L Capital Front Runner For Lilliput – L Capital, the private equity (PE) arm of LVMH, the world’s largest luxury goods group, has emerged the front runner to buy Lilliput’s retail assets, brand and liabilities. Recently, Lilliput founder Sanjeev Narula and estranged private equity investors Bain Capital and TPG had initiated a slump sale, wherein the assets, brand and liabilities would get transferred to a new company and then sold to a third party. The shareholders had roped in Avendus and Grant Thornton to advise on the sale. With Lilliput running close to Rs 750 crore of debt, the company and Narula are finding it difficult to service it. (Business Standard)
L Capital To Invest $150M In Raymond Apparels – The private equity arm of the world’s biggest luxury products group, LVMH, is negotiating to invest about $150 million ( Rs 750 crore) in Raymond Apparel. The deal between L Capital Asia and the Raymond Group arm for a minority stake, if it goes through, will be the largest private equity investment in an Indian apparel company. The exact quantum of the stake under negotiation could not be ascertained but one of the people said it is between 10% and 20%. (Economic Times)
Hero Morocop Eyes Ducati – Ducati Motor Holding SpA (DMH), maker of luxury bikes ridden by celebrities such as Brad Pitt, is among assets being examined by Hero MotoCorp Ltd. (HMCL) as India’s biggest motorcycle maker looks for acquisitions to expand overseas. Ducati would add products such as the $28,000 Superbike 1199 Panigale S Tricolore to a company that’s amassed a $1 billion war chest selling bikes for as little as 38,053 rupees ($768). (Bloomberg)
Carzonrent To Get Another Rs 40Cr From PEs – Car rental company Carzonrent (India) will invest up to Rs 2,000 crore to expand its business by launching its operations in nearly 50 in the next three years. Under its expansion plans, the New Delhi-based firm will purchase about 23,500 cars to add in its fleet. The firm is planning to infuse Rs 120 crore equity for this expansion, of which Rs 40 crore will come from existing investors Sidbi Venture Capital, WestBridge Capital and BTS Investment Advisors. (Business Standard)
LIC, Bank of Baroda, ICICI Bank To Launch Infra Debt Fund – The decks have been cleared for the launch of country’s first infrastructure debt fund (IDF) under the company route. Private sector lender ICICI Bank and other financial biggies, including Bank of Baroda and Life Insurance Corporation, have decided to come together to set up an IDF as a non-banking finance company (NBFC). On the other hand, a company-based fund is an NBFC that would issue bonds to domestic as well as foreign investors. (Business Line)
Ascent Capital Invests $10M In E-Grocer BigBasket – Ascent Capital is leading a $10-million, first-round funding for e-grocer BigBasket, a Bangalore-based internet start-up with ambitious farm-to-fork retailing plans. BigBasket’s promoters include the original poster boys of e-commerce who founded Fabmart and Fabmall (later sold to Aditya Birla) and serial entrepreneur duo K Ganesh and Meena Ganesh. (Times of India)
Indian Motorsports In Talks To Raise $400M From PEs – The Indian Motorsports League (IML), which is close to sealing a $400mn fund deal from two US-based PE firms and a Middle East-based sports fund, is also in the process of teaming up with a production house in Europe for broadcast rights in India. IML will use the funds to set up a race campus, car manufacturing facilities and race tracks. (Economic Times)
Ushdev To Close PE Round In March – Metals trading and wind farm operator Ushdev International is likely to see a capital infusion of around Rs 150 crore by the month-end from the Singapore-based private equity (PE) firm Oxley Group. Capital infusion of around Rs 150 crore from the Singapore-based private equity firm Oxley Group will happen by the end of the financial year. Oxley is a private investment group specialising in multi-family office services, private equity deals and real estate investments in the Asia-Pacific region. (Economic Times)
Kuoni Has Theoretical Interest In Thomas Cook India – Swiss travel company Kuoni Reisen Holding AG has a “theoretical” interest in buying parts of Thomas Cook Group Plc. (TCG)’s Indian business while ruling out any move to buy a European operation from the company. Kuoni wants to expand its Asia business to account for 50 percent of its total sales in coming years from 42 percent now. (Bloomberg)
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