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KKR, Carlyle eye Pepe Jeans India; Essar Steel lenders to decide on fresh bidders

23 March, 2018

Private equity firms KKR, Carlyle, General Atlantic and Malaysia’s sovereign wealth fund Khazanah Nasional Berhad have submitted nonbinding bids to acquire a controlling stake in apparel maker Pepe Jeans India Ltd, a financial daily reported.

According to The Economic Times, Pepe Jeans is seeking a valuation of Rs 2,000 crore for its India unit.

Kotak Investment Banking was given the mandate by Pepe Jeans to advice on the sale process, the report added.

Founded in 1973 in London, Pepe Jeans Group operates two brands – Pepe Jeans and Hackett. Netherlands-based Pepe Jeans Europe B.V. is the holding company of the Indian unit.

Pepe Jeans India’s total income stood at Rs 429.3 crore and profit after tax was at Rs 49.2 crore in 2016-17.

In 2015, L Catterton Asia and Lebanese investment firm M1 Group had acquired a majority stake in the Pepe Jeans Group.

Essar Steel
The Committee of Creditors of bankrupt Essar Steel Ltd are set to vote on Friday to decide on whether new suitors can participate in the second round of the bidding process, The Business Standard reported.

Unnamed people told the business daily that Sajjan Jindal-led JSW Steel is likely to submit a bid if fresh bidders are allowed to participate.

Public sector lender State Bank of India, one of the lenders to Essar Steel, is, however, not interested in allowing fresh bidders, the report added.

Earlier this week, the lenders’ consortium had rejected the resolution plans submitted by Russia’s VTB Capital-led consortium Numetal Mauritius and steel giant ArcelorMittal.

Essar Steel is among the 12 large non-performing asset accounts identified by the Reserve Bank of India in its first list for loan resolution under the insolvency and bankruptcy code.

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KKR, Carlyle eye Pepe Jeans India; Essar Steel lenders to decide on fresh bidders

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