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KKR eyes stake in Aadhar Housing; OMERS among suitors for IL&FS road projects
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Private equity firm KKR is in preliminary discussions to acquire a controlling stake in Aadhar Housing Finance Ltd, Mint reported.

Citing two people aware of the development, the report said KKR may look to acquire Aadhar at a discount to its present price-to-book value.

Aadhar, a subsidiary of financial services group Wadhawan Global Capital (WGC), provides home financing to lower- and middle-income segments.

A spokesperson for Wadhawan Global told the financial daily that they were looking for an initial public offering or a strategic stake sale in Aadhar.

As of 31 March 2018, Wadhawan Global held a 70% stake in Aadhar. International Finance Corporation, the private-sector investment arm of the World Bank, holds a 16.91% stake in the mortgage lender.

In May, VCCircle had reported that Aadhar was firming up plans for an initial public offering.

Aadhar made loan disbursements of Rs 3,905 crore in the year through March 2018, up from Rs 2,338 crores in the previous year. Its total assets under management stood at Rs 7,966 crore as on 31 March 2018.

OMERS-IL&FS

OMERS Infrastructure Management, Inc., the infrastructure investment manager of Canadian pension fund OMERS, is in talks with cash-strapped Infrastructure Leasing and Financial Services (IL&FS) to acquire its road projects, The Economic Times reported.

Citing two people aware of the development, the report said Singapore-based Cube Highways and Italy’s Benetton family-controlled infrastructure group Atlantia were also in talks to buy road projects of IL&FS.

IL&FS Transportation Networks Ltd, a listed unit of IL&FS, has 28 road projects under the build-operate-transfer model. Of these, 21 are operational and the remaining under construction.


IL&FS group's total debt stands around Rs 91,000 crore.

Earlier this week, Mint reported that private equity giant KKR was evaluating some road projects of IL&FS.

Tata-Jet Airways

Tata Group is in preliminary discussions with Jet Airways to pick up a significant stake in the cash-strapped airline, The Times of India reported.

Citing people aware of the development, the report said Jet is seeking an equity infusion from Tata Group. Tata Group wants management control of the airline, the report said.

A Jet Airways spokesperson told the daily newspaper that the report was totally speculative.   

Tata Sons has two aviation ventures in India: budget airline Air Asia India with Malaysia’s AirAsia and full-service carrier Vistara with Singapore Airlines.

Abu Dhabi-based Etihad Airways, which holds a 24% stake in Jet, may sell all or part of its stake if Jet makes a progress in discussions with Tata Sons, according to the report.  

TA Associates-Tega
US-based private equity investor TA Associates is looking to sell its entire 15% stake in mining equipment maker Tega Industries, The Economic Times reported.

Citing people aware of the development, the report said the new investor in Tega could buy fresh shares in the company as well as the shares of TA Associates.

The combined deal value could be around $100 million. The estimated valuation of Tega is in between $250-300 million, the report said.
In 2011, TA Associates had picked up a 15% stake in Tega by investing $40 million
.

Kolkata-based Tega Industries is promoted by the Mohanka family. It offers a range of abrasion and wear resistant products and services required for mining, mineral processing, screening, grinding, material handling and beneficiation of minerals.

Treebo-FabHotels
Budget hotel chains Treebo and FabHotels are in preliminary talks for a potential merger, Mint reported.

Citing three people aware of the development, the report said the investors of both the companies are in talks for a possible transaction.
The investors are wary of pumping in fresh money into Treebo and FabHotels as they are competing with SoftBank-backed Oyo, the report said.

Treebo and FabHotels have so far raised around $57 million and $35 million, respectively.

The development comes after Oyo said last month that was raising $1 billion in a fresh funding round from existing investors led by SoftBank. OYO said it had already received $800 million from SoftBank’s Vision Fund and investment firms including Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital, with commitments for a further $200 million. 

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