Carlyle, Flipkart may bid for Vishal Mega Mart; Actis eyes green energy assets

Global alternative asset manager Carlyle Group is in the race to acquire TPG Capital-backed wholesale and retail chain Vishal Mega Mart, a financial daily reported.

The Economic Times said that Carlyle is competing with a consortium of Kedaara Capital and Partners Group, besides ecommerce major Flipkart to pick up the stake of TPG and Shriram Group.

According to the report, if the deal goes through the company will be valued at Rs 5,000 crore.

TPG had mandated Kotak Mahindra Capital to look for a buyer.

Vishal Retail had sold its retail, franchise and wholesale businesses in September 2010 to Chennai-based Shriram Group and TPG for Rs 70 crore.

After the acquisition, the company was divided into two parts – while TPG Wholesale Pvt. Ltd took control of the wholesale and franchise arm, Airplaza Retail had taken over the retail arm. Airplaza Retail is owned by Shriram Distribution Services Pvt. Ltd. TPG Wholesale was later renamed Vishal Mega Mart Pvt. Ltd

In another development, emerging markets-focussed private equity firm Actis is planning to acquire a renewable energy asset in India.

ET cited unnamed people to say that it is in talks to buy out the renewable energy portfolio of Karnataka-based Bhoruka Group.

Bhoruka operates 321-MW projects across hydro, wind and solar power categories. The deal has been valued at Rs 2, 700 crore.

Actis had said that its renewable energy platform, Ostro Energy Pvt. Ltd, will be looking primarily at wind power assets. However, in May, Ostro Energy had acquired five solar projects of Suzlon Energy Ltd, one of India’s largest wind-turbine makers.

It had earlier marked its entry into the solar power sector through the acquisition of Prathamesh Solarfarms Ltd, a Suzlon unit that is executing a 50-MW solar plant in Telangana.

According to a recent media report, Actis had launched a solar power-focussed green energy platform, Solenergi Power Pvt. Ltd.

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