Tata Capital fund among buyers of Blackstone's stake in Agile Electric

The Blackstone Group today said that a private equity fund managed by Blackstone on behalf of its private equity investors has sold its 97.9-per cent stake in Indian electric motor manufacturer,Agile Electric Sub Assembly Private Limited, an  to Igarashi Electric Works Ltd along with MAPE Securities Private Limited, Alpha FDI Holdings Pte. Ltd. and Tata Capital Growth Fund I.

Agile has a publicly-listed subsidiary, Igarashi Motors India Limited, which is listed on the National Stock Exchange and Bombay Stock Exchange in India.

''Agile has established itself as a strong global supplier with its deep engineering expertise and quality standards," Keiichi Igarashi, President of Igarashi Electric Works Ltd, said. "This investment will allow us to widen our global presence and serve our customers better. We believe that India is on track to be a big manufacturing hub and we are excited to be a part of this journey. We are hopeful that we will be able to add to the growth momentum of the business through our knowledge and expertise.''

Amit Dixit, senior managing director and co-head of Blackstone Private Equity in India, said, ''Agile has been an excellent investment for Blackstone. The company has delivered strong growth during our investment horizon. Investment by a global motor manufacturer, Igarashi, is the logical step in taking the company to the next level. We are confident of company's continued success going forward.''

Akhil Awasthi, managing partner, Tata Capital Growth Fund I said ''It is a pleasure to partner with the Igarashi and Mape Group to take Agile to the next phase of growth. Agile, with proven engineering expertise and innovation, is well poised to capitalize on the growing trend of manufacturing in India. With support of the Igarashi Group and its global tier 1 relationships Agile should scale greater heights''