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Blackstone unit agrees to invest in 12.5% stake in Indian tractor maker  Join our daily free Newsletter

MENAFN - 08/10/2012

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(MENAFN) US-based alternative asset management firm Blackstone Group L.P said its Singapore unit will buy a 12.5 percent interest in India's International Tractors Ltd. for up to USD100 million, The Wall Street Journal reported.

International Tractors, formed in 1995, had an annual revenue of about USD500 million and about a 10 percent share of the domestic tractor market at the end of March. It also exports to over 70 countries worldwide, the private equity firm said in a statement.

The acquisition will be conducted through a structured transaction, Blackstone said without elaborating.

Akhil Gupta, Chairman of Blackstone India, said that increased minimum prices paid for farm produce by the Indian government are causing farmers to increasingly adopt mechanization.

 






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