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Grapevine: Carlyle may invest in Reliance Retail; JSW Steel eyes insolvent firm
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Private equity firm Carlyle Group is looking to invest up to $2 billion (Rs 14,663 crore) in Reliance Retail Ventures Ltd (RRVL), a media report said.

This may be Carlyle’s first bet on the Indian retail sector, two people aware of the development told Mint.

Carlyle is considering investments across the retail sector in India comprising both online and offline retail firms, including Reliance Retail, one of the people said.

The planned move comes after PE firm Silver Lake invested about $1 billion in Reliance Retail.

Also, Greenko Energy Holdings is considering ploughing around $1 billion (Rs 7,331 crore) in a new battery storage business, a person aware of the development told Mint.

“Greenko has made the transition into a clean technology and solutions platform from pure-play energy supply through planned investments in global battery and deep-tech companies,” said the person.

Last week, Japanese financial services group Orix Corp said that it will invest $980 million (Rs 7,207 crore) in Hyderabad-based Greenko Energy Holdings, in lieu of more than 20% stake in the wind and solar power generator. 

Greenko has also emerged as frontrunner for US-based US-based large-scale battery installer NEC Energy Solutions 

In another development, Google-backed Cuemath is in talks with Falcon Edge’s India-focused fund to raise up to $45 million (Rs 330 crore) in its Series C round of funding, three people aware of the details told Entrackr.

Falcon Edge had raised $300 million for its India-focused fund Alpha Wave Incubation (AWI) in February this year.  

“The term sheet has been served by Falcon Edge and the transaction is likely to get through by October,” one of the people said.

Cuemath is the second edtech company in which AWI is in advanced talks to lead a fresh financing round. AWI is also set to lead fresh proceeds into Classplus at a valuation of up to $70 million.

Meanwhil, Sajjan Jindal-controlled JSW Steel is eyeing cast and forged rolls maker Gontermann-Peipers (India), which was admitted to the National Company Law Tribunal (NCLT) last year.

People familiar with the matter told Business Standard that, apart from JSW Steel, a Kolkata-based company and an asset reconstruction company (ARC) had also submitted expressions of interest. 

JSW had been evaluating a bid for Gontermann even before it was admitted to NCLT.

Earlier, a Chinese company, Xingtai Delong, had also shown interest, but stepped back amid deteriorating India-China relations.

A couple of years back, JSW Steel and AION Investments jointly acquired Monnet Ispat & Energy under the bankruptcy law.

JSW also bagged Bhushan Power & Steel for Rs 19,700 crore. However, the deal got mired in legal proceedings, and is now in the last leg of hearing in the Supreme Court.

Separately, Shapoorji Pallonji group, which was looking to raise funds by pledging Tata Sons’ shares, may have to look at alternative ways to raise money after the Tatas spiked the original plan.

The SP Group may sell stakes in its listed subsidiary Sterling and Wilson (S&W), putting land parcels on the market across India, and restructuring project debt, a Business Standard report said.

In June this year, the group defaulted on a Rs 500 crore loan taken from S&W, and may go for a debt recast as it meets all criteria in accordance with the recommendations of the KV Kamath panel, said people in the know.

They may also seek debt moratorium at the real estate project level, they added.

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