Japanese whisky maker Suntory has joined UK-based private equity fund Vasari Global as a possible bidder for Whyte & Mackay, which is owned by Diageo-controlled United Spirits. The two prospective suitors have separately begun preliminary talks in this regard, said a person. Whyte & Mackay is up for sale due to antitrust concerns in the UK. USL is likely to appoint Bank of America Merrill Lynch as its banker. (The Economic Times)
ReNew Power scouts for fresh investors to boost production: ReNew Power Ventures, an independent renewable energy power producer in the country, is scouting for fresh investors, its founder said. Currently US investment bank Goldman Sachs owns the company, which has an installed wind power capacity of 375 mw. Goldman Sachs has invested about $320 million (approx Rs 1,980 crore in current exchange rate) in ReNew Power in two phases, making it the largest investment so far in Indian renewable energy generation industry. Goldman invested $250 million in the first phase and announced another $135 million in the second phase. The company is in talks with private equity investors, both domestic and foreign. (The Times of India)
Jaypee set to sell two power units to TAQA, Canadian pension fund: The debt-laden Jaypee Group is close to selling two of its three operating hydroelectric projects to a consortium led by Abu Dhabi National Energy Co. PJSC, known as TAQA, and including a Canadian pension fund for at least $1.5 billion (Rs 9,280 crore), according to two people close to development. TAQA will buy a 51% stake in the projects, with a Canadian pension fund purchasing 39% and IDFC Alternatives Ltd, the private equity arm of infrastructure finance company IDFC Ltd, taking the remaining 10%, said the two people. The transaction, which will raise funds for the Jaypee Group to pare more than Rs 50,000 crore of debt. (Live Mint)
Quadria plans to invest Rs 225 crore in healthcare: Quadria Capital, Singapore-based Asian healthcare sector focused private equity player, plans to put in around Rs 225 crore in India’s healthcare sector out a total proposed fund corpus of $300 million (Rs 1,870 crore). The fund, promoted by physician Amit Verma and Abrar Mir, has already raised $107 million and has announced its maiden investment by acquiring a stake of about 60% in specialty hospital chain Medica Synergie. Out of this 60% would be invested in Southeast Asia and balance 40% in South Asia, out of which 30% would go to India. (DNA)
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