Bidders State Bank of India, Axis Bank and IndusInd Bank are leading the race for the twin capital market arms of the beleaguered infrastructure and financing group IL&FS, The Times of India reported.
The two units are IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services. The new IL&FS board had put the securities business on the block last month. IL&FS Securities Services is said to be valued at around Rs 1,500 crore.
While State Bank of India and Axis Bank have entered the race for the first time, this is not the case with IndusInd, whose earlier agreement to acquire the two firms was scrapped by the new IL&FS board appointed by the central government in October and led by banker Uday Kotak.
IL&FS Securities, which provides depository services, loans against shares, securities lending and custodial lending, is 81.24% owned by IL&FS group, 9% by IL&FS Employee Welfare Trust, 4.75% by Orix Corporation and 5% by Croupier Prive Mauritius.
Meanwhile, Mapletree Investments Pte. Ltd, the real estate business of Singapore state investor Temasek Holdings, is looking to invest in the logistics space in the country, three people in the know told Mint.
The firm, which is in its second India innings and is also eyeing core office assets, has roped in Souvik Mukherjee to head logistics and office investments in the country, and Hardeep Dayal to lead investments and asset management.
Mapletree was in the news recently for concluding a Rs 2,400 crore purchase of Chennai-based information technology park SP Infocity. The IT park was owned by Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Investment Advisors. The deal signalled the return of Mapletree seven years after its first and only investment in the country, when it had acquired Assetz Global Technology Park in Bengaluru for ₹800 crore.