Mumbai, Aug. 7 -- India Resurgence Fund (IndiaRF), a joint venture between Piramal Finance Ltd and Bain Capital, has acquired a majority stake in Fine Edge Engineering Pvt. Ltd., which houses the iron casting and machining business of Ashok Iron Works Group, the companies said in a statement on Friday.

While the companies did not disclose the transaction value, a person with direct knowledge of the matter said the deal is valued at about Rs.2,000-2,200 crore.

The acquisition comes as investors increasingly back India's industrial manufacturing ecosystem amid rising global demand for heavy-engine components, localization of supply chains and capacity expansion by original equipment manufacturers (OEMs).

"IndiaRF is excited about the com...