By Baiju Kalesh

(Bloomberg) -- Carlyle Group Inc. completed its acquisition of a controlling stake in an Indian auto-parts making platform formed by the combination of Highway Industries Ltd. and Roop Automotives Ltd.

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Equity for the investment will come from funds affiliated with Carlyle Asia Partners, the firm said in a statement Thursday, without disclosing a sum.

The Competition Commission of India on Jan. 7 approved a transaction that included a securities swap between Highway Industries and Roop, and the acquisition of a 68.9% stake in Roop by Carlyle.

The founders of Highway and Roop will continue to hold stakes in the platform, Carlyle said, adding that the deal will help the companies leverage operating synergies.

Highway Industries was founded in 1971 and makes powertrain subsystems and parts. Established in 1992, Roop produces steering yokes and related systems, exporting them primarily to North America and Europe.

“India offers a tremendous opportunity in the advanced manufacturing sector, particularly in the auto components supply chain for both domestic and export markets,” Carlyle India Advisors Managing Director Amit Jain said in the statement.

KPMG, Trilegal, Kotak and Deloitte advised Carlyle on the transaction, while Singhi Advisors worked with Highway Industries and KPMG advised Roop.

Jain said in an interview with Bloomberg Television in September that Carlyle had invested more capital in India over the previous 5 years than in its first 13 years in the country. At that point, the firm had overall invested $6.7 billion across 45 deals in India.

(Adds comments from Jain in final paragraph. A previous version of this article corrected the day of week in the second paragraph.)

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