True North may acquire up to 10% stake in Bengaluru-based contract research and manufacturing services firm Anthem Biosciences at a valuation of up to $1 billion (Rs 7,400 crore), The Economic Times report said citing people aware of the development.
The homegrown private equity firm has outbid US buyout funds Warburg Pincus, General Atlantic and Singapore-based Temasek Holdings. The deal is expected to be signed by next week, the people added.
VCCircle first reported the development in September 2020.
True North had acquired about 10% stake in Biocon-backed Syngene, a major rival of Anthem, in early 2015 and later divested its entire stake through a public market sale in 2017. It also owns a 2.4% stake in Biocon Biologics -- a subsidiary of Biocon Ltd -- acquired in January last year.
Meanwhile, Norway's power generator Statkraft is in advanced talks to buy Lanco Infratech’s under-construction unit Lanco Mandakini Hydro Energy, a media report said.
Bankers are looking to recover Rs 1,300 crore ($177 million) from the sale, multiple people aware of the matter told The Economic Times.
The unit houses two projects that have the capacity to produce 152 megawatts of power. The projects are located near Kedarnath and are designed to use the Mandakini river’s flow to generate power.