Apollo Global Management is planning to invest up to $500 million in Indian steel pipe manufacturer Welspun Corp., according to the company, Reuters reported Wednesday. The private equity firm said it will put 13.05 billion rupees ($290 million) in Welspun, Reuters wrote.
(Reuters) – Indian steel pipe manufacturer Welspun Corp said on Wednesday Apollo Global Management would invest up to $500 million in its parent company, as part of its strategy to boost its presence in the global oil and gas pipe market.
Apollo would invest 13.05 billion rupees ($290 million) in Welspun Corp, it said in a statement.
Board of directors of Welspun Corp and funds associated with Apollo have jointly agreed to buy founders’ stake in Welspun Maxsteel Ltd (WML) for a total consideration of 9.45 billion rupees, it said.
The number of deals by private equity firms is rapidly rising in Asia’s third largest economy, where firms such as 3i Group Plc and Blackstone Group have been scouting for new investment opportunities, and many others have sold their holdings amid improved valuations.
($1 = 45.04 Indian Rupees)
(Reporting by Ketan Bondre; Editing by Jui Chakravorty)