US alternative assets major Blackstone has reportedly agreed a $110m deal for a 98 per cent stake in Indian car parts maker Agile Electric Works.
The move is Blackstone’s 16th in the Asian country according to Reuters, which cited two sources with direct knowledge of the matter.
It added that the deal was only the third time Blackstone had taken a majority position in an Indian business, reflecting the wider attitude of private equity investors in the country.
Blackstone’s 98 per cent stake in Agile also gives it a 62 per cent stake in listed subsidiary Igarashi Motors India Limited, the Economic Times reported.
The firm is also looking to sell about 1.7 million shares in India-based Emcure Pharmaceuticals as it looks to raise INR6bn ($101m) in a public listing.
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