Special situations private equity firm AION Capital Partners is raising over $1 billion for its second India-focussed fund, Mint reported citing two people aware of the development.
AION Capital Partners is a joint venture between US-based Apollo Global Management and homegrown PE firm ICICI Venture.
Apollo will put in up to $100 million into the new fund, one of the people mentioned above told the business daily.
AION Capital is also in talks with Apollo’s limited partners, who had invested in its maiden fund, to participate in this round as well, the second person mentioned above told Mint.
The PE firm will mark the first close of the new fund by the end of the next quarter, the report added.
Adani closes in on GMR Infra’s power project
Billionaire Gautam Adani-led Adani Power Ltd is in advanced discussions to acquire a thermal power project of GMR Infrastructure Ltd, Bloomberg reported, citing people in the know.
GMR Chhattisgarh Energy Ltd operates a 1,370-megawatt power project near Raipur.
The report said that Adani Power will also acquire the loans of GMR Chhattisgarh Energy, which amounts to Rs 3,800 crore. The total debt owed by the power plant entity is about Rs 5,800 crore, the report added.
Adani Power will also take over the non-funded liabilities of about Rs 1,400 crore, according to the report.
Last year, lenders to GMR Chhattisgarh had invoked strategic debt restructuring and converted its debt of Rs 2,992 crore into a 52.4% equity stake. GMR Group holds a 47.6% stake in the company.
SBI, others to sell loans in Bombay Rayon Fashions
Public sector lender State Bank of India may sell the loans of Bank of India, Allahabad Bank and Karnataka Bank in debt-laden Bombay Rayon Fashions Ltd to an asset reconstruction company, Mint reported citing two bankers in the know.
SBI is heading the lender’s consortium for Bombay Rayon, the report stated.
The consortium will sell its loans to JM Financial ARC. While SBI will sell its exposure by itself, the other lenders will consolidate their share before putting it up for sale, the report added, citing one of the bankers mentioned above.
SBI’s Stressed Assets Resolution Group will oversee the transaction. In a public notice, SBI had said that it is selling Bombay Rayon’s assets under the Swiss challenge method, according to the report.
Consumer health startup YOU closes Series A funding round
Singapore-based consumer health startup YOU Pte. Ltd has closed its Series A funding round led by early-stage investment firm DSG Consumer Partners and Arjun Oberoi of Cure Capital, a company statement said.
The financial details of the deal were not disclosed.
YOU sells gummy vitamin products under the YOUVIT brand.
The company will use the capital to expand distribution to 10,000 points of sale, develop and expand the YOUVIT multivitamin gummy line with six new variants and to scale the team to 150 members.
YOU currently sells its products in over 5,000 points of sale across Indonesia. Till date, the company has raised $4 million in funding. It was founded in 2015 by a group of serial entrepreneurs. Currently, the firm is headed by Wouter van der Kolk, who started his career as managing director for Rocket Internet’s ventures in Myanmar and Indonesia, before joining YOU.