US-based private equity firm, Blackstone Group LP, agreed to purchase a majority stake in Agile Electric Works. Agile Electric Works is an Indian auto parts maker which owns Igarashi Motors. The deal was for about US$100 million, two people close to the discussions informed Reuters.

According to the sources, Mape Advisory Group, an Indian investment bank, is acting as advisor to Agile Electric Works.

Blackstone is known for massive buyout deals worldwide. 16 private equity investments in India have been made by the Blackstone Group totalling more than $1.5 billion. Only two of these investments, however, were for a controlling stake in a company. Outright private equity acquisitions are exceptionally rare in India but the Agile Electric Works package will be Blackstone Group's third of such acquisition in the country.

According to a report by VCCircle, an industry tracker, private equity investments in the South Asian nation were up almost 29% to US$5.8 billion during the first half of this year.