Warburg Pincus invests in India's Avtec, Actis exits
Warburg Pincus has acquired a minority stake in Avetec, an Indian manufacturer of precision-engineered products, facilitating an exit for Actis. The value of the transaction was not disclosed.
Actis invested $17.8 million in Avtec in 2005 for a 30% stake.
The company is part of the C.K. Birla Group, a conglomerate with interests as diverse as cement, automotive, paper, Information technology-enabled services and construction equipment. It produces engines, transmissions and components such as cylinder heads and crank shafts for the automotive and off-highway markets.
"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," said Niten Malhan, managing director of Warburg Pincus in India, in a statement.
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