PRIVATE equity major TA Associates has picked up a minority stake in domestic handset maker Micromax for about Rs 225 crore, a top company official with the cellphone company told ET. While the exact stake amount could not ascertained, the Micromax executive added that it was less than 20% valuing the handsetl maker at about Rs.1000 crore.

The fund rasied will help Micromax expand its handset business to Africa and Latin America. The company
is all set to launch operations In Nepal later this month, after which it plans to kick off its Afrecia operations in febraury end and operations is Latin America before the end of his fiscal.

TA Associates is a global PE major with a portfolio of over 300 companies across various sectors. In India, it has invested in Idea cellular and GlobeOp financial Services, a specialist BPO company.