NEC, PE firms eye stake in Mindtree; Sarda Energy-SSG may bid for Uttam Value
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Japanese IT company NEC Corp as well as private equity firms KKR and Advent International are among the suitors looking to buy a stake in Indian software services company Mindtree Ltd, a media report said.

Citing people aware of the development, The Economic Times reported that the suitors are interested in buying a 20.42% stake held by VG Siddhartha, managing director at Coffee Day Enterprises Ltd, and two companies – Coffee Day Enterprises Ltd and Coffee Day Trading Ltd.

According to the report, some other minority shareholders in Mindtree may also sell their shares if this transaction is successful.

Kotak Mahindra Capital is advising Siddhartha on this transaction, the report said.

Bengaluru-based Mindtree counts Nalanda Capital, Amansa Holdings and Ontario Teachers’ Pension Plan Board as its shareholders.

In another report, The Economic Times cited two people aware of the development as saying that Sarda Energy & Minerals Ltd and special situations investment firm SSG Capital Management may jointly bid for debt-laden companies Uttam Value Steels Ltd and Uttam Galva Metallics Ltd.

Sarda Energy is the flagship company of Sarda Group. The company makes steel and generates hydropower.

Uttam Galva Metallics and Uttam Value Steels are undergoing insolvency resolution processes at the National Company Law Tribunal. The two are the associate companies of Uttam Galva Steels Ltd and together owe around Rs 5,400 crore to their lenders, according to the report.

The other bidders for these companies include JSW Steel, Liberty House, AION Capital and Phoenix ARC, the report said.

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