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KKR, General Atlantic eye EuroKids; Blackstone set to snap up Golden Jubilee Hotels
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Private equity firms General Atlantic and KKR are in separate discussions to acquire about a 75% stake in preschool chain EuroKids, The Economic Times reported.

Citing two people aware of the development, the report said the PE firms are looking to pick up the 75% stake from mid-market private equity firm Gaja Capital and Swiss investment firm Partners Group.

The stake is likely to be valued at $200 million (Rs 1,400 crore), according to the report.

The other suitors interested in EuroKids include Blackstone and Baring Private Equity Asia, the report said.

Avendus Capital has the mandate to find a buyer.

Last year, VCCircle reported that EuroKids had bought Kangaroo Kids. Mumbai-based Kangaroo Kids operates a chain of preschools under its mother brand, besides running K-12 schools under Billabong High International.

In another report, The Economic Times reported that a resolution plan submitted by private equity firm Blackstone has received approval from a committee of creditors of the debt-laden Hyderabad-based Golden Jubilee Hotels Pvt. Ltd.

Citing two people aware of the development, the report said the resolution professional will file the plan at the National Company Law Tribunal (NCLT) for final approval.

Golden Jubilee Hotels is undergoing bankruptcy proceedings. It is a special purpose vehicle formed for development of five-star hotel properties under Trident and Oberoi brands in Hyderabad, according to a report by Care ratings. Trident commenced operations in September 2013.

EIH Ltd, which operates hotels under Oberoi and Trident brands, holds around a 16% stake in Golden Jubilee Hotels. The remaining is held by promoter entity Core Hotels Ventures Pvt. Ltd.

An investment arm of JPMorgan holds around a 47% stake in Core Hotels Ventures.

Golden Jubilee Hotels owes more than Rs 900 crore to its financial creditors.

Meanwhile, yoga guru Baba Ramdev-backed fast-moving consumer goods firm Patanjali Ayurved Ltd is looking to acquire debt-laden edible oil maker Ruchi Soya Industries Ltd, The Economic Times reported.

The development comes as Adani Wilmar, which was the successful bidder earlier, has decided to withdraw its bid following a delay in closing the resolution process, the report said.

In August, the lenders had approved the resolution plan submitted by Adani Wilmar. However, the plan is yet to be approved by the National Company Law Tribunal.  

Ruchi Soya is undergoing insolvency proceedings initiated by the NCLT following petitions from creditors Standard Chartered Bank and DBS Bank. It sells food products and edible oils under the brands Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star. Ruchi Soya owes around Rs 9,400 crore to its financial creditors.

Patanjali is interested in matching the offer made by Adani Wilmar for Ruchi Soya, according to the report.

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