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Grapevine: Frontrunners emerge for HGS unit; Nirma Group company to file for IPO
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Baring Private Equity Asia and Everstone Capital have emerged as frontrunners to buy a controlling stake in the healthcare vertical of Hinduja Global Solutions (HGS) for up to $600 million (Rs 4,436 crore), people told The Economic Times

HGS is the business processing outsourcing (BPO) arm of diversified conglomerate Hinduja Group. 

Baring Private Equity Asia and Everstone Capital are expected to sign a binding offer next month, the people said.

In December 2020 it was reported that HGS had decided to hive off the unit and had mandated Barclays to run a formal process to find a buyer.  

The process had seen interests from bulge bracket funds including Blackstone, Carlyle, Apax and Advent. 

Nirma Group’s cement company

Nirma Group’s cement company, Nuvoco Vistas Corp, is likely to file draft papers for an initial public offering (IPO) of about Rs 5,000 crore ($676 million), sources told The Economic Times

The IPO comprises of a fresh issue up to Rs 1,500 crore and an offer for sale of about Rs 3,500 crore by promoters at a post-money valuation of Rs 35,000 crore, they said. 

ICICI Securities, Axis Capital, HSBC Securities, JPMorgan and SBI Capital Markets are the banks for the issue. 

Nirma Group forayed into the cement business in 2014 through an investment in a plant at Nimbol and thereafter grew the business with the acquisition of Lafarge’s India cement business in 2016. 

In 2020, it acquired Emami Cement

AppsForBharat 

Sequoia Capital India and Beenext Ventures are in advanced talks to invest $4 million (Rs 29 crore) in spiritual startup AppsForBharat, three people told Entrackr

“The term sheet has been finalised and the transaction is expected to be announced soon,” said one of the sources adding that AppsForBharat would be valued at $16 million (post-money). 

Prashant Sachan, founder of AppsForBharat, was the co-founder of lifestyle-centric short video app Trell. Notably, AppsForBharat raised about $200,000 in a seed round from Sequoia Capital India and Trell in April, the report said citing filings. 

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