Banyan Tree picks up minority stake in Dee Development

NEW DELHI: Banyan Tree Growth Capital Llc, the Mauritius-based private equity fund, on Thursday said it has picked up a minority stake in Dee Development Engineers Ltd.

However, the private equity firm did not disclose the value of the deal.

Established in 1983 as a design consultancy firm, the company is a pre-fabricated piping systems provider to the power sector, oil & gas and process industry.

With the acquisition of minority stake, the firm will have a Board representation, Banyan Tree said in a statement.

The transaction was advised by SMC Capitals. The deal marks the private equity firm's sixth investment in India and the first in the current year. Its portfolio of investments includes Deepak Fasteners, GEI Industrial Systems, Trimax IT Infrastructure Systems and Axiom Cordages.