3i India exits 6.6% stake in steel pipe maker Welspun Corp.
UK private equity firm 3i Group has exited its 6.6% stake in Indian steel pipe producer Welspun Corp. Ltd. for an undisclosed amount, coming three years after it first invested INR350 crore ($76.8 million) in the company.
Fifteen-year-old Welspun manufactures steel pipes, yarns and coils for infrastructure, energy and oil and gas businesses. According to local reports, 3i sold its stake because of the limited growth potential within the sector.
The news comes amid an active year for 3i in Asia and India. In July, 3i India merged its buyout team with its infrastructure unit, coming off 3i Group's decision to pare down its buyout arm in Asia, folding its Singapore-led buyout team into its regional growth capital platform and transferring responsibility for Asian buyouts to its global buyout team. 3i also saw executive departures both in Asia and globally, including the exit of key dealmaker Jonathan Russell.
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