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Carlyle to combine growth and buyout deal teams in India; Fairfax eyes Infibeam stake

17 August, 2017

Global private equity firm Carlyle Group is rationalising its India operations by merging its growth and buyout investment divisions in order to focus more on buyout transactions, a report in business daily Mint stated citing two people aware of the development.

In the new structure, Carlyle India’s eight-member senior management team will address growth and buyout opportunities in India, the report added.

Besides Carlyle Group, another global PE player too consolidated its teams. Last year, TPG Capital combined its growth and buyout units in India.

Globally, Carlyle has $158 billion in assets under management (AUM) across 113 active funds and 168 fund of funds vehicles as of 31 December 2016. In emerging markets, Carlyle manages seven private equity fund families with total AUM of $11 billion.

Mitsui OSK Lines-Swan LNG Project
Japanese shipping and logistics company Mitsui OSK Lines is looking to buy 11% stake in a Rs 4,000 crore LNG terminal being built by Swan LNG Pvt Ltd in Gujarat, a report in Mint stated citing a company proposal and four people aware of the matter.

At the same time, state maritime regulator Gujarat Maritime Board (GMB) and Gujarat State Petronet Ltd (GSPL) also plan to buy another 15% and 11% stake, respectively in Swan LNG, the report added.

In December 2016, Swan Energy received approval from the Gujarat Maritime Board for the construction of an LNG terminal at Jafrabad in Gujarat. The project is to be completed by 2019.

Swan Energy, incorporated in 1909 as Swan Mills Ltd, ventured into the green energy sector in 2008. Led by Nikhil Merchant, it is owned and managed by Dave and Merchant families who took over the company from J P Goenka Group in 1992.

India Power Corp
Power generation company India Power Corporation Ltd (IPCL) is in talks with three Gujarat- and West Bengal-based non-power companies to acquire renewable generation capacity of 110MW, a report in The Economic Times stated citing a company official.

IPCL is looking to buy two 25MW solar power projects and a 60MW wind power project, Raghav Kanoria, managing director at the firm was quoted as telling the business daily.

IPCL has an operational wind power capacity of 95MW in Karnataka, Gujarat, and Rajasthan. It also operates a 2MW solar power plant at Seebpore in West Bengal.

In 2016, IPCL had agreed to acquire 89% equity stake held by France-based Engie Global Developments BV in Hyderabad-based Meenakshi Energy and Infrastructure Holdings Pvt Ltd.

Fairfax-Infibeam
Prem Watsa’s Fairfax Financial Holdings is in advance stages of discussions with e-tailer Infibeam Incorporation Ltd to pick a 10-12% minority stake for around Rs 1,200-1,500 crore, a report in The Economic Times said citing three people aware of the development.

The investment will help Infibeam fill its coffers which will be used to fund the e-tailer’s inorganic expansion plans, added the report.

Ahmedabad-based Infibeam is heavily focused on business-to-business offerings. Apart from its flagship marketplace portal infibeam.com, the company has an enterprise platform called BuildaBazaar.com, which helps small and medium sized merchants start online stores under their own domain names.

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Carlyle to combine growth and buyout deal teams in India; Fairfax eyes Infibeam stake

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