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Grapevine: Apax, Carlyle, Advent eye Emcure stake; Adani, Vedanta circle Lanco plant
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Global private equity funds including Apax Partners, Carlyle and Advent International are separately exploring options to acquire up to 15% stake in Emcure Pharma at a valuation of up to $2 billion (Rs 14,250 crore at current exchange rate). Emcure plans to raise the money because the plan for listing is getting delayed, two people aware of the development told The Economic Times.

Existing investor, Bain Capital, which owns 13% stake in the company, is also likely to sell a part of its stake. According to one of the persons, the proceeds will be used to pare the debt that stands at Rs 1,224 crore.

Separately, Adani Group and Vedanta are competing for Lanco’s Amarkantak power plant located in Chhattisgarh, which has 600 megawatt operational thermal capacity, 1,320 MW under-construction capacity, and another 1,320 MW at the planning stage, people aware of the matter told The Economic Times.

Amarkantak was admitted for insolvency proceedings last year and expressions for interest were invited in December. A Singapore-based player is also believed to join the bidding process. However, none of the parties has made a financial offer yet, the persons said.

The plant is housed in a special purpose vehicle, which took Rs 12,000 crore of debt from banks and was dragged to the bankruptcy tribunal over a Rs 800 crore loan default by Axis Bank.

Meanwhile, Subhash Chandra-led Essel Group is in talks with Adani Transmission and Tata Power to sell its under-construction Warora-Kurnool transmission line in an attempt to pare debt, two people familiar with the development told The Economic Times.

The final deal depends on factors including valuations, state of the project and how much haircut lenders are willing to take, the persons said.

The 765 kV project, which included laying of transmission lines in central India from Warora in Maharashtra and Kurnool in Andhra Pradesh, has been hit by delays and is past its November 2019 deadline.

In June last year, Essel Infraprojects had sold two transmission assets, namely, Darbhanga-Motihari Transmission and NRSS XXXI (B) Transmission, to Edelweiss Infrastructure Yield Plus Fund.

Although the agreement had given Edelweiss the right to purchase two other transmission assets owned by Essel, but Edelweiss is no longer interested because of delays in execution.

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