Cairn acquires 51 per cent stake in AvanStrate from Carlyle Group
Cairn India Holdings Ltd, a unit of metals and mining firm Vedanta Resources Plc, has acquired a controlling equity stake in Japanese company AvanStrate Inc for $158 million. AvanStrate Inc is a liquid crystal display glass substrate maker in which Carlyle Group Lp holds a majority stake. Cairn acquired approximately $151 million in existing AvanStrate debt with a face value of $299 million from banks. It also acquired a 51% equity stake in AvanStrate from Carlyle Group.