Tata Power, Adani Group, Torrent Power and Greenko Group are looking to acquire Central Electricity Supply Utility of Odisha, a report in financial daily said, two people aware of the development.
PricewaterhouseCoopers has been given the mandate to find a seller, newspaper Mint reported.
Central Electricity Supply Utility is a power distribution company owned by the government of Odisha.
The final bids are expected by the end of March. Greenko confirmed its interest in acquiring the distribution utility to Mint.
The annual revenue of CESU Odisha is around Rs 3,200 crore, the report added.
TPG consortium bids $1 billion for Tata Teleservices' fibre assets
A TPG Capital-backed management consortium has bid $1 billion to buy the fibre assets and related businesses owned by Tata Teleservices Ltd, a report in Bloomberg stated, citing people in the know.
Mukund Rajan, the head of international operations at Tata Sons Ltd, is leading the management consortium, the report added.
Employees of Tata Teleservices and an international fund have also participated in the bidding, the people mentioned above told Bloomberg.
The talks for the potential sale are in the early stages and new bidders could emerge, it said.
Japan’s Lixil acquires Sentini Sanitarywares
Japanese sanitaryware maker Lixil Corporation has acquired Hyderabad-based Sentini Sanitarywares Pvt Ltd as part of its plan to invest $65 million (Rs 412.8 crore) in Andhra Pradesh to establish a manufacturing facility that will help increase Lixil’s ceramic production, the company said in a release.
After the acquisition, the company will be renamed LIXIL India Sanitarywares Pvt. Ltd. Seshagiri Rao Tipirneni, chairman of Sentini Group, will continue to be a shareholder and will act as an adviser to the board of directors of this entity, the statement added.
Sentini Sanitarywares has a factory with an annual production capacity of 10 lakh units.
The value of the acquisition was not disclosed.
Lixil’s chief executive officer Kinya Seto said the acquisition strengthens the company’s overall ceramics production capacity and will enable it to export to key markets such as the US.
“We see great growth potential in India and, with this investment, aim to capture 15-20% share and lead the local ceramics market in the next 3 years,” said Shubhajit Sen, country head of Lixil India.