PE firms in race for Manjushree Technopak; Reliance Brands eyes Genesis Luxury
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Private equity firms The Carlyle Group, Advent International and KKR are in the fray to acquire a controlling stake in Bengaluru-based Manjushree Technopack Ltd, The Economic Times reported.

US-based companies IPG Inc. and Graham Packaging Inc. are also in the race, the report said, citing two people aware of the development.

The Kedaara Capital-backed packaging company is valued at $250-300 million, the report said.

Incorporated in 1987, Manjushree Technopack provides packaging solutions, manufactures and sells plastics preforms, containers and blow film. The company has an overall capacity of about 1,40,000 tonnes per annum.

Manjushree had, in 2015, raised $23.23 million (Rs 147 crore) from Kedaara Capital and Ladoga Holdings Ltd for a 24% stake.

As on 31 March 2017, Kedaara and Ladoga Holdings held a 40% stake in the company.

The promoters have given the mandate to Citibank for managing the sale, the report said.

In another report, The Economic Times said that Reliance Brands, the brand licensing arm of Reliance Retail Ltd, is in advanced talks to fully acquire Genesis Luxury Fashion Pvt. Ltd, a unit of Genesis Colors.

According to the annual report of Reliance Industries Ltd, the parent of Reliance Retail, Reliance Brands had last year acquired a 46.6% stake in Genesis Luxury. It had bought the stake from Singapore-based private equity firm L Catterton Asia.

Citing two people aware of the development, The Economic Times said that Reliance Brands is now looking to pick up the remaining stake for Rs 450 crore.

Genesis Luxury distributes premium brands such as Jimmy Choo, Armani, Paul Smith and Bottega Veneta.

Founded in 1998, Genesis Colors is the holding company of well-known Indian fashion brands Satya Paul and Bwitch. It also holds marketing and distribution rights in India for several international luxury labels, according to its website.

Genesis Colors is backed by investors Sequoia Capital, Mayfield and Henderson Private Equity.

Meanwhile, Baba Ramdev-backed Patanjali Ayurved has decided not to improve its bid for debt-laden Ruchi Soya Industries Ltd, leaving Adani Wilmar as the highest bidder, The Economic Times reported.

Citing two people aware of the development, the report said the lenders may declare Adani Wilmar as the highest bidder when they meet next week.

Adani Wilmar offered about Rs 5,474 crore, which included Rs 4,300 crore for repayment of loans. This is higher than the bid by Patanjali Ayurved, which had offered about Rs 5,765 crore. This included Rs 4,065 crore for repayment of loans.

Last Saturday was the deadline for Patanjali Ayurved to better the offer made by Adani Wilmar, according to the report.

Ruchi Soya is in the midst of insolvency resolution proceedings initiated by the National Company Law Tribunal following petitions from creditors Standard Chartered Bank and DBS Bank. Its debt, including exposure to financial and operational creditors, was around Rs 10,500 crore.

Ruchi Soya sells food products and edible oils under the brands Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star.

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