Tata group is mulling selling stakes of some financial services units including Tata Capital and Tata Asset Management to strategic and financial investors for unlocking value and increasing investments in its online retail business, two people told Mint.
The process may take time as it involves valuing the companies and gauging potential buyer interest, said one of the persons.
“The group has not taken a final call on the quantum of divestment and how much it wants to raise from the proposed stake sales,” another said.
Also, US-based buyout funds Blackstone and Apollo Global Management are set to submit binding offers to buy Luminous Power Technologies from French group Schneider Electric, people told The Economic Times.
It was reported in November 2020 that Schneider is looking to sell Luminous at a valuation of up to $600 million (Rs.4,438 crore).
Later it was announced in January that Apollo, Blackstone and Bain Capital were shortlisted to buy Luminous.
“Sequoia has given the term sheet to Behtar and contours of the deal have been finalised and the transaction may materialise in a few weeks,” said one of the sources.
The B2C e-commerce platform raised Rs 49 crore from new investor Greenoaks Capital and existing backer Accel in August 2020.
“Behtar would be valued at about $100 million (Rs 723 crore) in the fresh financing round,” said another person.