HomeShop18, the e-commerce venture of Network 18 Media and Investments Ltd, is close to buying a controlling stake in home shopping company Shop CJ Network Pvt. Ltd, The Economic Times reported, citing sources it didn’t name.
HomeShop 18 may acquire a 74% stake in the company in a deal that would lead to an exit of private equity firm Providence Equity Partners LLC, the report added. The deal value is estimated to be around Rs 180-200 crore.
Shop CJ Network is an equal joint venture between Providence and South Korea’s CJO Shopping Co Ltd. Providence had acquired the stake from Star India in June 2014 for an undisclosed amount.
Earlier this year, Providence announced its plans to scale back operations in India. It holds stakes in telecom tower firm Indus Towers Ltd, Hathway Cable & Datacom Ltd and film distributor UFO Moviez India Ltd.
In a separate report, The Economic Times said that billionaire Mukesh Ambani-led Reliance Industries Ltd is in talks to acquire cable television distribution company Den Networks Ltd.
The report cited a source as saying that Mumbai-listed Den is looking at a valuation of Rs 2,000-2,200 crore. This is slightly higher than its market capitalisation of around Rs 1,800 crore.
Den was set up in 2007. The multi-system cable operator has about 13 million subscribers, of which 10 million are digital subscribers, according to its annual report.
As of June 2017, Goldman Sachs held a 24.51% stake in the company.
Meanwhile, private equity firms TPG and Blackstone and Singapore-based distressed assets fund SSG Capital have sent expressions of interest for acquiring a controlling stake in debt-laden Monnet Ispat and Energy Ltd, The Economic Times reported, citing a source aware of development.
The other likely bidders include Tata Steel and billionaire Sajjan Jindal-led JSW Steel.
Monnet Ispat has total debt of close to Rs 12,000 crore, added the report.
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