Private equity firm Blackstone Group has invested $65 million for a stake in Indian engineering firm MTAR Technologies Pvt Ltd, the U.S. company said late on Wednesday.
MTAR makes machined parts for nuclear, space and defense projects, as well as engine and structural components for aerospace and defense applications, it said.
The funding is a mix of primary and secondary equity. The Economic Times newspaper said Blackstone had bought 26 percent in MTAR.
“We are very enthusiastic about this investment as we foresee a huge growth opportunity for MTAR both in domestic and global markets,” said Akhil Gupta, chairman of Blackstone Advisors India Pvt Ltd.
Blackstone has said it had a huge pipeline of deals in India, and has made a series of investments recently, including buying a majority stake in apparel firm Gokaldas Exports Ltd and $150 million in Nagarjuna Construction Co Ltd.
First Securities was the advisor to the transaction.(Reuters)