Warburg Pincus buys stake in Avtec Ltd

NEW DELHI: Private equity firm Warburg Pincus has bought a minority stake in engineering equipment maker Avtec Ltd for an undisclosed amount.

The investment will be used to provide an exit to current investor Actis and to fund future growth of the company, Avtec said in a statement.

Avtec is a part of the multi-billion dollar C K Birla Group, a conglomerate that has diversified business interests across cement, auto components, automotive, paper, building materials, ITeS, consumer electricals and construction equipment.

Commenting on the occasion, C K Birla, Chairman, AVTEC said: "We look forward to working together and creating an even more valuable company. We greatly appreciate Actis' contribution to AVTEC's growth over the past few years."