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Grapevine: Carlyle consortium eyes Ra Chem; KKR, others circle Azure projects
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After recently acquiring India’s largest animal healthcare company Sequent Scientific Ltd, The Carlyle Group is close to striking yet another pharma deal.

This time around, a consortium of Carlyle and pharma veteran B Hari Babu is in an advanced stage to buy Hyderabad-based API (active pharmaceutical ingredients) maker Ra Chem Pharma from majority stakeholder and parent Micro Labs, people familiar with the matter told Moneycontrol.

Babu is former MD and CEO of US pharma giant Mylan’s Indian operations and was elevated to the role of global operations chief in 2016.

“While Carlyle will help with the funding for this deal, Babu will handle the operational aspects,” one of the persons said.

In another development, KKR & Co., Actis, Edelweiss Infrastructure and Ayana Renewable Power are in early talks to acquire about 400 megawatt solar energy projects in Rajasthan and Assam from Azure Power Global for up to Rs 1,700 crore ($225 million), people aware of the development told The Economic Times.

New York Stock Exchange-listed Azure Power has a portfolio of more than 7.1 gigawatt solar power projects under various stages in the country. It counts Canadian pension fund Caisse de Dépôt et Placement du Québec (CDPQ) as its largest shareholder with 50.9% stake.

Other investors in the firm include World Bank’s International Finance Corporation (IFC), Helion Venture Partners, German development finance institution DEG and France’s Proparco.

Investors such as KKR, Actis and Edelweiss Infra Yield Plus Fund-owned Sekura Energy are on a buyout spree in the Indian clean energy space.

Meanwhile, Bharti Group, Vodafone Idea, and Providence Equity Partners may opt for a share-swap arrangement where they could receive fresh shares in the merged entity of Bharti Infratel and Indus Towers, two people familiar with the development told The Economic Times.

An agreement on the changed contours of the deal may prepone the completion of the proposed merger.

In the original plan, Airtel would pay up to Rs 4,500 crore in cash to Vodafone Idea against its 11.15% stake in Indus Towers.

The shareholders will now approach the National Company Law Tribunal in Chandigarh to get final approval of the merger, first announced over two years ago.

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