Blackstone sells stake in Agile to 4 firms

Blackstone Group on Thursday said it has sold its 97.9 percent stake in Agile Electric Sub Assembly Pvt Ltd (Agile) to four different entities including Tata Capital Growth Fund. A private equity fund managed by Blackstone on behalf of its private equity investors took the process of selling its 97.9 percent stake in Agile, the Group said in a release. Among others, the stake of Blackstone Group in India's electric motor manufacturer Agile was sold to Igarashi Electric Works Ltd (IEWL), MAPE Securities Private Limited and Alpha FDI Holdings Pte Ltd.

IMIL is a publicly listed subsidiary of Agile. "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," Amit Dixit, Senior Managing Director & Co-Head of Blackstone Private Equity in India, said in the statement. Akhil Awasthi, Managing Partner, Tata Capital Growth Fund I said: "Agile, with proven engineering expertise and innovation, is well poised to capitalise 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."