The transaction will be the largest PE investment in India’s cement sector, topping KKR & Co’s $175 million infusion in the cement business of Dalmia Cement (Bharat) Ltd in 2010.
Looks at first close by month end at $27.3-36.4M.
The fund is developing its own residential projects under the brand Address Makers.
Share sale, which would be the biggest IPP issue in India, will fetch $330-346M.
In what will be the largest private equity investment in India’s cement sector, Baring Private Equity Asia is picking up 14 per cent stake in the India unit of the French cement maker Lafarge SA.