Private equity firm TA Associates today invested $40 million (Rs 180 crore) to acquire a minority stake in city-based Tega Industries, a mining sector firm.
Tega Industries, which clocked a turnover of Rs 650 crore, did not reveal how much stake it parted with but admitted it would be less than 15 per cent.
The fund will be used mainly to finance acquisitions, while some money will be spent on expansion of existing plants.
“TA Associates’ investment will help us drive Tega to the next level,” Mehul Mohanka, executive director of Tega Industries, said.
Tega recently acquired a distribution firm in Australia and a manufacturing unit in Chile. Mohanka said the company was looking at another overseas acquisition but it was still at an early stage.
Source: The Telegraph