Carlyle buys minority stake in DEE Piping Systems

REUTERS - Carlyle Group has acquired a minority stake in DEE Piping Systems, in the latest investment in Asia's third largest economy by the U.S. private equity firm.

Carlyle bought some of the stake from secondary investors, according to a statement by the U.S. company on Monday.

DEE makes high-pressure piping systems for the power and oil and gas industries.

Carlyle did not disclose the amount of the stake it bought, but a source familiar with the deal said the firm paid $50 million-$55 million.

Carlyle had invested $1.3 billion of equity in more than 30 transactions in India as of June.

 

Its previous deals in India include an up to $500 million investment in oil and gas company Magna Energy Ltd.

(Reporting by Karen Rebelo in Mumbai; Editing by Subhranshu Sahu)