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PE firm Atyant Capital may buy JEKPL; RCom lenders eye its land assets

22 December, 2017

Atyant Capital is set to acquire JEKPL Pvt. Ltd after lenders to the debt-laden energy company approved the India-focussed private equity firm’s takeover proposal, The Economic Times reported.

JEKPL, formerly known as Jubilant Energy (Kharsang) Pvt. Ltd, has participating interests in oil blocks in Arunachal Pradesh and Manipur. It has total debt of about Rs 600 crore, the report said, adding that a corporate insolvency resolution process was initiated against JEKPL by the National Company Law Tribunal in March.

The resolution plan approved by the lenders is for a full takeover of the existing shares and management of the company, the report cited an official as saying.

JEKPL’s total income was Rs 56 crore and net loss was Rs 46.5 crore in the year through March 2016, according to VCCEdge, the data research platform of VCCircle.

In another report, The Economic Times said that China Development Bank and other Chinese lenders to Reliance Communications Ltd are in advanced talks to take up a 70% holding in the company’s Dhirubhai Ambani Knowledge City in Navi Mumbai.

Citing people aware of the development, the report said bids from builders like Hiranandani and Godrej Properties have been received to build the complex.

“The Chinese banks are actively looking to settle dues through the land transaction,” the report said.
RCom has also received non-binding bids from Reliance Jio Infocomm and Bharti Airtel under strategic debt restructuring, according to the report.

The telecom company has a total net debt of Rs 45,000 crore, according to the report.

Separately, the newspaper reported that South Korea-based telecom company KT Corporation and Baring Private Equity Asia are among the suitors looking to buy up to a 100% stake in credit and debit card business of public-sector lender Bank of Baroda.

The enterprise value of the business is pegged at Rs 1,200 crore, the report said.

A formal document containing detailed financials and revenue projections for the unit is likely to be circulated to prospective bidders in the first week of January, the report cited a person as saying.

Investment bank JM Financial has the mandate to find a buyer, according to the report.

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PE firm Atyant Capital may buy JEKPL; RCom lenders eye its land assets

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