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Bangalore April 4

Firepro Systems Pvt Ltd, a provider of safety, security and building management solutions, said on Tuesday that American International Group Inc (AIG) has invested around $12 million to pick up a minority stake in the company. Firepro will use the investment for expansion and working capital requirements.

MAPE Advisory Group was the exclusive advisor to Firepro for this private equity transaction, said a company press release. Mr N. S. Narendra, Founder and Managing Director of Firepro, said, "We welcome AIG on board and we are confident that with the increased capital and a partner like AIG, we would build the right institution which we would take to the IPO in few years."

Mr Ajay Garg, Director, MAPE Advisory Group, said, "Firepro is in the middle of a strong growth curve, and a financial partner like AIG provides the necessary momentum."

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