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Temasek, Tata PE fund look to exit Tata Sky; Bidvest to fly out of Mumbai airport

By Ankit Agarwal

  • 01 Feb 2019
Temasek, Tata PE fund look to exit Tata Sky; Bidvest to fly out of Mumbai airport
Credit: VCCircle

Singapore state investment firm Temasek Holdings and Tata Opportunities Fund have started a process to sell their stake in direct-to-home television operator Tata Sky Ltd, a media report said.

Temasek and the Tata private equity fund together own a 19% stake in Tata Sky. They have mandated Morgan Stanley to find a buyer for their stake, The Economic Times reported, citing people aware of the matter. A deal could value Tata Sky around $2.75-3 billion, it said.

The planned stake sale comes nearly three years after Tata Sky’s failed attempt to float an initial public offering, the report said.

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The company was incorporated in 2004. Tata Sons, the group holding company, owns a 51% stake in Tata Sky while Walt Disney Co. has 30%. Temasek invested in the company in 2007 and Tata Opportunities Fund in 2013.

Tata Sky is the second-largest DTH company in India, after Dish TV, with 17.7 million subscribers.

In another report, The Economic Times said that Mauritius-based services, trading and distribution group Bidvest is set to exit Mumbai International Airport Ltd.

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Bidvest has found a buyer for its 13.5% stake for Rs 1,248.75 crore, valuing the company at RS 9,500 crore, the report said. It didn’t identify the buyer, but said Bidvest has given a 30-day notice to other consortium shareholders GVK and ACSA Global Ltd to counter the offer.

GVK and ACSA own 50.5% and 10%, respectively, in the operator of the Mumbai airport. State-owned Airports Authority of India owns 26%. GVK is said to be looking to raise about Rs 3,500 crore at a valuation of Rs 14,000 crore, but potential investors are pegging a lower valuation for the airport company, the report said.

Meanwhile, venture capital firm A91 Partners has invested Rs 60-70 crore in Mumbai-based make-up brand Sugar Cosmetics, two people in the know told the Mint newspaper.

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This is A91's first investment. A91 was floated by former Sequoia Capital executives VT Bharadwaj and Gautam Mago in July 2018 to invest in mid-stage companies.

Sugar Cosmetics, run by Vellvette Lifestyle Pvt. Ltd, was founded in 2012 by IIM-Ahmedabad alumni Kaushik Mukherjee and Vineeta Singh. It had previously raised funding from Singapore-based RB Investments and India Quotient.

The investment will help the startup expand its offline presence through multi-brand retail and exclusive brand outlets, including Shopper’s Stop and Lifestyle, Mint reported.

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