Infrastructure company GVK is in talks with the National Investment and Infrastructure Fund and Abu Dhabi Investment Authority (ADIA) to raise Rs 6,500 crore to counter Adani Group’s bid to buy a stake in Mumbai International Airport Ltd (MIAL), a media report said.
NIIF and ADIA are likely to infuse equity and debt into MIAL at a valuation of Rs 12,500-13,000 crore, higher than Adani's offer of Rs 9,500 crore, The Economic Times reported, citing multiple sources aware of the negotiations.
GVK, which owns a 50.5% stake in MIAL, plans to use the funds to buy out South African investors Bidvest and Airports Company South Africa (ACSA) Global Ltd.
GVK Airport Holdings Ltd, a unit of GVK Power & Infrastructure Ltd, had in March chosen to exercise its right of first refusal to acquire ACSA Global’s 10% stake for Rs 924 crore. In February, it had decided to exercise its right of first refusal to acquire Bidvest's 13.5% stake in MIAL for Rs 1,247.40 crore.
Meanwhile, The Daftary family, which owns 77% of Bharat Serums & Vaccines Ltd, are in initial talks with private equity investors like Carlyle Group and Advent International to sell a controlling stake for around $500 million, two people aware of the development told Mint.
The remaining 23% of Bharat Serums is held by Kotak Private Equity and healthcare-focussed PE firm OrbiMed.
Last year, US drugmaker Mylan, Baring Private Equity as well as domestic pharmaceuticals company Cadila Healthcare Ltd had held discussions to buy Bharat Serums. The vaccines maker had also planned to go public to allow its investors to exit, but those plans were later shelved.
The company develops, produces and markets injectable biological and pharmaceutical products for gynaecology, critical care, emergency medicine, urology, neurology and assisted reproductive technology.
In another development, drugmaker Wockhardt Ltd plans to demerge its India formulations business and sell a significant minority stake to repay its mounting debt, multiple people aware of the development told The Economic Times. The company had a total debt of Rs 3,737 crore as on March 31, 2018, the report said.
Wockhardt promoter Habil Khorakiwala is in talks with private equity funds like Bain Capital, KKR, Carlyle, Advent and ChrysCapital. He is looking at a valuation of Rs 5,000 crore, which is four times its revenue, the report said.