Apollo lining up $500 mn for Welspun Group

Steel pipe manufacturer Welspun Corp said on Wednesday Apollo Global Management would invest up to $500 million in its parent company, as part of its strategy to boost its presence in the global oil and gas pipe market.[caption id="attachment_33481" align="alignleft" width="380" caption="The number of deals by private equity firms is rapidly rising in Asia's third largest economy. Mukesh Gupta/Reuters"][/caption]Apollo would invest Rs 1,305 crore ($290 million) in Welspun Corp, it said in a statement. Board of directors of Welspun Corp and funds associated with Apollo have jointly agreed to buy founders' stake in Welspun Maxsteel (WML) for a total consideration of Rs 945 crore, it said.The number of deals by private equity firms is rapidly rising in Asia's third largest economy, where firms such as 3i Group and Blackstone Group have been scouting for new investment opportunities, and many others have sold their holdings amid improved valuations.Reuters