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)
WASHINGTON - A bipartisan budget deal announced in the U.S. Congress on Tuesday, while modest in its spending cuts, would end nearly three years of partisan stand-offs between Democrats and Republicans that culminated in October with a partial government shutdown.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.