PE firms eye stake in Edelweiss unit; I Squared setting up renewables platform
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Private equity firms Blackstone, TPG, KKR, Carlyle, Apax Partners, and others are in talks with Edelweiss to buy 20-25% stake in its franchise and advisory businesses, persons in the know told The Economic Times.  

The business called Edelweiss Global Wealth and Asset Management is being valued at Rs 12,000-15,000 crore, the people mentioned above said. A deal is expected in January, the report added.

Edelweiss’ wealth management business is one of the fastest growing in the industry, clocking a compound annual rate of 62% since 2011-12. The business has Rs 96,000 crore worth of assets under management.

The financial services sector garnered the highest share of private equity and venture capital investments in the first half of 2018, with $4.2 billion invested across 74 deals, the highest-ever half-yearly private equity and venture capital investment in the sector, according to the latest EY-IVCA report.

Meanwhile, British infrastructure investor I Squared Capital is setting up another renewable assets platform, two persons in the know told Mint. The new platform will focus on utility-scale large projects, the report said.

I Squared Capital’s existing renewables platform, Amplus Energy Solutions, focuses on rooftop solar installations.

In another development, private equity firm Blackstone Group LP is in discussions with Adani Realty to buy its 10-storey office project at Bandra Kurla Complex (BKC) for around ₹1,900 crore, two people in the know told Mint.

The development comes after VCCircle reported in November that Shapoorji Pallonji Investment Advisors Pvt. Ltd had decided not to buy the BKC Inspire building. The deal is likely to close before the end of this financial year.

In March, VCCircle had reported that Blackstone is buying 50% stake in two subsidiaries of listed developer Indiabulls Real Estate Ltd in one of the biggest private equity deals in Indian real estate.

The Mumbai-headquartered real estate firm said in a disclosure to the stock exchanges that it had divested 50% stake each in Indiabulls Properties Pvt. Ltd and Indiabulls Real Estate Company at an enterprise value of Rs 9,500 crore (around $1.46 billion).

In July, VCCircle reported that Blackstone has agreed to buy a commercial property in Chennai from Indiabulls Real Estate Ltd for Rs 850 crore ($123 million).

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