Warburg Pincus buys stake in India's Avtec
MUMBAI (Reuters) - U.S. private equity firm Warburg Pincus LLC WP.UL has bought a minority stake in Indian engineering equipment maker Avtec Ltd, but the terms of the transaction were not disclosed.
The investment will provide an exit to British investor Actis and will be utilized to fund future growth of the company, Avtec said in a statement.
In 2005, Actis invested $17.8 million to buy a 30 percent stake in the company, promoted by diversified C.K. Birla Group.
Last week, Warburg Pincus sold its controlling stake in India's Alliance Tire Group to KKR & Co. LP (KKR.N).
Ernst & Young advised Avtec and Actis in the transaction, the statement said.
(Reporting by Indulal PM; Editing by Gopakumar Warrier)