Goldman Sachs To Invest $172 Million In Sigma Electric

Goldman Sachs Group Inc. said it will invest $172 million to buy a majority stake in Sigma Electric and its affiliated companies.

Sigma Electric, based in Mumbai, India, is a low-cost manufacturer of cast metal parts and assemblies for the electrical, utility, durable goods and transportation markets with sales to the United States and Europe.

Sigma founder and chairman Sajjan Agarwal will remain a significant shareholder, and existing management will stay in place, Goldman Sachs said in a release.

Sigma President and Chief Executive Paul Hirt will also join the company’s board of directors. Sanjay Patel, Sanjeev Mehra and Harsh Raghavan of Goldman Sachs will also join the Sigma board.