Grapevine: Warburg, Kedaara eye Watertec; Actis, KKR look at Macquarie road assets

By Shubhobrota Dev Roy

  • 17 Apr 2023
Grapevine: Warburg, Kedaara eye Watertec; Actis, KKR look at Macquarie road assets
Credit: 123RF.com

Private equity firms Warburg Pincus and Kedaara Capital are in separate talks to buy bath fittings and accessories maker Watertec India, The Economic Times reported, citing multiple people aware of the development. 

The proposed deal will value Watertec at ₹3,500 crore ($450 million).

Set up in 1997, Watertec (India) Pvt Limited sells bathroom fittings, accessories and sanitaryware across polymer, chrome-plated and affordable luxury categories. 


Macquarie road projects 

A clutch of private equity and infrastructure investment firms are in the race to acquire nine highway projects put on the block by Sydney-based Macquarie Group, Business Standard reported. 

Cube Highways, Sekura Infrastructure Fund of Edelweiss Group, and private equity firms Actis and KKR have expressed their initial interest in buying the projects, which could cost as much as $1 billion. 


The 680-km projects are in Andhra Pradesh and Gujarat, said a banker. “The talks are in the preliminary stage, and Macquarie is in talks with potential buyers,” said the banker. 

IDBI Bank, PNB Housing, Sicom  

IDBI Bank, PNB Housing Finance and term-lending institution Sicom are separately working on plans to sell almost the entire distressed loan books, replicating the sale processes undertaken by Yes Bank and Bandhan Bank last fiscal year to clean up their books, The Economic Times reported, citing multiple people with knowledge of the matter. 


Yes Bank and Bandhan Bank have sold a majority of their distressed loan portfolio to asset reconstruction companies to start fiscal year 2024 with a clean slate. 

VoVL lenders  

Lenders to VoVL, the oil and gas exploration company of Videocon Industries, has approved a conditional sale of two oil basins to Eneva S A and one to PetroRio, The Economic Times reported, citing people aware of the development.


However, before selling the oil basins to the Brazilian gas operators, the lenders must give VoVL's joint venture partner Bharat Petroleum Corp Ltd (BPCL) the right to match offers by Eneva and PetroRio, the people said. Venugopal Dhoot-promoted VoVL, formerly known as Videocon Oil Ventures Ltd, was admitted for insolvency in 2019. 

Temasek Holdings-owned Sheares Healthcare has entered the last leg of negotiation to raise its stake to 90 percent in Kolkata's hospital chain Medica Synergie by providing an exit to the chief founder, multiple sources told Moneycontrol. 


In 2021, Sheares had acquired a majority position in Medica Synergie by purchasing Quadria Capital's stake in the firm. 

A second person told Moneycontrol that as part of the proposed transaction, Sheares has held talks to buy out the minority stake held by Medica Synergie’s Chairman and founder Dr Alok Roy and related entities. 

Beverage maker Coca-Cola is looking for its first startup invetsment in India by picking up a minority stake in online food ordering platform Thrive, The Economic Times reported.

Thrive has partnerships with over 5,500 restaurants and directly competes with Swiggy and Zomato.


Hiranandani Energy is in discussions with Singapore-based Atlantic, Gulf and Pacific Company (AG&P) to sell a majority stake in the company and its units, two industry sources aware of the development told ET. 

AG&P is close to picking up a 70% stake in H-Energy and one of its subsidiaries, while Darshan Hiranandani will hold on to the remaining 30%.

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