Private equity firm SKEGEN inks Rs 500 crore MoU with iDEX

Private equity firm SKEGEN Asset Management signed a memorandum of understanding (MoU) with the Ministry of Defence’s flagship initiative Innovation for Defence Excellence (iDEX) on Monday worth Rs 500 crore. Per the MoU, the investment will aim to accelerate the growth of design, product development, and manufacturing-led enterprises across industries in India.

Of the Rs 500 crore, SKEGEN will provide Rs 360 crore to support two iDEX winners — Sagar Defence Engineering and Zeus Numerix. The PE firm will aid the two startups with innovation and…