True North may sell stake in VKL; Radiant eyes tie-up with Jaslok Hospital
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Homegrown private equity firm True North is planning to sell its stake in food products firm VKL Seasoning Pvt. Ltd, The Economic Times reported.

Citing two people aware of the development, the report said True North will sell its majority stake at a company valuation of $280 million (about Rs 2,000 crore).

True North holds about 55% stake in the company, according to the report.

In 2013, True North had invested around $40 million in the company.

Investment bank Avendus Capital is advising True North on the stake sale, the report said.

VKL Seasoning is engaged in the business of blending and selling of seasoning and flavours. The company receives a lot of its revenue from the quick service restaurant segment, where its clients include Yum! India, Domino’s Pizza, McDonalds India and Burger King, according to a report by Credit Analysis and Research Ltd.

VKL Seasoning’s consolidated net sales stood at Rs 185.8 crore for the year through March 2017, up from Rs 147.8 crore the year before, according to VCCEdge, the data intelligence platform of News Corp VCCircle.
Separately, Radiant Life Care Pvt. Ltd, a hospital chain backed by private equity firm KKR & Co., is in talks for an operations and management (O&M) alliance with Mumbai’s Jaslok Hospital, Mint reported.

Citing two people aware of the development, the report said the other interested parties looking to strike an O&M deal include Hinduja Group and IHH Healthcare.

Jaslok Hospital is a multi-speciality hospital with 352 beds, of which 75 are intensive care unit (ICU) beds, according to its website.

In September, Radiant Life agreed to buy the entire 49.7% stake in Max Healthcare from South Africa-based Life Healthcare Group Holdings for around $293 million.

In July 2017, KKR had agreed to acquire a 49% stake in Radiant Life for $200 million.

In another development, Bhupinder Singh, founder and chief executive of InCred Finance, along with other private equity investors in the non-banking financial company, including Paragon Partners, has raised over Rs 300 crore to fund new business on the firm’s platform, Mint reported.

Citing two people aware of the development, the report said Singh has put in about Rs 40 crore and Paragon Partners has invested around Rs 50 crore.

InCred Finance offers personal loans, education loans, home loans, small and medium enterprise loans and two-wheeler loans, according to its website.

InCred Finance is backed by former Deutsche Bank co-chief executive Anshu Jain, Manipal Group managing director Ranjan R Pai, Landmark Holdings founder Gaurav Dalmia, IDFC Private Equity, Alpha Capital and Paragon Partners.

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