ICICI Venture, the private equity arm of India’s largest private-sector lender ICICI Bank Ltd, may buy a 15% stake in Hyderabad-based Porus Laboratories Pvt. Ltd, a financial daily reported.
According to The Economic Times, the deal, valuing the company at Rs 1,000 crore, will help Porus Labs fund its expansion plans.
Incorporated in 1996, Porus Labs develops and manufactures pharmaceutical ingredients and intermediates, besides polymers and speciality chemicals, including agrochemicals.
In the past three years, ICICI Ventures has backed six companies, including Star Health and Allied Insurance, Theobroma Foods, Qube Digital, Go Fashion India, Anthea Aromatics and BTI Payments.
Binani Industries Ltd has sought an end to the company insolvency and resolution proceedings of the debt-laden subsidiary, Binani Cement Ltd, the company said in a stock-exchange filing.
According to the Press Trust of India, UltraTech Cement Ltd has offered Rs 7,200 crore to acquire the 98.43% stake held by Binani Industries in an out-of-court transaction.
Binani Cement has been undergoing corporate insolvency resolution proceedings initiated by the National Company Law Tribunal (NCLT) since July 2017. Last month, the committee of creditors had approved the resolution plan submitted by a consortium of Dalmia Bharat Ltd and Bain-Piramal’s India Resurgence Fund, which had agreed to pay Rs 6,300 crore to pick up the assets of the debt-laden company.
However, responding to a petition filed by the Dalmia Bharat group, the National Company Law Appellate Tribunal has asked NCLT’s Kolkata bench to continue with the ongoing bankruptcy process of Binani Cement, The Economic Times reported.
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