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Brookfield hires Apax exec; Canadian funds, NIIF eye GIP's road platform
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Canadian investment firm Brookfield Asset Management has hired Aditya Joshi, a principal in Apax Partners’ healthcare team, a media report said.

The move is part of efforts by Brookfield to grow its India business, the Mint newspaper reported, citing two people directly aware of the development. Joshi will be involved in Brookfield's PE investments, the report said.

Joshi had been with Apax since 2010 and was involved in a number of deals involving Healthium MedTech, Zensar Technologies and GlobalLogic.

Brookfield's India business mainly covers real estate, infrastructure and renewable energy sectors. The move to hire Joshi comes a few months after Hardik Shah, a senior vice president with Brookfield’s India team, joined private equity firm KKR.

In another development, The Economic Times said Global Infrastructure Partners is in talks with three suitors to sell road platform Highway Concessions One Pvt. Ltd for $700 million.

Citing two people with direct knowledge of the plan, the report said the suitors are Canada Pension Plan Investment Board (CPPIB), Caisse de dépôt et placement du Québec (CDPQ) and National Investment and Infrastructure Fund (NIIF).

US-based GIP had last year bought the entire infrastructure portfolio of homegrown private equity firm IDFC Alternatives. 
Subsequently, it put the road platform on the block late last year. Highway Concessions holds seven road projects under its platform.

Meanwhile, The Times of India reported that Chalet Hotels Ltd may sell a 10% stake for Rs 574 crore to Marriott International, the world's largest lodging company. The reported move comes just ahead of Chalet's initial public offering, which opens on Tuesday.

Chalet Hotels owns five properties in the west and south of India, including JW Marriott Mumbai and the Bengaluru Marriott.

Citing people familiar with the matter, the report said if the deal does go through, Chalet would be the only Indian company where Marriott would have a direct equity stake.

Last year, VCCircle had reported Marriott had sold its stake in a joint venture with Goldman Sachs-backed hospitality company SAMHI Hotels Pvt. Ltd. The joint venture operated two luxury hotels in Bengaluru.

Separately, The Economic Times reported that US-based financial services group Developing World Markets has revived its plan to sell a 67% stake in Smile Microfinance after a failed attempt in 2017. 

The microlender's promoters are also looking to exit through the planned transaction, the report said. The company has hired EY to finalise the valuation and negotiate with the buyers. 

Smile Microfinance provides credit to poor women in Tamil Nadu. In 2017, the company’s founding family and DWM resolved a dispute that began in 2014 for management control, with legal cases between the two parties being either dismissed or withdrawn.

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