Florintree purchases the bulk of Avasarala Tech's shares, which is based in Bangalore

15 Jul 2022 , 10:36 AM

In a combination of primary and secondary investments, Mathew Cyriac, the former head of Blackstone India, owns Florintree Advisors, an alternative asset management company that has purchased a 72% share in Avasarala Technologies (ATL).

According to a press release issued on Thursday, Florintree has acquired a 45% share in the Bengaluru-based company with interests in nuclear power and aerospace from the current private equity investor and the remaining portion through primary investment.

In order to concentrate on expansion, ATL said that the investment has enabled it to pay off all of its bank debt and strengthen its financial sheet.

ATL is a company that specializes in designing, manufacturing, and installing specialized process machinery and automation systems for a variety of industries. It was founded in 1985 by former employees of the government-owned Bharat Electronics (BEL). The business is divided into four main business segments: nuclear supplies and services, space products, manufacturing automation, and medical equipment.