Bain Capital-Backed RSB Acquires Setco Auto Systems

As part of the transaction, SAL has approved a proposal to transition away from the “Setco” brand and rename itself “Shilayan Industries Limited,” subject to necessary approvals.

By Entrepreneur Staff | Jun 02, 2026

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RSB Transmissions (RSB), an automotive components platform backed by Bain Capital, has completed the acquisition of Setco Auto Systems (SASPL), a key supplier of medium and heavy commercial vehicle (MHCV) clutch systems and aftermarket drivetrain solutions. SASPL was a material subsidiary of Setco Automotive Limited (SAL).

The acquisition is part of RSB’s strategy to expand its footprint in the automotive components sector and build a systems-led, multi-product platform across both original equipment manufacturer (OEM) and aftermarket segments.

As part of the transaction, SAL has approved a proposal to transition away from the “Setco” brand and rename itself “Shilayan Industries Limited,” subject to necessary approvals.

S K Behera, Vice Chairman and Managing Director, RSB Group, said, “SASPL’s clutch systems expertise and strong presence across OEM and aftermarket segments complement RSB’s platform. Our focus now is on seamless integration that ensures continuity for customers and partners.” He added, “We are pleased that the existing management team, led by CEO Mr Neeraj Singhal, will continue to lead the business.”

Saahil Bhatia, Partner at Bain Capital, highlighted the broader industry context, stating, “India’s commercial vehicle sector continues to present compelling platform-building opportunities, supported by increasing formalization of the aftermarket and deeper OEM supply chain localization.” He added that the Setco brand brings “three decades of market leadership” and strong relationships across segments.

Harish Sheth, Chairman and Managing Director of Setco Automotive Limited, said, “This transaction marks a pivotal moment for Setco, enabling us to unlock significant value while ensuring a strong future for Setco Auto Systems within a scaled platform.”

RSB Transmissions, founded in 1973, has grown into a global engineering company with 18 manufacturing plants across India and two in Mexico. The company manufactures drivetrain components such as propeller shafts, axles, and gearboxes, serving customers in India and the United States.

The acquisition is expected to strengthen RSB’s position as it continues to scale its diversified automotive platform.

As part of the transaction, SAL has approved a proposal to transition away from the “Setco” brand and rename itself “Shilayan Industries Limited,” subject to necessary approvals.