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Grapevine: Tatas, others join race for R-Infra Delhi discoms; Creador leads Shriji stake race
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Tata and Adani groups as well as power utility company CESC Ltd are aiming to join the race for 51% stake each in BSES Rajdhani Power Ltd and BSES Yamuna Power Ltd, investment bankers told Business Standard.

This would bring the number of interested parties in the race to 11. The majority stakeholder of these Delhi power distribution businesses is Anil Ambani-led Reliance Infrastructure. 

The suitors will be joining others like Caisse de dépôt et placement du Québec (CDPQ), Actis LLP and Brookfield Asset Management.

Others that have shown interest are Greenko Energy Holdings, Enel Group, I Squared Capital, Torrent Power and Wade Capital Group LLC, a Mint report disclosed earlier.

Previously, in August 2018, Adani Transmission Ltd acquired Reliance Infrastructure’s Mumbai city power distribution business for Rs 18,800 crore.

Meanwhile, private equity firm Creador has emerged as the frontrunner to acquire a minority stake in Shriji Polymers (India) Ltd, a packaging solution provider for the pharmaceutical industry.

The investor will buy about 20% stake in Shriji, which will comprise the 13% stake held by Tata Capital Healthcare Fund and a primary capital infusion, valuing the firm at around Rs 1,200 crore ($158 million at current exchange rate), two people in the know told The Economic Times.

Other players chasing the stake include Kedaara Capital, ChrysCapital and Goldman Sachs.

Creador has signed an exclusivity agreement with the existing investor, said one of the persons.

Tata Capital Healthcare Fund had invested Rs 40 crore in Ujjain-based Shriji in October 2015.

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