The Blackstone Group has announced invested USD65m in Hyderabad-based MTAR Technologies, one of India’s leading precision engineering companies and one that has been closely involved with
The Blackstone Group has announced invested USD65m in Hyderabad-based MTAR Technologies, one of India’s leading precision engineering companies and one that has been closely involved with the country’s nuclear, space and defence programs for some 37 years.
The funding will be a mix of primary and secondary equity. MTAR will continue to be led by the original founders, P. Ravindra Reddy, Satyanarayana Reddy and P. Jayaprakash Reddy, and the existing management team.
MTAR, which manufactures precision machined parts for nuclear power reactors, and engine and structural components for aerospace and defence, services organisations including Nuclear Power Corporation of India, Indian Space Research Organisation and Hindustan Aeronautics, and is gearing up to take advantage of favourable markets in the nuclear, aerospace and defence fields.
‘MTAR is a sector leader with unique skills, capabilities and in-depth understanding of a niche market with high potential,’ says Akhil Gupta, chairman of Blackstone Advisers India. ‘We are enthusiastic about this investment as we foresee a huge growth opportunity for MTAR both in domestic and global markets.’
MTAR chairman Ravindra Reddy adds: ‘Blackstone in India has an impeccable record in partnering with companies during their growth phase. In addition to helping us scale up our operations in terms of management expertise, global best practices and technology, this deal will also give us access to Blackstone’s global network.’
The Blackstone Group is one of the largest independent alternative asset managers in the world with businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds, as well as financial advisory services including mergers and acquisitions advisory, restructuring and reorganisation advisory and fund placement services.
