Blackstone, KKR Eye Stake In Shriram Cement Unit – Private equity firms Blackstone Group and Kohlberg Kravis Roberts & Co (KKR) are discussing a large stake buy in the cement unit of the southern conglomerate Shiram Group. Shriram EPC, which took controlling stake in Andhra Pradesh based Sree Jayajothi Cements, plans to raise more than Rs 400 crore to bolster operations. KKR already holds a stake in Dalmia Cements but has evinced interest in Shriram’s cement unit independently. (Times of India)
GIC Singapore, Brigade To Develop HUL Property – Brigade Group and Government of Singapore Investment Corporation (GIC), through its affiliate, Reco Begonia, have entered into a 51:49 joint venture partnership through a Special Purpose Vehicle (SPV) for the development of a residential project on Whitefield Main Road. The project would see an investment of Rs 100 crore. The 9.5-acre property in Whitefield was acquired from Hindustan Unilever Limited (HUL) through a bidding process for Rs 130 crore. (Times of India)
Tata Power Scouts Mines In South Africa, Indonesia – Private utility Tata Power is scouting for coal mines overseas, particularly in Indonesia and South Africa. The deals would not be an outright purchase but mostly picking up stakes in already operating mines. Currently, the company sources coal from four mines in Indonesia and two in Australia. (Economic Times)
Sangeetha Mobiles To Raise Rs 100Cr From PEs – Bangalore-based mobile phone retail chain, Sangeetha Mobiles Private Limited, is planning to raise Rs 100 crore through the private equity route to fund its pan-India expansion besides launching its private-labelled GSM mobile handset. The company expects its retail business to grow from Rs 400 crore last year, to Rs 600 crore this financial year. (Business Standard)
GFA Eyes PE Funding – Food services company Global Franchise Architects, the owners of Pizza Corner and Donut Baker, is in the market to raise funds. Although the plan is still in early stages, he said the company intends to complete the process within a year. The privately-owned company GFA-which has a presence of 225 stores across nine countries for its brands including Pizza Corner, Donut Baker, Cream & Fudge Factory and Coffee World-believes the timing is right for fund raising. (Economic Times)
Essel Group Eyes PE Funding For Education Biz – Zee Learn, the education arm of the Subhash Chandra-led Essel Group, plans to take the private equity route to fund its expansion plans. The proposed investment of Rs 200-300 crore would help the company grow 25-30 per cent. The group plans to increase the number of Kidzee pre-schools from about 900 to 2,500 over the next three years. (Business Standard)
Varroc In Talks With PEs To Raise Rs 300-400Cr – Aurangabad-based auto component major Varroc Group is in talks with private equity funds to sell a small stake and raise Rs 300-400 crore to pare debt and fund expansion. India’s third largest auto component maker, promoted by first generation entrepreneur Tarang Jain, has mandated investment banking firm Kotak Securities to help with fund raising. Varroc recently acquired USbased Visteon Lighting for $100 million. (Economic Times)
Infiniti Retail Raises Rs 150Cr Through Bonds – Infiniti Retail, the Tata Sons subsidiary that operates the Croma chain of stores, has raised bonds worth Rs 150 crore for expansion and refinancing purposes. The bonds, raised through the private placement route, carry an interest rate of 11.45% and are for a term of three years. The company runs 75 durables and electronics stores across the country under the brand names Croma and Croma Zip. (Economic Times)
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