DEG, one of Europe¡¯s largest development finance institutions, has acquired a significant minority stake in Deepak Fasteners. The percentage acquired remains confidential.
DEG is a member of KfW Bankengruppe, a development bank owned by the German government. It invests in private companies in developing countries and has been active in India since 1964. The firm¡¯s India portfolio is worth €380 million (US$495 million).
Deepak Fasteners is a manufacturer of specialist industrial fasteners. It supplies bolts, screws, steel fasteners and other engineering solutions. Amit Goyal, the investment manager at DEG¡¯s office in Delhi told India Business Law Journal that Deepak Fasteners will use the funding for the ¡°expansion of manufacturing facilities and operations¡±.
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