A consortium of investors completed the acquisition of a minority stake in Avalon Technologies for $47m.

A consortium of investors including Nomura, Goldman Sachs, Aditya Birla Sun Life Insurance Company, HDFC Life Insurance Company, Franklin India Mutual Fund, Ashoka India Opportunities Fund, HDFC Mutual Fund and WhiteOak Capital completed the acquisition of a minority stake in Avalon Technologies, an electronic manufacturing services company, for $47m.