Grapevine: KKR mulls Ramky exit; Amazon may buy Milkbasket; Kotak may raise funds

By Ankit Agarwal

  • 21 Apr 2020
Credit: VCCircle

Private equity giant KKR & Co. is considering a sale of its controlling stake in environmental services provider Ramky Enviro Engineers Ltd, more than a year after it completed the purchase of the shares, people familiar with the matter told Bloomberg.

KKR is in initial talks with suitors including a Chinese company, the people said.

The private equity firm completed the purchase of a 60% stake in Ramky for about $510 million in February 2019. Ramky founder Ayodhya Rami Reddy holds the remaining 40%.

Separately, online milk delivery startup Milkbasket is in talks with Amazon India for a potential acquisition by the e-commerce firm, two people familiar with the matter told Entrackr.

The Gurugram-based firm’s talks with BigBasket did not go through due to differences over valuation, the persons added.

The deal with Amazon India is most likely to be an all-stock deal.

Meanwhile, Kotak Mahindra Bank’s deep-pocketed investors including Canada Pension Plan Investment Board (CPPIB), Caisse de dépôt et placement du Québec (CDPQ), and Singapore’s GIC may be tapped to close a proposed fundraising, two people aware of the development told Mint.

The bank may raise up to Rs 8,000 crore (about $1 billion at current exchange rate) in the round. According to a regulatory filing, the board is set to meet on 22 April to approve the plan. 

CPPIB, CDPQ, and GIC hold 6.03%, 1.15%, and 1.36%, respectively, in India’s fourth-largest private-sector lender.

The fundraising will bolster the balance sheet and pare the promoter stake, the persons added.

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