Blackstone group to acquire controlling stake in Igarashi Motors

Private equity firm Blackstone Group will acquire around 98 percent in the city-based Agile Electric Sub Assembly Pvt Ltd and in turn get 58 percent control in listed company Igarashi Motors India Ltd (IMIL).

In a statement filed with the Bombay Stock Exchange Wednesday, auto component company Igarashi Motors said Blackstone Capital Partners and couple of other investors will acquire around 98 percent stake in Agile Electric.

The deal size is estimated at around Rs.660 crore.

As a result of the deal an open offer will also be made to the public shareholders of Igarashi Motors.