B M Khaitan-led Williamson Magor Group plans to sell its stake in Eveready Industries India Ltd as part of a group-level restructuring to pare debt, The Times of India reported citing people aware of the development.
The Khaitans are looking to either sell a partial stake or fully exit Eveready Industries, according to the report.
Kotak Mahindra Bank’s investment banking unit is advising Williamson Magor on the stake sale, the report said.
The promoters held 44.35% stake in Eveready Industries as of September 2018. The stock closed at Rs 181.50 apiece on Thursday. Its market capitalisation is around Rs 1,300 crore.
McLeod Russel India, Kilburn Engineering and McNally Bharat Engineering Company are part of the Williamson Magor Group companies.
Eveready manufactures dry cell batteries and also markets lighting products, rechargeable lanterns, packet tea and small home appliances.
Eveready was acquired by the Williamson Magor Group in 1993 from US-based Union Carbide Corporation.
PTC India’s attracts new bidders
Power producer CLP India, Hero Future Energies and Macquarie Infrastructure and Real Assets have evinced interest to buy the wind power business of power trading company PTC India Ltd, business daily Mint reported, citing two people aware of the development.
PTC Energy Ltd has a wind power asset portfolio of around 290 megawatts, according to the report.
KPMG is advising PTC India on the transaction. The assets could be valued at around Rs 2,000 crore, according to the report.
Jet Airways India Ltd is looking to restart negotiations with the Tata Group to infuse capital into the cash-strapped airline, Bloomberg reported, citing people aware of the development.
Jet Airways’ founder Naresh Goyal was in talks with Abu Dhabi-based Etihad Airways to discuss a deal but the discussions stalled after Etihad asked Goyal to step aside from his management role, according to the report.
In November last year, the Tata Group said it held preliminary talks to acquire a stake in Jet Airways, the report added.
Goyal holds a 51% stake in Jet Airways, while Etihad has a 24% stake.
Grover Vineyards to buy wineries
Reliance Capital-backed Grover Zampa Vineyards Ltd will buy the wine assets of United Spirits Ltd and Hindustan Construction Company for Rs 67 crore, The Times of India reported, citing people aware of the development.