Private equity giant Blackstone Group is in advanced negotiations with Fortis Healthcare’s former promoters Malvinder and Shivinder Singh and Dhillon family to acquire their office real estate portfolio spread over one million square feet, The Economic Times reported, citing two people familiar with the development. Dhillon family is related to the Singh brothers.
The valuation is pegged at over Rs 1,000 crore, the report said.
The six properties are spread across Mumbai, Delhi, Noida and Ahmedabad, according to the report.
Separately, Suraksha ARC, Asset Reconstruction Company of India Ltd, Invest ARC, Phoenix ARC and Acre ARC have submitted expressions of interest for acquiring debt-laden Reid & Taylor, a fashion brand of S Kumars Nationwide Ltd, The Economic Times reported, citing persons in the know.
Eight Capital and Carlyle are also interested in the company, the people said.
Reid & Taylor and S Kumars Nationwide are currently undergoing insolvency proceedings at the National Company Law Tribunal.
A British brand, Reid & Taylor was launched by S Kumars Nationwide in India in 1998.
Reid & Taylor’s debt stood at around Rs 4,100 crore, according to the report.
In 2008, Singapore sovereign wealth fund GIC had invested about $184 million in Reid & Taylor.