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