A distressed assets fund set up by Bain Capital and Piramal Enterprises Ltd has joined hands with Dalmia Bharat Cement Ltd to bid for debt-laden Binani Cement, The Economic Times reported, citing two people with direct knowledge of the development.
Dalmia Bharat is looking to bid for Binani Cement’s plants in Rajasthan with a capacity of 6.25 million tonnes a year, the report said.
“The purchase of the Rajasthan unit can cater to the entire northern and western markets,” the report quoted one person as saying.
The Piramal Bain Resurgence Fund is a joint venture between Piramal Enterprises and Bain Capital Credit, the credit arm of private equity firm Bain Capital.
Binani Cement, which is a subsidiary of Binani Industries Ltd, has an annual manufacturing capacity of 11.25 million tonnes, globally, with an integrated plant in India and China and grinding units in Dubai, according to its website.
In another development, The Economic Times reported that Samir Jasuja, the founder of PropEquity, has bought back the 80% stake held by US-based hedge fund Och-Ziff Capital Management in the real estate data and analytics firm.
Jasuja confirmed the development to the financial daily but didn’t disclose any details of the deal.
PropEquity is operated by P.E. Analytics Pvt. Ltd. As on March 2017, Jasuja held a 18% stake in the company and Och-Ziff owned 82%, according to VCCEdge, the data research platform of VCCircle.
P.E.Analytics’ total income was Rs 13.5 crore and profit after tax was Rs 1.9 crore in the year through March 2017.