CX Partners is acquiring a 20% stake in NTL Electronics India Ltd. for Rs 120 Cr. The deal values the company at Rs 600 Cr.

The funds will be used to expand its existing production facilities and R&D capabilities.

It is also planning to foray into energy-efficient lighting range of LEDs. The company may also come out with a public offer by 2013.

Noida based, NTL Electronics - promoted by Arun and Praveen Gupta - manufactures electronic ballasts, which is used for making CFLs.

Transaction Reference: ToI

NTL has manufacturing facilities in Dehradun, Roorkee and Noida. It employs 3,500 people and supplies its products to companies such as Osram, Philips, Surya Roshni, Crompton Greaves and others.

CX partners is the PE firm promoted by former Citigroup Venture Capital International head Ajay Relan in 2009.

Key investors in CX Partners include Morgan Creek Capital, Goldman Sachs, JP Morgan, Asia Alternatives and Adams Street.

This would be CX Partners' second investment from its $500 Mn fund. Earlier in April, it invested Rs 150 Cr in Monnet Ispat for 8% stake.

PE investors have shown a considerable interest in the alternative energy and efficient energy space.

In June'10, D.Light Energy Pvt. Ltd. raised third round of funding from Omidyar Network, Acumen Fund, Nexus Capital, Draper Fisher Jurveston and Garage Technology Ventures.

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