Warburg Pincus buys stake in Avtec

MUMBAI (Reuters) - U.S. private equity firm Warburg Pincus LLC has bought a minority stake in Indian engineering equipment maker Avtec Ltd, but the terms of the transaction were not disclosed.

The investment will provide an exit to British investor Actis and will be utilised to fund future growth of the company, Avtec said in a statement.

In 2005, Actis invested $17.8 million to buy a 30 percent stake in the company, promoted by diversified C.K. Birla Group.

Last week, Warburg Pincus sold its controlling stake in India's Alliance Tire Group to KKR & Co. LP (KKR.N).

Ernst & Young advised Avtec and Actis in the transaction, the statement said.

(Reporting by Indulal PM; Editing by Gopakumar Warrier)

Updated Date: Apr 16, 2013 02:45 AM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See