Grapevine: Norfund may invest in Fourth Partner Energy; Tatas close in on Bigbasket
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TPG Capital-backed Fourth Partner Energy Pvt. Ltd is in talks to raise $100 million (about Rs 730 crore) from private market investors, a Mint report said citing three people aware of the matter.

Solar power company Fourth Partner Energy has received interest from Norwegian sovereign wealth fund Norfund, said one of the three people mentioned above.

“Norfund is bullish on green energy investments in India and has been scouting the market for a bunch of investments,” said the second person.

Investment bank Investec is advising Fourth Partner Energy, while Avendus Capital is advising Norfund on the transaction, said the third person.

“Fundraising is an ongoing process at Fourth Partner Energy,” said a company spokesperson.

Meanwhile, the Tata group has decided to infuse fresh capital of up to $250 million (about Rs 1,828 crore) in Bigbasket as part of its larger deal to acquire a majority stake in India’s biggest online grocery company, people with knowledge of the matter told The Economic Times.

The group is also said to be closing in on a majority stake in online pharmacy 1mg.

Tata will shell out a total of $1.2 billion (Rs 8,773 crore), in a mix of primary and secondary sale of shares, giving it a 60% stake in Bigbasket.

The deal will provide a full exit to Chinese e-commerce giant Alibaba and scandal-hit private equity firm Abraaj Group, two of the biggest investors in the company, said the people cited above. The transaction may provide partial exits to smaller investors, too.

The transaction, which is expected to close over the next few days, will ascribe a valuation of $1.6 billion to the Bengaluru-based company.

Tata is also looking to execute a secondary transaction of up to $250 million to acquire a 55% stake in online pharmacy 1mg, according to sources.

In another development, Bollywood actress Aishwarya Rai Bachchan has invested Rs 5 crore (about $684,000) in nutrition-based healthcare company Possible as part of a larger round of Rs 15 crore (about $2.05 million), people with knowledge of the development told The Economic Times.

The Kalaari Capital-backed company, previously known as Truweight Wellness, will use the capital to expand to newer markets within the country.

“It will be a complete primary fundraise from ultra-high net-worth individuals and institutional investors,” said one of the persons with knowledge of the matter.

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