Mumbai: US-based private equity firm Wayzata Investment Partners has invested $15 million in Baroda-based pipe-fittings company Topack Fittings Ltd.
This is the sixth India investment that Wayzata has made since its foray into the country in 2007. The private equity firm, which has $5 billion in total assets globally, has invested in two Indian chemical companies so far, and one each in logistics, packaging and cement sectors.
Mumbai-based investment bank Transwarranty Finance was the advisor to the transaction.
Established in 1982, Topack Fittings caters to the piping, tubing, forging and heat transfer requirements of the oil and gas, petrochemicals, water and energy, and other process industries.
Oil and gas industry accounts for nearly 70% of its revenues.
Private equity funds have invested a total $5.07 billion in Indian companies so far in 2011, according to fund tracking firm Venture Intelligence. In 2010, the total private equity inflow into Indian companies stood at $8.14 billion.