India Value Fund Advisors (IVFA), a India-focused private equity (PE) fund, with a corpus of $1.2 billion, is set to acquire a controlling stake in Spykar Lifestyle, a leading maker of denim in India.
In this secondary transaction, where one PE investor sells to another, Avigo Capital Partners will sell their 60 per cent stake in Spykar to IVFA, sources in the know said. The deal is likely to be announced by next month. (Business Standard)
Carlyle Asia Growth Capital to sell its 20% stake in Tirumala Milk Products: American Private Equity fund Carlyle Asia Growth Capital would sell its 20 per cent stake in Hyderabad-based dairy company Tirumala Milk Products, a person with direct knowledge of the development said. The private equity fund has appointed investment banker Barclays Capital to scout for a buyer. Bolla Brahma Naidu, Brahmanandam, B. Nageswara Rao and N Venkat Rao, the four promoters who own the 80 per cent stake in the company, will also soon take a decision whether to sell a controlling or minority stake in South India’s second largest milk supplier along with the private equity investor. The fund had invetsed $22 million in 2010 in the company. Carlyle India managing director M. Shankar Narayanan represents the fund on the board. (Economic Times)
Vicat may buy Shriram cement unit: French cement maker Vicat has emerged a surprise frontrunner to acquire the cement unit of southern conglomerate Shriram Group, said people briefed on the matter. Vicat is expected to buy controlling shares in Sree Jayajothi Cements, which is a part of Shriram Ventures, the holding entity of the group’s non-financial services businesses, valued at about $250 million (or Rs 1,00 0 crore). (Times of India)
Goldman Sachs invites bids for Bangalore property: Goldman Sachs Group Inc. has invited bids for its under-construction property in Bangalore, where a Four Seasons hotel and private residences were planned.
Bids have to be submitted on Friday, said three people familiar with the development. The asking price for the property is around $100 million (about Rs 600 crore). (Live Mint)
ONGC Videsh eyes energy assets in US; Oil India close to buying Africa asset: After Kazakhstan, Azerbaijan and Mozambique, ONGCBSE 1.71 per cent Videsh (OVL) and Oil India (OIL) have set their sights on acquiring new oil and gas assets in the US and Africa.
OVL is evaluating Chesapeake Energy’s oil and gas assets. Chesapeake, which is the second largest natural gas producer in the US, had put its oil and gas assets on the block in February last year to raise up to $11.5 billion and reduce debt. Its most significant asset is the Permian Basin oilfields in Texas, which is the largest oil-producing area in the US. (Economic Times)
TMB set to go public: Tamilnad Mercantile Bank (TMB) is set to launch an initial public offering (IPO). For this, it has appointed SBI Caps as advisor. Currently, it is awaiting the Madras High Court’s approval for the IPO. The court is set to come out with a ruling on the bank’s ownership. (Business Standard)
Actis tries again to sell Sterling Hospitals: Actis, the UK-based private equity (PE) major is trying for a second time to sell its 80 per cent stake in Ahmedabad-based Sterling Hospitals.
Sources say early this month, it appointed Kotak Investment Banking, subsidiary of Kotak Mahindra Bank, to find a buyer for the chain. Though Actis had given a sell mandate to JM Finance in 2011, it couldn’t find a buyer and the selloff plan was kept on hold for the past year. It was in July 2006 that Actis had acquired a 41 per cent stake in Sterling Addlife India Ltd, which owns Sterling Hospitals, for $15.5 million. They’d later bought more stake. (Business Standard)