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Apollo Buys $350M Stake In Welspun Units

Apollo Global Management has invested $350 million in two companies of Welspun Group.

Apollo Global Management has invested $350 million in two companies of Welspun Group, VC Circle reports. Apollo paid $290 million to buy a significant minority stake in the group’s pipe manufacturing business Welspun Corporation and $60 million in Welspun Maxsteel.

The private equity firm is still in talks with Welspun’s infrastructure business Welspun Infratech for investing up to $150 million more in the company and its subsidiaries as debt, equity or both. Apollo Management International’s head of international private equity and senior partner Sanjay Patel and AGM India Advisors’ managing director Mintoo Bhandari have been appointed to the board of WMSL as Apollo nominees.

Click here for the story from VC Circle.

Click here for additional coverage from The Hindu.

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