Mumbai: Private equity firm Blackstone Group has invested $65 million to get hold of 26% stake in Indian engineering company MTAR Technologies Pvt Ltd.

The Hyderabad-based MTAR makes critical components and products used for aerospace and defense applications. The funding will be a mix of primary and secondary equity.

Akhil Gupta, chairman of Blackstone Advisors India Pvt Ltd said, “We are very enthusiastic about this investment as we foresee a huge growth opportunity for MTAR both in domestic and global markets.”

Blackstone also said that it already had a range of deals in India. Recently, the company has made various Indian investments including buying a majority stake in Gokuldas Exports Ltd and also in Nagarjuna Construction Co Ltd.

First Securities was the advisor to the transaction.

P Ravindra Reddy, MTAR’s chairman stated that the income earned from stake sale will be utilized to expand the construction plant in the nuclear and aerospace sectors, apart from branching out into oilfield equipment.