Grainger announces India investment

Lake Forest-based Grainger, a broad line distributor of facilities maintenance products firm, announced the company has bought a 49.9 percent stake in Asia Pacific Brands India Ltd., one of India's largest industrial and electrical wholesale distributors.

The company paid $5.4 million; at the same time, the company matched a $1.1 million capital infusion with its joint venture partner intended to help grow the business.

With 27 locations and more than 6,200 dealer relationships across India, Asia Pacific Brands had revenue of $47 million for its fiscal year that ended March 31.