary transactions - from family offices and ultra-high-net-worth individuals (UHNIs). STEER Advisors served as the sole advisor to Hughes Precision on the transaction.Founded in 2016 by Sanjay Soni and Ved Prakash Soni, Hughes Precision is an integrated ammunition manufacturer that supplies to the Indian armed forces, paramilitary forces and international customers across more than 20 countries. The company claims to hold an order book exceeding INR 1,000 crore, with 60% of the volume originating from the domestic market.The firm plans to use the funds to expand its small-caliber ammunition manufacturing capacity from 80 million rounds to 220 million rounds and to establish a medium-caliber ammunition manufacturing facility.