KKR, Blackstone eye stake in Gharda Chemicals; Binny Bansal-backed VC firm gets funding
Photo Credit: Manni Das/VCCircle

Private equity firms KKR and Blackstone as well as Godrej Agrovet Ltd and United Phosphorus Ltd have made separate bids to pick up a 57.7% stake in agrochemicals maker Gharda Chemicals Ltd, a media report said.

The Economic Times reported, citing two people aware of the development, that Gharda could be valued around Rs 9,500 crore.
Scientist RA Mashelkar-led Gharda Medical and Advanced Technologies Foundation is selling its 57.5% stake in the company, the report said.

Gharda is facing litigation due to alleged pesticide poisoning and this may have impact on the deal, according to the report.

Gharda Chemicals’ consolidated net sales stood at Rs 1,937.8 crore in the year through March 2017, up from Rs 1,668.9 crore the previous year, according to VCCEdge, the data research platform of VCCircle.

Meanwhile, venture capital firm 021 Capital, which is backed by Flipkart co-founder Binny Bansal, has hit the first close at about $32 million (Rs 222 crore), The Economic Times reported, citing three people aware of the development.

The fund was launched in 2017 by Sailesh Tulshan, the personal investment adviser to the founders of e-commerce major Flipkart.

The fund has a target corpus of $50 million. The investors in the fund include Azim Premji Foundation, former and current Flipkart executives, and technology executives from India and Silicon Valley, according to the report.

021 Capital had invested in Bengaluru-based biotech startup Pandorum Technologies and packaged food startup Y-Cook.

Separately, power trading company PTC India Ltd is planning to sell its wind power business, Mint reported, citing two people aware of the development.

PTC Energy Ltd has a wind power asset portfolio of around 290 megawatts, according to the report.

Citing a person aware of the development, the report said PTC would either sell a majority stake or transfer full ownership.

KPMG is advising PTC India on the transaction. The assets are valued around Rs 2,000 crore, according to the report.

PTC India told the financial daily that it is considering various options for funding the growth of PTC Energy by bringing in a suitable strategic investor.

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