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Goldman eyes minority stake in Royal Sundaram; Leap Green seeks KKR backing

27 March, 2018

US investment banking major Goldman Sachs is in talks to pick up a minority stake in Royal Sundaram General Insurance Company Ltd, a financial daily reported.

Mint reported that Goldman Sachs is looking to invest in the company through its private equity funds. Royal Sundaram General Insurance is a subsidiary of Chennai-based Sundaram Finance Ltd.

One unnamed person told Mint that Royal Sundaram was looking to sell a significant minority stake to help fund its growth plans.

The company offers motor, health, personal accident, home and travel insurance to individuals. It also has specialised insurance products, including fire, marine, engineering, liability and business interruption risk covers for commercial customers, says its website.

In July 2015, Sundaram Finance had acquired the entire 26% equity held by joint-venture partner Royal and SunAlliance Insurance Plc in Royal Sundaram General Insurance Company for Rs 450 crore ($72.25 million).

As on 31 March 2017, Sundaram Finance held a 75.9% stake in the company. The rest is with TVS Group companies and individuals.

Leap Green-KKR deal
Renewable energy firm Leap Green Energy Pvt. Ltd is in talks with private equity major KKR to raise short-term mezzanine funding of Rs 500 crore (77 million) to meet its capital requirements, The Economic Times reported.

KKR will have the option to convert the loans into equity if required, the report said, adding that Leap Green Energy is also in discussions with a group of investors to raise equity funding of Rs 1,000 crore.

Rajeev Karthikeyan, co-founder of Leap Green Energy, confirmed the development to the financial daily.

Leap Green Energy is majority owned by JPMorgan Asset Management.

In 2017, the company had agreed to acquire the entire operational wind power capacity of Inox Renewables Ltd, which has a generation capacity of 260 MW.

The company has installed wind power capacity of 759.15 MW, according to its website.

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Goldman eyes minority stake in Royal Sundaram; Leap Green seeks KKR backing

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