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CVC Capital eyes UnitedLex; AION, Tech Mahindra lead race for InterGlobe Tech
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Private equity firm CVC Capital Partners is in advanced talks to buy a controlling stake in legal process outsourcing firm UnitedLex for $200 million (Rs 1,375 crore), a media report said.

The Economic Times reported, citing multiple people aware of the development, that UnitedLex’s existing investors Canaan Partners, Helion Venture Capital and Madison Capital had started a process to exit the company.

Helion had first invested in UnitedLex in 2007 and Canaan the following year. Madison invested in 2017 when it bought out Sequoia Capital, the report said.

Kansas-based UnitedLex has offices in Gurugram and Bengaluru.

Separately, Tech Mahindra and AION Capital have bid to acquire InterGlobe Technologies, a unit of InterGlobe Enterprises Pvt. Ltd, The Times of India reported, citing multiple people aware of the development.

InterGlobe Technologies is valued at around $400 million, the report added.

Incorporated in 1998, Gurugram-based InterGlobe Technologies provides information technology, business process outsourcing and consulting services to travel companies.

Private equity firms Blackstone, Carlyle, Everstone and Partners Group have also shown interest in the company, according to the report.

In another development, The Economic Times reported that Chennai-based TVS Logistics is in talks to acquire a controlling stake in logistics firm Gati Ltd for about Rs 1,500 crore.

Citing people aware of the development, the report said that TVS Logistics is in discussions to buy the entire promoter holding and it is also looking to buy stake held by public investors such as Goldman Sachs.

TVS Logistics may make an open offer to public shareholders of Gati, according to the report.

In October 2016, TVS Logistics raised $155 million from Canadian pension fund CDPQ for a minority stake. As part of the deal, Goldman Sachs and KKR exited TVS Logistics.

Meanwhile, Mint reported, citing two people aware of the development, that Tata Power Ltd is looking to buy two hydropower plants owned by Singapore-based infrastructure developer and fund manager Equis Pte. Ltd.

Hydreq, the Indian hydropower platform of Equis, owns a controlling stake in two hydropower plants in Sikkim. Its total generation capacity is 220 megawatts, the report said.

The estimated value of the two hydropower plants is around $400 million (Rs 2,700 crore).

The planned sale comes after Equis in January sold its renewable energy platform, Equis Energy, to US-based private equity firm Global Infrastructure Partners and its co-investors for an enterprise value of $5 billion.

In another report, Mint said Essar Oil and Gas Exploration and Production Ltd is looking to sell up to a 30% stake in its coal-bed methane (CBM) block at Raniganj in West Bengal.

Citing two people aware of the development, the report said the CBM block could be valued at $2 billion. Essar Oil owns four other CBM blocks, according to its website.

The Raniganj block is producing gas close to 1 million metric cubic metres a day from about 350 wells, according to the report.

Singapore-based Cube Highways and Infrastructure Pte. Ltd, which operates toll roads in India, is in talks to acquire IL&FS Transportation Networks Ltd’s Chenani-Nashri road tunnel project in Jammu & Kashmir, Mint reported, citing two people aware of the development.

The 9-km road tunnel is the longest in the country. ITNL is looking to sell the road project to pare debt, the report added.

Cube Highways is a joint venture between global infrastructure investment firm I Squared Capital and International Finance Corporation, the private-sector investment arm of the World Bank. As on December 2017, it owned more than 1,700 lane-kilometres of highways in India.

In another development, mid-market private equity firm Gaja Capital has invested $25 million (Rs 172 crore) in Ahmedabad-based Educational Initiatives Pvt. Ltd, according to a press statement.

Educational Initiatives develops and offers learning-assessment products and services for schools in India.

Last month, VCCircle reported that Gaja Capital was in advanced talks to invest in Educational Initiatives.

Gaja has been an active investor in the education space, having picked stakes in CL Educate, EuroKids International, Junior Sports and Services, SV EduSports and Educomp Solutions.

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