Petronas may buy into Amplus; Cadila, TPG in talks with Indoco for part of local biz
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New York-based investment firm I Squared Capital is in talks with Malaysian state oil company Petronas to sell a majority stake in India’s Amplus Energy Solutions Pvt. Ltd, a media report said,

The Mint newspaper reported, citing two people in the know, that the deal's enterprise value is likely to be around Rs 2,700 crore.

Amplus, one of India’s largest rooftop solar power producers, has also attracted attention from Norway’s Statoil ASA, France’s Total SA and Royal Dutch Shell Plc. Amplus, founded in 2010, has set up 350 megawatts of capacity across India.

Amplus counts among its clients India Yamaha Motor Pvt. Ltd, Jubilant FoodWorks Ltd, Walmart India Pvt. Ltd, Hilton Hotels Corp. and Gurugram-based Vatika Group.

Meanwhile, investors such as Zydus Cadila, Lupin, TPG Capital, and Temasek are in initial talks with drug maker Indoco Remedies to buy a part of its India business for Rs 500-600 crore, people in the know told The Economic Times.

The newspaper said that the deal, if it materialises, will help the Mumbai-based drug maker sharpen focus on its high-margin global businesses.

Indoco, which owns nine manufacturing facilities in India, is being advised by Kotak, Deloitte and PwC on the deal.

In another development, the Leela Group of Hotels in India is being eyed by Emirati tycoon Rashid Al-Habtoor, who plans an equity infusion of about $600 million (about Rs 4,200 crore) in the hospitality chain, The Times of India reported. The Emirati, said the newspaper, has already made an offer in a letter to Union finance minister Arun Jaitley and the hotel.

As part of the offer, the tycoon has vowed to pay the entire debt of the hotel group totalling $600 million.

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