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The fund did not disclose the value of the sales and calls made to Agile Electric Sub Assembly Private Limited's office at Chennai were not answered.
In January 2015, it was announced that IEW, Japan along with Mape Advisory Group Pvt Ltd have agreed to buy the entire stake Blackstone Capital Partners and BFIO (Cayman) hold in Agile Electric Sub Assembly Pvt Ltd, for a total consideration of $106.4 million (around Rs 655.2 crore). The auto parts maker Agile Electric Sub Assembly Pvt Ltd holding was 41.92 per cent in Chennai-based Igarashi Motors India.
Earlier reports have stated that the PE major had picked 98 per cent stake in Agile for $53 million in August 2013, giving it an internal rate of return of 55 per cent with a 2X return.
Amit Dixit, senior managing director and Co-Head of Blackstone Private Equity in India said, "Agile has been an excellent investment for Blackstone. During our investment horizon, the company has consistently delivered profitable growth while continuing its industry-leading practices in human resource management and high quality manufacturing. Investment by a global motor manufacturer, Igarashi, is the logical step in taking the company to the next level".
Keiichi Igarashi, President of Igarashi Electric Works Ltd (IEWL) commented that this investment will allow the company to widen its global presence.
"We believe that India is on track to be a big manufacturing hub and we are excited to be a part of this journey. We are hopeful that we will be able to add to the growth momentum of the business through our knowledge and expertise," he said.
Akhil Awasthi, Managing Partner of Tata Capital Growth Fund I said that Agile, with its proven engineering expertise and innovation, is poised to capitalise on the growing trend of manufacturing in India. With support of the Igarashi Group and its global tier-1 relationships Agile will scale greater heights, he said.
