Piramal-bain fund invests ~615 cr in auto parts firm

India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital Credit, along with its affiliates, on Tuesday said it had invested ~615 crore in Gujarat-based Setco Group. As part of the deal, Setco Automotive will transfer its clutch business to a subsidiary, Setco Auto Systems, into which Indiarf will invest through a senior debt facility and 35 per cent equity stake in SASPL.