CCI Approves Carlyle-Linked Stake Acquisition in Quest Global Services

Founded in 1997 and headquartered in Singapore, Quest Global Services has established itself as a leading provider of ER&D services, supporting industries worldwide, including in India.

The Competition Commission of India (CCI) has given its approval for the proposed acquisition of an equity stake in Quest Global Services Pte. Ltd., a Singapore-based global Engineering Research & Development (ER&D) services company, by CA Plume Investments and Bequest Inc.

The transaction involves CA Plume Investments – an investment vehicle associated with The Carlyle Group – and Bequest Inc., a holding entity of Quest Global’s co-founder, Mr. Ajit Aravind Prabhu, acquiring specific shareholding in Quest Global.

About the Acquirers

• CA Plume Investments: Incorporated in Mauritius, CA Plume is indirectly controlled by funds managed by affiliates of The Carlyle Group Inc., one of the world’s largest and most influential global alternative asset managers. Carlyle operates across:

  • Global private equity: including corporate investments, real estate, and natural resources.

  • Global credit: including liquid, illiquid, and asset-based credit solutions.

  • Investment solutions: private equity fund-of-funds, secondary transactions, and co-investments.

• Bequest Inc.: Incorporated in the Cayman Islands, Bequest is a holding entity owned by Ajit Aravind Prabhu, Chairman, CEO, and co-founder of Quest Global. Its sole purpose is to hold shares in the company.

About the Target – Quest Global

Founded in 1997 and headquartered in Singapore, Quest Global Services has established itself as a leading provider of ER&D services, supporting industries worldwide, including in India.

The company operates across multiple high-tech sectors, delivering services such as:

• Embedded and software engineering: supporting automotive, aerospace, medical, and industrial systems.

• Mechanical engineering: including design, simulation, and manufacturing support.

• Silicon engineering: semiconductor design and verification services.

• Digital engineering: data analytics, artificial intelligence, cloud integration, and digital transformation solutions.

• Operations and supply management: global engineering operations support for clients across sectors.

Quest Global’s customer base spans aerospace, defense, automotive, healthcare, energy, software, and industrial sectors, enabling clients to accelerate innovation cycles and reduce costs through outsourcing of advanced R&D and engineering functions.

Significance of the Deal

The transaction reflects the continued attractiveness of India’s and Asia’s ER&D services sector, which is projected to grow rapidly as global companies increasingly outsource high-value engineering functions.

• For Carlyle, the acquisition deepens its exposure to the technology-enabled engineering services space, aligning with its strategy to back companies with scalable global platforms.

• For Quest Global, the investment is expected to strengthen capital resources, accelerate R&D investments, and support expansion into emerging technology domains like electric mobility, AI-driven engineering, and Industry 4.0.

• For India, where Quest has a significant engineering workforce, the deal could translate into expanded operations, employment growth, and skill development in advanced engineering fields.

CCI’s Approval

The clearance from the CCI confirms that the acquisition will not result in any adverse effect on competition in India. Given the fragmented nature of the ER&D services sector, the transaction is expected to enhance innovation and service delivery without distorting market dynamics.

Broader Industry Context

India has emerged as one of the largest hubs for ER&D services globally, driven by its skilled engineering talent pool, cost efficiencies, and strong presence of multinational clients. The sector has been growing at double-digit rates, with demand for digital engineering and semiconductor design services surging.

Global investors like Carlyle are increasingly betting on India-based ER&D companies to capture this growth opportunity, making deals like the Quest Global acquisition strategically significant.

 

With CCI’s approval, the Carlyle-backed CA Plume Investments and Bequest Inc. are set to deepen their stakes in Quest Global Services, reinforcing the company’s position as a global leader in engineering R&D outsourcing. The move is expected to unlock new opportunities for Quest in digital transformation, advanced technologies, and global market expansion, while strengthening India’s role in the future of global engineering services.