Goldman Sachs to invest $172 mn in Sigma Electric
The investment by Goldman Sachs will accelerate Sigma's plans for global growth as a leading Indian manufacturer of metal castings and components.
By PTI |
MUMBAI: Leading global investment banking firm, Goldman Sachs, will invest $172-million in Sigma Electric, a low-cost cast metal parts manufacturer.
Goldman Sachs will make this investment into Sigma and its affiliated companies for a majority stake, a press release issued jointly by the two companies stated on Wednesday.
Sajjan Agarwal, founder and chairman of Sigma will remain a significant shareholder and will continue to focus on corporate strategy and key customer relationships.
Sigma is a low-cost manufacturer of cast metal parts and assemblies for the electrical, utility, durable goods and transportation markets with sales to the US and Europe and has manufacturing facilities in Pune and Jaipur with a distribution warehouse in Garner, North Carolina.
It focusses on low-volume, technically complex parts using a range of metals and fabrication processes.
The investment by Goldman Sachs will accelerate Sigma's plans for global growth as a leading Indian manufacturer of metal castings and components, the release said.
Commenting on the investment, Agarwal said that "we are pleased to be working with Goldman Sachs as we enter a new growth phase for our company."
Paul Hirt will continue to lead the management team as President & CEO and will join the Board of Directors along with Sanjay Patel, Sanjeev Mehra and Harsha Raghavan of Goldman Sachs.
Goldman Sachs will make this investment into Sigma and its affiliated companies for a majority stake, a press release issued jointly by the two companies stated on Wednesday.
Sajjan Agarwal, founder and chairman of Sigma will remain a significant shareholder and will continue to focus on corporate strategy and key customer relationships.
Sigma is a low-cost manufacturer of cast metal parts and assemblies for the electrical, utility, durable goods and transportation markets with sales to the US and Europe and has manufacturing facilities in Pune and Jaipur with a distribution warehouse in Garner, North Carolina.
It focusses on low-volume, technically complex parts using a range of metals and fabrication processes.
The investment by Goldman Sachs will accelerate Sigma's plans for global growth as a leading Indian manufacturer of metal castings and components, the release said.
ADVERTISEMENT
Commenting on the investment, Agarwal said that "we are pleased to be working with Goldman Sachs as we enter a new growth phase for our company."
Paul Hirt will continue to lead the management team as President & CEO and will join the Board of Directors along with Sanjay Patel, Sanjeev Mehra and Harsha Raghavan of Goldman Sachs.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
