Kedaara eyes Sunbeam Auto; CapitaLand leads Blackstone’s Pune IT parks race
Photo Credit: Thinkstock

Private equity firm Kedaara Capital is in an advanced stage of negotiations to acquire Gurugram-based auto-component maker Sunbeam Auto Pvt. Ltd for $100 million (Rs 650 crore), a financial daily reported.

Ashok Kumar Munjal-led Sunbeam Auto, which is part of the Dayanand Munjal group, manufactures aluminium die-cast components for two- and four-wheelers.

The company has given the mandate to EY India for managing the sale, Mint said.

Sunbeam Auto’s consolidated net sales stood at Rs 1,200.4 crore and profit after tax was at Rs 57.27 crore in 2016-17, according to VCCEdge, the data research platform of News Corp VCCircle.


Singapore-based real estate developer CapitaLand is close to acquire the Pune IT parks of private equity major Blackstone for around Rs 2,200 crore, The Business Standard reported.

Blackstone is selling BlueRidge special economic zone, besides another SEZ at Hinjewadi in Pune, the report added.

Citing one person aware of the development, the report said CapitaLand seems to be the frontrunner, while Xander is also in the race. Blackstone had given the mandate to Morgan Stanley to conduct the sale, it added.

Blackstone had acquired the 1.5 million sq ft BlueRidge SEZ from IDFC Alternatives in 2014. The other SEZ in Pune was bought from realty major DLF Ltd and its joint venture partner Hubtown Ltd for Rs 810 crore in 2011.

ICICI woes

The Economic Times reported that some unnamed well-wishers had paid off dues worth Rs 40 lakh of Credential Finance, a company run by brothers Deepak and Rajiv Kochhar, just before Chanda Kochhar was appointed as CEO of private-sector lender ICICI Bank.

The report attributes the development to the minutes of the 2009 Bombay High Court order, which says Rs 40 lakh was paid to Banque Indo-Suez by “well-wishers of and on behalf of ” Credential Finance.

The now-defunct company had entered a court settlement with multiple creditors, the report added. The fresh development comes at a time when there are allegations of quid pro quo between ICICI Bank and the Kochhar brothers.

Leave Your Comment(s)