Kotak, Mahindra invest Oz aerospace
Indian private equity player Kotak Private Equity Group, in partnership with local conglomerate Mahindra & Mahindra Ltd. through its recently-formed Mahindra Aerospace Pvt Ltd. unit, has taken majority stakes in two Australian aerospace businesses: parts manufacturer Aerostaff Australia, and design firm Gippsland Aeronautics.
The investment consortium took 75.1% of each company for a total of around $37.6 million, and apparently plans to keep on the existing management teams. Mahindra representatives said publicly that the new acquisitions aim to tap anticipated growing demand in local and international aerospace. Kotak Private Equity is the alternative investment arm of Kotak Mahindra Bank.
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