Private equity firm Blackstone is in discussions to invest Rs 1,500 crore ($209 million) in a venture with India's Allcargo Logistics Ltd to build warehouses, Bloomberg reported.
Citing people with knowledge of the matter, the report said Blackstone plans to take a 51% stake in the venture. Allcargo is talking with other investors as well, the report said.
The planned development comes at a time when a number of private equity firms, sovereign and pension funds and strategic investors have invested in India's warehousing segment.
The report also said that Allcargo’s logistics division plans to build 5 million square feet of warehouses across India by 2021.
Blackstone had previously invested in Allcargo in 2008 and exited in 2017.
Meanwhile, Dalmia Cement (Bharat) Ltd has bid to buy the Rs 6,000 crore cement business of Emami, The Economic Times reported, citing three people with knowledge of the development.
Dalmia plans to finance the acquisition internally, though it had held initial talks with Canada Pension Plan Investment Board and a joint venture of Piramal Enterprises and Bain Capital.
Emami has cement factories in Tamil Nadu, and Andhra Pradesh with a capacity of 9 million tonnes a year, according to the company website.
Last year, Dalmia Bharat and Piramal-Bain joined hands to acquire Binani Cement during its bankruptcy proceedings, but it did not win the bid.
In another development, Chiratae Ventures is set to hit the first close of its fourth India-focused venture capital fund at $150 million, Mint reported, citing two people aware of the matter.
Chiratae, which has backed startups such as Myntra, Lenskart, CureFit and Policybazaar, aims to raise $275 million for its fourth fund, the report said. It has received a commitment of Rs 150 from Small Industries Development Bank of India, the report added.
Another investor participating in Chiratae’s latest fundraise is IFC.
Meanwhile, state-run Canara Bank has received 12 expressions of interest for its stake in Can Fin Homes Ltd, multiple media reports said, citing the bank's CEO RA Sankara Narayanan.
Narayanan told reporters that the bank expects to get Rs 1,000 crore for its 30% stake in the housing finance arm.
The bank had, in June, revived a plan to sell its stake in Can Fin Homes. It had last year shelved the plan after talks with at least 12 potential suitors failed to make a headway.
Previously, its stake sale plan had evinced interest from PE firms Baring Private Equity Asia, Warburg Pincus, KKR, True North, Bain Capital, Temasek and Blackstone. Strategic investors such as Kotak Mahindra Bank, RBL Bank and HDFC Ltd were also in the race to pick up the stake.
Singapore sovereign wealth fund GIC Pte. Ltd owns a 13.45% stake in Can Fin Homes.
Separately, The Economic Times reported that Oyo Hotels & Homes has acquired Fortune Select Metropolitan Jaipur from Emaar Group.
Citing people familiar with the matter, the report said the deal value was around about Rs 35-40 crore. The hotel is currently managed by ITC Ltd
The deal is part of Oyo's plans to enter the four-star segment, which is dominated by marquee Indian and international hotel chains, the report said.
