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Blackstone among suitors for Orchid Pharma; Greenko eyes Essel’s solar assets

05 February, 2018

Private equity giant Blackstone, drugmakers Strides Shasun and Nectar Lifesciences are ahead in the race to acquire debt-laden Orchid Pharma, The Economic Times reported citing two persons aware of the development.

Dr.Reddy’s Laboratories and Aurobindo Pharma are no longer in contention for Orchid Pharma, the report said.

Orchid Pharma is undergoing a corporate insolvency resolution process initiated by National Company Law Tribunal. The company’s debt is around Rs 3,500 crore.

The bankrupt drugmaker has received expressions of interest from four financial bidders and six pharmaceutical companies, according to the report.

“Strides Shasun and Gland Celsus could be frontrunners to acquire Orchid as both are flush with cash and looking to boost their export markets,” the report cited one of the persons as saying. Gland Census is a group company of Gland Pharma.

The companies which are interested in the drugmaker include Chennai-based Ramachandra group, Melody Healthcare, Bion Pharma and Edelweiss Alternative Asset Advisors as well as asset reconstruction companies JM Financial ARC and Pheonix ARC, according the report.

Meanwhile, renewable energy firms Greenko Group and Hero Future Energies Pvt. Ltd are looking to acquire the solar business of Essel Infraprojects Ltd, Mint reported citing two persons aware of the development.

Essel Infraprojects has under-construction and operational solar power assets of 685 megawatts.

Investec was given the mandate to find the buyer, according to the report.

In 2016, Piramal Enterprises Ltd and Dutch pension fund manager APG together committed to invest Rs 900 crore ($132 million) in Essel Green Energy Private Ltd, the solar platform vehicle of Essel Infraprojects.

Mumbai-based MK Shah Exports Ltd, Warren Tea Ltd and the Dhunseri Group have emerged as the contenders to buy bankrupt tea maker Assam Company India Ltd, Mint reported.

Assam Company is undergoing a corporate insolvency resolution process initiated by National Company Law Tribunal. Its debt is around Rs 1,800 crore, according to the report.

The firm’s resolution professional told Mint that bids will be invited by the end of February or early March. He also said there is a possibility that the estates could be separated from the company’s other business interests.

Srei Infrastructure Finance Ltd, one of the company’s creditors, may also bid for the assets, the report said.

Casa Grande Distripark Pvt. Ltd, which builds and operates multi-product warehousing and industrial parks, is in talks with private equity and infrastructure investors to raise around Rs 450-500 crore, Mint reported citing two persons privy to the development.

Casa Grande Distripark is promoted by Chennai-based developer Casagrand Builder Pvt. Ltd.

Avendus Capital was given the mandate to find the investor, according to the report.

Casa Grande Distripark owns warehousing space of around 1.5 million sq. ft. in Sriperumbudur near Chennai, according to the report.

The parent company had previously raised funding from real estate-focused private equity firms such as Motilal Oswal Real Estate, Edelweiss Financial Services and Avenue Venture Partners for residential projects.

Last year, VCCircle reported that Casa Grande is exploring avenues to monetise its warehousing assets.

Reliance Industries Ltd has emerged as the sole contender to acquire a part of debt-laden JBF Industries Ltd’s operations which include controlling stake in its Singapore subsidiary and its purified terephthalic acid plant in Mangalore, Mint reported citing two persons aware of the development.

As on 30 December 2017, private equity major KKR held 20% stake in the company.

Established in 1982, JBF Industries manufactures partially oriented yarn, polyester film and various types of polyester chips. The company got listed in 1986.

Last August, Reuters reported that JBF RAK, a United Arab Emirates subsidiary of JBF Industries, is in talks to sell its plant in Belgium for up to €250 million($298 million) in an effort to settle part of its debt.

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Blackstone among suitors for Orchid Pharma; Greenko eyes Essel’s solar assets

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