Chennai: Blackstone Group has acquired a 97.9 per cent stake in Chennai-based Agile Electric Sub Assembly Pvt Ltd for about Rs 600 crore.
Following the deal, the US-based private equity investor will also control a 58 per cent stake in Igarashi Motors India, a listed subsidiary of Agile Electric.
Blackstone and other investors will have to make an open offer to Igarashi shareholders.
According to a BSE notification by Igarashi, Agile Electric and certain shareholders of Agile have entered into agreements with investors Blackstone Capital Partners and Blackstone Family Investment Partnership (Cayman).
Agile Electric is a manufacturer of building machinery, assembly lines and industrial feeders for the automotive industry.
Igarashi Motors was originally a Japanese auto components company before it exited the country. It is currently a subsidiary of Agile Electric and specialises in design and manufacture of DC motors and gear motors.
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