Date:10/05/2006 URL: http://www.thehindubusinessline.com/2006/05/10/stories/2006051004340600.htm

Back KMB equity arm invests Rs 30 cr in buy-out deal

Our Bureau

Mumbai , May 9

Kotak Mahindra Bank's private equity arm has invested Rs 30 crore in a buy-out deal in the power and control engineering products and solutions space.

This is its sixth investment out of its $160-million India Growth Fund.

This deal entails purchase and roll-up of two high-end power control equipment manufacturing companies, Dynaspede Integrated Systems Pvt Ltd and Digitrac Power Controls Private Ltd; a power management and audit company, Esco Electronics Private Ltd; and two industrial automation software and robotics companies, Marcocomm Media and Content Management Pvt Ltd and Macrocomm Convergence India Private Ltd.

"India with its huge engineering talent is becoming a preferred destination for design and manufacturing of complicated and highly engineered products. We believe contract manufacturing of high-end products would be the next wave of growth for India," Kotak Private Equity said in a news release, quoting Mr Nitin Deshmukh, Head - Private Equity, Kotak Mahindra Bank.