Data & Intelligence

Impact Case Study: Jamna Auto

Clearwater invested US$45–50 million from June 2006 to August 2010.

Company Headquarters:  India
Business focus:  Commercial vehicle components manufacturer
Revenue:  US$220 million (2010)
Growth:  Annual revenues have grown from roughly US$75 million to US$220 million


impact highlights

  • Jamna Auto has transformed from a loss-making business to a company generating US$25 million in EBITDA, and growing each year
  • Clearwater helped consolidate Jamna’s three corporate entities into one core business, streamlining operations and capturing economies of scale
  • Strategic asset purchase negotiations have ensured a long-term offtake agreement with Tata Group, the Indian multinational conglomerate, for the manufacture of commercial vehicle springs
  • Clearwater has helped professionalize Jamna’s business, while strengthening its Board of Directors and improving corporate governance
EMPEA represents the leading global investors in EM. I look forward to working alongside to drive much-needed capital for financing entrepreneurs and businesses worldwide.

Renuka Ramnath | Founder, Managing Director & Chief Executive Officer, Multiples Alternate Asset Management Private Limited

EMPEA plays an important and energetic role across the markets it represents, driving outreach and research initiatives, and promoting the role of private capital.

Brian Lim | Partner and Head of Asia and Emerging Markets, Pantheon Ventures

The developed markets have no equivalent to the role EMPEA is playing as a convener and source of trusted information in the emerging markets.

David Rubenstein | Co-Founder and Co-Executive Chairman, The Carlyle Group

I’m honored to join fellow industry pioneers in the leadership of an unparalleled network, filled with first movers, shaping the future of industries and communities.

Dr. Andrew Kuper | Founder and CEO, LeapFrog Investments

EMPEA's market and industry intelligence opens doors to new sources of capital.  I look forward to the future success of EMPEA and its members.

Torbjorn Caesar | Senior Partner, Actis

While there are certainly challenges for the industry, the opportunities abound in our target markets and globally, making a global association like EMPEA more relevant than ever.

Drew Guff | Managing Director & Founding Partner, Siguler Guff & Company