Source Name: The Tata Group

Blackstone Sells Agile Electric to Igarashi Electric Works, Tata Capital Growth Fund I, Alpha FDI Holdings Pte. Ltd. and MAPE Securities

Jul 30, 2015 14:55 IST

Mumbai, Maharashtra, India

The Blackstone Group (NYSE: BX) today announced that a private equity fund managed by Blackstone on behalf of its private equity investors has sold its 97.9% stake in Agile Electric Sub Assembly Private Limited (“Agile”), an Indian electric motor manufacturer, to Igarashi Electric Works Ltd (“IEWL”) along with MAPE Securities Private Limited, Alpha FDI Holdings Pte. Ltd. and Tata Capital Growth Fund I. Agile has a publicly listed subsidiary, Igarashi Motors India Limited (“IMIL”), which is listed on the National Stock Exchange and Bombay Stock Exchange in India.

Amit Dixit, Senior Managing Director and Co‐Head of Blackstone Private Equity in India, said “Agile has been an excellent investment for Blackstone. The company, under Mukund’s leadership, has delivered strong growth during our investment horizon. Investment by a global motor manufacturer, Igarashi, is the logical step in taking the company to the next level. We are confident of company’s continued success going forward.”

Keiichi Igarashi, President of Igarashi Electric Works Ltd (“IEWL”), said, “Agile has established itself as a strong global supplier with its deep engineering expertise and quality standards. This investment will allow us to widen our global presence and serve our customers better. We believe that India is on track to be a big manufacturing hub and we are excited to be a part of this journey. We are hopeful that we will be able to add to the growth momentum of the business through our knowledge and expertise.”

Akhil Awasthi, Managing Partner, Tata Capital Growth Fund I said “It is a pleasure to partner with the Igarashi and Mape Group to take Agile to the next phase of growth. Agile, with proven engineering expertise and innovation, is well poised to capitalize on the growing trend of manufacturing in India. With support of the Igarashi Group and its global tier 1 relationships Agile should scale greater heights”

Padmanabhan Mukund, MD of Igarashi Motors India Limited (“IMIL”), a publicly listed subsidiary of Agile, said, “Blackstone has been a valuable strategic partner for us. Their deep expertise and global network of advisors helped us in improving our profitability, institutionalizing business processes and strengthening our team. We are delighted that we could make this partnership a mutual success. We are excited to deepen our relationship with Igarashi and look forward to achieving greater heights in partnership with them.”

About Agile:

Agile is India’s leading manufacturer of electric motors. It manufacturers and supplies DC motors for automotive applications and others motors for various industrial and consumer non-automotive applications. It has deep relationships with various Tier-1 automotive suppliers globally. It has a publicly listed subsidiary, Igarashi Motors India Limited, which is listed on the National Stock Exchange and Bombay Stock Exchange in India.

About The Blackstone Group

Blackstone (NYSE: BX) is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $300 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.

About Igarashi Electric Works Ltd

Igarashi Electric Works is a dedicated compact motor manufacturer on a global scale. The fundamental mission of Igarashi Electric Works has been to develop, manufacture, and sell products based on customer needs. We will continue to actively listen to our customers, flexibly and speedily responding to changes, and providing the products and services they need, so that we can earn the even greater satisfaction and trust of our customers and become a company which others truly rely on. The company has [three] manufacturing facilities with [five] sales offices across the globe.

About Alpha FDI Holdings Pte. Ltd

Alpha FDI Holdings Pte Ltd is the investment vehicle of Tata Capital Growth Fund LP. Tata Capital Growth Fund LP is a private equity fund which manages third party capital raised from global investors. The Fund targets private equity growth capital investments in companies that have a substantial portion of their operations in India. The Fund is managed by Tata Capital Advisors Pte Ltd (Singapore) and is advised locally by Tata Capital Limited.

About Tata Capital Growth Fund I

Tata Capital Growth Fund is a domestic venture capital fund registered with SEBI incorporated as a trust with contributions from leading domestic financial institutions. The Fund is managed by Tata Capital Limited. It pursues growth capital investments in companies with substantial operations in India.

For further information, please contact:

The Blackstone Group:

Peter Rose

New York

+ 1 212 583 5871

rose@blackstone.com

IPAN Hill & Knowlton

Deepa Jayaraman

Mumbai

+91 22 4066 1755 / 9819808681

djayaraman@ipanhillandknowlton.com

Agile Electric Sub Assembly Private Limited