Grapevine: Nirma mulls partner for Emami Cement bid; Kinetic Green may raise funding
Photo Credit: Thinkstock

Nirma Ltd, through its cement unit Nuvoco Vistas Corp., is considering to partner with either Apollo Global Management or Bain Capital to bid for Emami Cement, people with knowledge of the matter told Mint.

Emami Cement is seeking a valuation of about $1 billion (Rs 7,120 crore at current exchange rate), the people said asking not to be named.

RS Agarwal and RS Goenka, who own Emami Group, are selling Emami Cement to pare debt.

Meanwhile, Pune-based electric vehicle maker Kinetic Green Energy & Power Solutions Ltd is in talks with private equity investors to raise up to Rs 300 crore ($42 million at current exchange rate) in its Series A round of funding, founder and chief executive Sulajja Firodia Motwani told The Economic Times.

The funding, which will be used to increase manufacturing capacity to penetrate deeper into the growing electric three-wheeler segment, will be secured within the next two to three months, she said.

The company on Monday partnered with state-run oil marketing company Bharat Petroleum Corp. Ltd (BPCL) to launch swappable-battery stations in nine cities.

Kinetic Green will sell the vehicles, BPCL will own the batteries and the charging infrastructure, the technology for this will be provided by IIT-Madras and the batteries will be manufactured by Amaron.

Separately, Adani Transmission has raised $310 million (around Rs 2,213 crore) through private placement of debt in the US to refinance borrowings, persons in the know told The Economic Times.

Global investors such as Barings, Cigna, HSBC Global Asset Management and MetLife have bought the 30-year amortising debt.

“This fundraising is purely to move away from short-tenure domestic debt to long-tenure global infrastructure paper. This transaction re-introduces private debt investors into India’s infrastructure sector as they have stayed away for over a decade,” an executive involved with the transaction said.

Leave Your Comment(s)