Private Equity

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HBL Power Systems to invest Rs.150-Cr in defence imaging firm Tonbo

Business Standard  

Hyderabad-headquartered HBL Power Systems will invest INR 150 crore in Bengaluru-based Tonbo Imaging India, an imaging systems specialist, in the form of compulsorily convertible preference shares (CCPS). HBL will also make a nominal investment in Tonbo Singapore, spread over three tranches. Tonbo Imaging India indigenously designs and manufactures imaging systems for surveillance, reconnaissance and targeting. The company is a supplier of advanced electro-optics systems in more than 25 countries. It supplies to India's defence and home ministries. Electro-optics and imaging subsystems are critical for surveillance platforms and weapon systems. Tonbo will use HBL's investment to continue expanding its global reach. It would also accelerate product innovation in large-scale end platforms.