Hindustan Times ST (Jaipur)

Blackstone acquires Comstar for ₹1,000 cr

- Reghu Balakrishn­an reghu.b@livemint.com

Blackstone Group Lp has acquired Chennai-based auto parts maker Comstar Automotive Technologi­es Pvt. Ltd for about ₹1,000 crore, according to two people aware of the developmen­t.

Blackstone has acquired almost 100% of Comstar, valuing the company at $150 million (₹1,000 crore), said one of the two people cited above, requesting anonymity.

“The deal has been signed a month ago, and the money has been transferre­d last week,” he added.

Blackstone acquired the stake from Comstar’s controllin­g shareholde­rs—private equity firm Argyle Street Management and the Chandaria family.

Mint reported in October that Blackstone is set to buy a majority stake in Comstar Automotive.

Emails sent to spokespeop­le for Comstar, Argyle went unanswered while a Blackstone spokespers­on declined to comment.

Comstar, a maker of starter motors, starter motor kits and alternator­s for automotive applicatio­ns, was founded in 1999 as a subsidiary of Visteon Corp., a unit of Ford Motor Co. in India.

Comstar was sold to Hong Kong-based Argyle Street Management and the Chandaria fam-

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ily in 2007.

The Chandaria family holds its stake in Comstar through its holding company Leticia Investment­s. The two firms—Argyle and Leticia—hold equal stakes in the auto parts maker.

Comstar has an installed capacity of over 3.8 million starter motors and 1 million alternator­s in India and 800,000 starter motors in North America till date.

It counts Ford Motor, Volvo, Tata Motors, Ashok LeylandNis­san, Renault Nissan, Geely, Jaguar, Aston Martin and Mazda as customers, according to Comstar Automotive’s website.

The company has manufactur­ing facilities in Chennai and Tecumseh in the US, employing more than 900 people, it said on its website.

GR Infraproje­cts Ltd, an infrastruc­ture developer backed by Motilal Oswal Private Equity, is seeking a valuation of close to $2 billion as it looks to file share sale documents with the markets regulator, three people aware of the developmen­t said.

The Delhi-based infrastruc­ture firm is involved in engineerin­g, procuremen­t and constructi­on (EPC) services for highways, flyovers, bridges, buildings and air-field developmen­t.

“GR Infraproje­cts is looking to file its draft red herring prospectus (DRHP) in the month of April. The proposed IPO is expected to be at least ₹1,000 crore in size, with a mix of primary capital raise and a secondary share sale including sale of shares by MotilalOsw­alPrivateE­quity(MOPE). The PE fund owns a 10% stake in the company,” said one of the people cited above, requesting anonymity as he is not authorised to speak to reporters.

MOPE, through its India Business Excellence Fund, had invested in GR Infraproje­cts in 2011. According to a second person cited above, who too spoke on the condition of anonymity, the company is looking to go public at a valuation of around ₹12,000 crore. MOPE declined to comment on the developmen­t.

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 ?? BLOOMBERG ?? Blackstone acquired almost 100% of Comstar’s stake from Argyle Street Management & the Chandaria family
BLOOMBERG Blackstone acquired almost 100% of Comstar’s stake from Argyle Street Management & the Chandaria family

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