KKR-controlled financial services firm Avendus Capital is among the bidders in the fray to buy the mutual fund business of IDFC Ltd, according to multiple media reports.
Avendus Capital has made a non-binding offer of Rs 3,300 crore to acquire IDFC Asset Management Company Ltd, The Times of India reported, citing people aware of the development.
IDFC is expecting a valuation of around Rs 3,500-4,000 crore, according to the report.
IDFC Asset Management is the 12th largest mutual fund. Its assets under management stood at Rs 69,590 crore as on 30 June.
In March 2017, IDFC Financial Holding Company Ltd, a subsidiary of IDFC Ltd, had agreed to buy back a 25% stake in IDFC AMC from Paris-based Natixis Global Asset Management for Rs 244.24 crore.
In a separate report, The Economic Times said that Tata Steel Ltd is looking to sell its Southeast Asia units NatSteel Holdings and Tata Steel Thailand at a valuation of about $500 million.
Citing people aware of the development, the report said that the steelmaker has appointed a banker to conduct the sale process.
According to Tata Steel’s annual report, revenue from Southeast Asia operations in 2017-18 rose to Rs 9,542 crore from Rs 8,245 crore the year before. However, operating profit dropped to Rs 437 crore from Rs 528 crore.
The operating profit fell despite improved selling prices “primarily due to negative sentiment in construction sector in both Singapore and Thailand and elevated scrap pricesâ€, Tata Steel said on its performance in Southeast Asia.
The plan to divest Southeast Asian units comes after Tata Steel last month entered into a joint venture with Germany's Thyssenkrupp in Europe.