Blackstone to acquire 12.5 pc stake of ITL

NEW DELHI, Oct 8: Blackstone Group today announced that it� has signed an agreement to acquire 12.5 per cent stake of� International Tractors Ltd (ITL), the flagship company of the� Sonalika Group, for about Rs 520 crore.Blackstone Group�s affiliate Blackstone Capital Partners� (Singapore) VI has signed an agreement to acquire 12.5 per cent stake of ITL in a structured transaction for up to 100� million dollars (Rs 520 crore), the company said in a� statement.�...ITL�s tractors are in great demand in international markets. We are excited to partner with the ITL management� team and look forward to helping the company achieve new� heights,� Akhil Gupta, Senior Managing Director and Chairman� of Blackstone India, said.ITL is a leading manufacturer of tractors under the brand� name �Sonalika�.Incorporated in 1995, ITL currently has 10 per cent share� of the domestic tractor market.It also exports tractors to over 70 countries worldwide.The Delhi-based company has a core manufacturing plant in� Hoshiarpur, Punjab.�Blackstone in India has an exceptional track record in partnering with companies during their growth phase. We have already witnessed the value-addition that they bring to us.� Their strategic inputs will further enable us to achieve our ambitious growth plans. In addition to helping us scale up our operations, this deal will provide us access to Blackstone�s global best practices,� ITL Chairman L D Mittal said.New Delhi-based SSV Fincorp Services was the exclusive advisor for this transaction.(UNI)