Euro funds fix for Deepak

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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 worth380 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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