Fellow buyout house Actis exited the company as part of Warburg’s investment, which Avtec said would be used to fund future growth.
Avtec is part of the mult-billion dollar conglomerate CK Birla Group, which is diversified across industries including cement, vehicle components, paper, building materials and construction equipment.
Warburg India managing director Niten Malhan said, “We are positive about the long-term prospects of the auto and off-highway industry in India and have been impressed by AVTEC’s differentiated capabilities as an aggregates and component supplier.
“We are excited to work alongside the CK Birla Group in supporting AVTEC and its strong management team in building a business of scale.”
Actis south Asia head JM Trivedi said, “Avtec is a highly progressive and innovative company.
“During our eight year partnership, AVTEC has grown through organic and inorganic initiatives to become a differentiated, intellectual property driven business with a high-quality leadership team.”
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