Carlyle invests $500M in Quest Global

09 Aug 2023 CW Team

According to sources familiar with the matter, Carlyle Asia Partners, the buyout fund, has plans to allocate $ 500 million for the purpose of obtaining a 28% stake in Quest Global Services, which has been valued at $ 1.8 billion. The existing investors, namely Bain Capital, Advent Capital, and GIC, will be bought out by Carlyle as part of this arrangement.

In addition to Carlyle's involvement, the founder of Quest Global Services, Ajit Prabhu, will be contributing $100 million to elevate his ownership in the company from the current 32% to 40%. Furthermore, the company itself is anticipated to allocate funds ranging from $ 180 to $ 200 million for the purpose of repurchasing shares, as informed by sources with knowledge of the matter.

This marks the second instance of Carlyle Group's investment in Quest Global, the first one taking place around 20 years ago. Back in 2003, the US fund had injected $6 million into Quest Global to acquire a minority stake.

Amit Jain, the Managing Director and Head of Carlyle India Advisors, commented, "We have had a professional relationship with Ajit for a span of two decades, and we hold the belief that his leadership has consistently demonstrated visionary qualities over the course of these years."

"Carlyle's initial involvement as an early-stage private equity investor in Quest Global is a historical fact. We are of the opinion that the company's unwavering commitment to its clients, its strong pursuit of engineering excellence, its distinct global delivery model, and the entrepreneurial drive exhibited by its management team have collectively facilitated its successful expansion across a wide array of industry sectors," Amit Jain added.

Quest Global Services, headquartered in Singapore and established over 25 years ago, has emerged as a global leader in engineering, research, and development (ER&D) services, particularly in the domains of designing, product development, and the operation of intricate engineering systems. The company presently boasts a diverse team of over 17,500 engineers working across 67 delivery centres and offices located in 17 countries across the globe.

Also read:
LiuGong introduces 936F excavator for heavy-duty digging
Sany unveils intelligent new energy dump trucks

The US-based private equity major, Carlyle Group, has announced its intention to acquire a significant minority stake in Quest Global Services, a prominent engineering services firm, without disclosing the exact amount of the transaction. According to sources familiar with the matter, Carlyle Asia Partners, the buyout fund, has plans to allocate $ 500 million for the purpose of obtaining a 28% stake in Quest Global Services, which has been valued at $ 1.8 billion. The existing investors, namely Bain Capital, Advent Capital, and GIC, will be bought out by Carlyle as part of this arrangement. In addition to Carlyle's involvement, the founder of Quest Global Services, Ajit Prabhu, will be contributing $100 million to elevate his ownership in the company from the current 32% to 40%. Furthermore, the company itself is anticipated to allocate funds ranging from $ 180 to $ 200 million for the purpose of repurchasing shares, as informed by sources with knowledge of the matter. This marks the second instance of Carlyle Group's investment in Quest Global, the first one taking place around 20 years ago. Back in 2003, the US fund had injected $6 million into Quest Global to acquire a minority stake. Amit Jain, the Managing Director and Head of Carlyle India Advisors, commented, We have had a professional relationship with Ajit for a span of two decades, and we hold the belief that his leadership has consistently demonstrated visionary qualities over the course of these years. Carlyle's initial involvement as an early-stage private equity investor in Quest Global is a historical fact. We are of the opinion that the company's unwavering commitment to its clients, its strong pursuit of engineering excellence, its distinct global delivery model, and the entrepreneurial drive exhibited by its management team have collectively facilitated its successful expansion across a wide array of industry sectors, Amit Jain added. Quest Global Services, headquartered in Singapore and established over 25 years ago, has emerged as a global leader in engineering, research, and development (ER&D) services, particularly in the domains of designing, product development, and the operation of intricate engineering systems. The company presently boasts a diverse team of over 17,500 engineers working across 67 delivery centres and offices located in 17 countries across the globe. Also read: LiuGong introduces 936F excavator for heavy-duty digging Sany unveils intelligent new energy dump trucks

Real Estate

11 Mar 2026

Kumar Corp Launches Plumeria Project In Bengaluru

Kumar Corp has launched Kumar Plumeria, a premium residential development near KIADB Aerospace Park in Bengaluru. The project comprises six residential towers offering 3.5 BHK, 3.5 BHK with staff and 4.5 BHK with staff residences designed with expansive balconies, natural ventilation and landscaped surroundings. The development features saleable areas ranging from about 2,680 sq. ft. to 3,070 sq. ft. and is planned as a low-density community with around 100 residences. The project integrates a landscape master plan that includes open green spaces, community zones and recreational amenities. ..

Technology

11 Mar 2026

Blum India Launches Blum Club App

Blum India has introduced the Blum Club app, a loyalty platform designed for carpenters and contractors to recognise and reward their role in furniture installation and interior construction. The app allows users to scan QR codes on Blum product packaging to collect points linked to purchases. These points can be redeemed directly as monetary transfers to bank accounts through the platform’s redemption system. Neelam Shah, Head of Marketing and Communications at Blum India, said the initiative is aimed at recognising the contribution of craftsmen who install hardware products in residentia..

Building Material

11 Mar 2026

Enlight Metals Launches Waste Free Steel Procurement Model

Enlight Metals has introduced its Waste Free Steel (WFS) initiative, aimed at transforming steel procurement through precision-driven sourcing and advanced material planning. The programme seeks to reduce steel wastage by 8–10 per cent in infrastructure and EPC projects by shifting procurement practices from volume-based buying to drawing-based supply aligned with engineering requirements.The initiative is powered by Enlight Metals’ Agentic AI–enabled metal procurement platform, which enables project teams to submit technical drawings and material specifications for detailed analysis. Ba..