Private equity firm Blackstone Group LP has confirmed that it would acquire a majority stake in Chennai-headquartered auto parts maker Agile Electric Works Ltd for around Rs. 650 crore (around $110M).

Blackstone will take over Agile Electric along with its listed subsidiary Igarashi Motors India Ltd (IMIL), in which Agile Electric owns 60 per cent stake.

In the two-legged transaction, the private equity firm will pick up 98 per cent of the parent firm and that in turn will provide the buyer with a 62 per cent stake in IMIL. Ina addition, the transaction will reportedly trigger an open offer for another 26 per cent stake in the firm.

A person with direct knowledge of the transaction said, "Agile Electric is a leading firm in the DC motors space. A car on average has 30-35 DC motors in it. The key attraction of this company is that 10-15 top original equipment makers or OEMs are their clients."

Agile Electric Works Ltd was advised by boutique investment bank MAPE Advisory Group Pvt. Ltd on the deal.

Blackstone is well-known for acquiring controlling stakes in firms across the globe. But, in India, a majority of its transactions are minority stakes.

Since 2005, Blackstone has invested more than $2.9 billion in a total of 27 transactions. The list of its buyout transactions in India includes CMS Infosystems Pvt. Ltd, Intelenet Global services Pvt. Ltd, and Gokaldas Exports Ltd.