Apollo Global Management will commit about $500 million to Indian steel pipe manufacturer Welspun Group, Reuters reports. The private equity fund will invest about $289.7 million in the group’s subsidiary Welspun through a preferential allotment of convertible debentures and global depository receipts.
Apollo will also acquire a stake in another group company Welspun Maxsteel for about $210.3 million, adds Business Standard. Apollo also plans to invest $150.2 million in Welspun Infratech, another unit of Welspun.
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