Quest Global Talks To Nomura, Carlyle for $50 Mn

Quest Global, a provider of outsourced engineering services, plans to raise $50 Mn for expansion & hiring, by September this year and is in talks with Nomura and Carlyle, which had previously invested in the company.

Edelweiss Capital is advising the company on the deal.

In the first round of funding in 2004, Carlyle had invested $6 million, a stake that was subsequently bought back by Quest.

The deal, when it goes through, will be one of the biggest in the manufacturing outsourcing business in which Quest is a niche player globally.

The Bangalore-based company makes aircraft parts for clients like Rolls-Royce and Boeing, and clocked $79 million in revenues in 2008-09, a rise of 67% over the previous year. The company had initially planned to raise the capital in January this year, report added.

This time round, the company is seeing a much better climate to raise funds.

Currently, Quest has development centres in India, the US, Japan and Spain, and is also present in the UK, Italy and Germany. Two more development centres, in the US and India, will come up post-funding, as the company tries to meets a $100-million revenue target by next fiscal.

It also plans to hire 500 people this fiscal end, and expand manufacturing facilities at its Belgaum SEZ.

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