Hughes Precision Manufacturing, a private-sector ammunition manufacturer, has raised more than $26 million (Rs 250 crore) through a combination of primary and secondary investments from family offices and ultra-high-net-worth individuals (UHNIs).
The investment will support the company’s next phase of growth, including the expansion of its existing small-calibre ammunition manufacturing capacity from approximately 80 million rounds to 220 million rounds, it said in a statement.
A significant portion of the new capital will be used to expand manufacturing capabilities into medium-calibre ammunition. The company also plans to establish a dedicated manufacturing facility for medium-calibre ammunition to cater to requirements from the Indian Armed Forces and international defence customers.
The investment comes as Hughes Precision’s order book has crossed Rs 1,000 crore. Around 60% of the order book is from the domestic market, while the remaining 40% comprises export orders, according to the statement.
Domestic customers include the Indian Army, police and paramilitary forces, while export orders span international markets. The current order book is expected to be executed over the next two years.
“Over the last decade, we have built our capabilities step by step, developed an international customer base and demonstrated that an Indian private-sector company can compete successfully in global ammunition markets. The new capital allows us to move into the next phase of that journey—significantly expanding our small-calibre capacity, entering medium-calibre ammunition and continuing to invest in manufacturing, quality, technology and people,” said Sanjay Soni, Managing Director, Hughes Precision.
“Our ambition is to build Hughes Precision into one of the most respected ammunition manufacturers globally while contributing meaningfully to India’s objective of becoming increasingly self-reliant in defence manufacturing,” he added.
Established in 2016, Hughes Precision currently serves customers across more than 20 countries in North America, Europe, the Middle East, Africa and Asia.
