Mumbai: US private equity giant TPG said on Thursday it has acquired a significant minority stake in RR Kabel Ltd, a Mumbai-based maker of building wires and low-voltage cables for an undisclosed amount.

RR Kabel, founded by the Kabra family in 1999, has operations in more than 80 countries.

Apart from its mainstay business of making wires, the company has recently expanded into the consumer appliances business with products such as fans, lighting equipment, switches, water heaters, and air coolers.

“In TPG, we have found the right partner to help RR Kabel reach the next level, as we look to strengthen our brand, expand our product offerings, and develop our presence in more markets across India," said Shreegopal Kabra, managing director of RR Kabel.

Puneet Bhatia, co-managing partner at TPG Capital Asia, said the strong expected growth in India’s housing sector and customer preference for established brands makes RR Kabel an attractive company.

“Within the building materials segment, we have witnessed a growing consumer preference for established and organized brands like RR Kabel. This, combined with India’s strong housing market, positions the company well for significant growth," said Bhatia.

The founder family has built an impressive portfolio, a resonant brand and a deep distribution network, he added.

Steer Advisors was the financial adviser to RR Kabel whereas Khaitan & Co. acted as the legal adviser. AZB & Partners and Cyril Amarchand Mangaldas acted as the legal advisers to TPG.

The latest transaction adds to the growing list of investments by TPG in India this year.

In July, TPG led a $100 million (₹685 crore) investment round in non-bank lender Five Star Business Finance Ltd. It also bought a significant minority stake in Sai Life Sciences, a drug discovery, development and manufacturing service provider, in the same month. Its growth capital arm TPG Growth, recently led a $100 million investment in Bigtree Entertainment Pvt. Ltd, which owns and operates online entertainment ticketing platform BookMyShow.

TPG also made changes to its team in India.

On 5 September, Mint reported that TPG Growth has appointed its senior adviser Shailesh Rao as India head. Rao is expected to take charge on 15 September, the report said.