Bengaluru, Sept. 23 -- Private equity firm Multiples Alternate Asset Management is training its sights on industrials, a sector the growth investor has never backed before, according to a top executive at the firm.

"Industrial has emerged as an interesting space for us. In the past, we had never looked at it," said Renuka Ramnath, founder, managing director and chief executive of the Mumbai-based firm in an interview with Mint.

The firm's decision to look into the sector comes at a time when sectors like precision manufacturing, defence, and manufacturing are seeing growing investor interest.

Precision engineering, for example, was sized at $6.5 billion in 2025 and is projected to grow to $16 billion by 2033, at a compound annual growt...