July 17, 2013 / 12:36 PM / 5 years ago

Blackstone to buy Agile Electric Works for $100 mln-sources

MUMBAI, July 17 (Reuters) - U.S. private equity giant Blackstone Group LP has agreed to buy a majority stake in Indian auto parts maker Agile Electric Works, which controls Igarashi Motors, for about $100 million, two sources with direct knowledge of the matter told Reuters.

Blackstone declined to comment, while Agile was not immediately available for comment.

Indian investment bank Mape Advisory Group is advising the seller, the sources said.

Blackstone, known for large buyout deals globally, has made 16 private equity investments totalling $1.7 billion in India but only two of those were for a controlling stake, in a country where outright private equity buyouts are rare.

The Agile deal will be Blackstone’s third such acquisition.

Private equity investments in India were up 28.9 percent to $5.8 billion in India during the first two quarters of 2013, according to data compiled by VCCircle, an industry tracker.

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