Warburg Pincus To Exit Alliance Tire Group: Carlyle, Bain and Blackstone Sounded
by Paritosh Gajjar
Global PE major Warburg Pincus decided to exit its five year old investment in Alliance Tire Group and large buyout funds like Carlyle, Bain and Blackstone have been approached to buy its stake, ET stated.
Warburg appointed Credit Suisse to find buyers for its 70% stake. The rest 30% lies with the promoter group, Mahansaria family.
Warburg had invested $150 Mn in the company in 2007 to fund the acquisition of Isreali company, Alliance Tire Company and the subsequent development of a Greenfield low-cost manufacturing facility in India.
Toshiba Elevator and Building Systems Corporation has formed a 51:49 JV - Toshiba Johnson Elevators (India) Private Limited with Johnson Lifts Private Limited to strengthen growth and expand its operation in the Indian elevator market.
SAIF Partners, one of the early backers of BSE listed local search directory, Just Dial has sold close to 2.4% stake in the company for a total of INR254 Cr. The part exit fetches the fund, a 30x returns on its seven year old investment.