Florintree Advisors, an alternate asset management firm owned by former Blackstone India head Mathew Cyriac, has acquired 72% stake in Avasarala Technologies (ATL) in a mix of primary and secondary investment.
Florintree has acquired 45% stake in the Bengaluru-based company with interest in nuclear power and aerospace from the existing private equity investor and the balance by way of primary investment, it said in a press statement on Thursday.
The investment has helped ATL repay all its bank debt and strengthen the balance sheet to focus on growth, it said.
Established in 1985 by former employees of state-owned Bharat Electronics (
), ATL is involved in designing, manufacturing and installing special purpose process machinery and automation systems for various industries. The company operates in four broad divisions – nuclear supplies and services, space products, factory automation and healthcare equipment.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
