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HSBC Principal buys minority stake in Avitel Post for $60-mn

HSBC Principal buys minority stake in Avitel Post for $60-mn
PTI
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First Published: Mon, Jun 20 2011. 06 19 PM IST
Updated: Mon, Jun 20 2011. 06 19 PM IST
Mumbai: Private Equity firm HSBC Principal Investments on Monday said it has bought a minority stake in media and entertainment technology company Avitel Post Studioz for $60 million.
“Our investment in Avitel is reflective of the Group’s (HSBC Group’s) focus on India, given the country’s strategic importance globally and to HSBC,” HSBC Principal Investments managing director and head (Asia Pacific) Heath Zarin was quoted saying in a statement.
“In additional to our financial investment, we are leveraging the HSBC Group’s global reach to support Avitel’s ambitions to take its services to a more international clientele,” he added.
Avitel will use the proceeds from HSBC Principal Investments to finance its international growth and expansion plans, the statement said.
HSBC Principal Investments had earlier invested in Hong Kong-based CS Logistics Holdings and the proceeds from that investment were used to partially finance an outbound acquisition of a leading UK-based freight forwarding company, it added.
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First Published: Mon, Jun 20 2011. 06 19 PM IST