Carlyle invests in India's DEE Piping Systems
The Carlyle Group has made an investment of an undisclosed amount in Indian pipe manufacturing firm DEE Piping Systems.
According to a statement, the equity for Carlyle's investment came from the firm's First Carlyle Ventures III affiliate. Carlyle's holding, referred to as a "significant minority stake," consists of a mix of newly issued shares and shares purchased from other investors, who have not been identified.
Founded in 1983, DEE Piping conducts design, engineering and fabrication processes for pressure piping systems to be used in a range of industries, including power, oil and gas, and manufacturing. The company's other PE backers include BanyanTree Capital Advisors, who bought a minority stake for an undisclosed amount in 2011.
DEE Piping founder K.L. Bansal said, "We expect to leverage Carlyle's international brand equity, global resources and strong sectoral expertise to further grow and diversify our business domestically as well as globally."
Carlyle invested $1.3 billion of equity in more than 30 transactions in India as of June 30. Its recent investments in India's industrial sector include a $500 million commitment to oil and gas start-up Magma Energy earlier this year.
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