The Piramal Group, led by billionaire Ajay Piramal, has brought on board the Canadian Pension Plan Investment Board (CPPIB) as an anchor investor to make acquisitions for its infrastructure-focused platform, a report in Mint stated, citing two persons in the know.
The platform will focus on investments in the renewable energy and road assets sectors, for which the group will commit almost $2 billion, the report stated, citing one of the persons mentioned above.
The person also added that the Piramal Group has commitments not only from CPPIB but also a large European institutional investor and two to three more investors are also likely to be on boarded.
The group will use $1 billion to acquire wind and solar assets and $800 million to $1 billion will go towards roads assets, the second person mentioned above told Mint on condition of anonymity.
Besides renewable and roads, the group also has interests in distressed assets and special situations. For this, it has formed a joint venture with the credit affiliate of private equity firm Bain Capital. Called the India Resurgence Fund, the Piramal Enterprises and Bain Capital Credit are separately committing $100 million each to the fund.
The fund most recently invested $156 million (Rs 1,100 crore) in Chennai-based Archean Chemical Industries Pvt. Ltd.
Meanwhile, The Economic Times reported that General Atlantic is looking to exit its five-year-old investment in healthcare technology company CitiusTech.
Citing several people in the knowledge of the matter, the report said that JPMorgan had been appointed for the sale of a controlling stake in the company.
The investment bank has sent feelers to PE firms Apax Partners, Advent, Bain Capital, Carlyle, Blackstone, CVC Capital Partners and Warburg Pincus, the report said.
General Atlantic had invested $111.25 million in CitiusTech in March 2014 and owns around 32% of the company. The founders Rizwan Koita, Jagdish Moorjani and employees hold the rest of the stake in the company.
A sale transaction could potentially value the company between $800 million and $1 billion, the report said.
