Homegrown private equity firm WestBridge Capital, which has made some larger bets in the past including those in names like TVS Motor, Aptus Value Housing, Yes Bank and budget carrier Indigo, is on the verge to pick up a minority stake in Tamil Nadu-based dairy products brand Milky Mist, three people in the know told The Economic Times.
The investment is likely to be close to Rs 800 crore and will value Milky Mist Dairy Food at about Rs 7,000 crore, these people said on the condition of anonymity.
Earlier, Milky Mist held discussions with private equity and venture capital firms to raise funds.
Billionaire Ajay Piramal-led Piramal Group is looking for buyers for its distressed real estate portfolio, according to a media report.
The portfolio comprises loans amounting to Rs 1,812 crore and outstanding security receipts of Rs 782 crore, two people aware of the development told ET.
Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHFL) have jointly invited bids for their real estate portfolios.
Its real estate loan portfolio comprises Ozone Holdings, Niraj Kumar Associates, ASF Insignia & Black Canyon SEZ, Bhoruka Power Corporation, and Gulam Mustafa Enterprises. It also includes security receipts issued by CFM Asset Reconstruction Company and Omkara ARC.
Care Hospitals
Global private equity firm Blackstone has signed a pact to buy a 70% stake in Care Hospitals from TPG, valuing it at around $800 million, The Economic Times reported, citing people with knowledge of the matter.
The deal will mark Blackstone's first healthcare investment in India with TPG staying on as a minority shareholder, holding about 30%.
Notably, the deal was signed between the two private equity giants even as the sale itself is being challenged in court by Max Healthcare Institute, which has accused TPG of breaching the terms of an exclusivity agreement between them on a transaction.
Billionaire Sajjan Jindal-led JSW Group is seeking for stake sale in JSW Paints, two people with knowledge of the matter told ET.
JSW Group, which internally values the family-held paints business at around $2 billion, has engaged Axis Capital as an advisor for the transaction and has begun preliminary rounds of discussions with several bulge-bracket global private equity funds, they said.
US private equity firm General Atlantic is looking to invest up to $1 billion in India annually for the next few years, as per a media report.
“We are tracking big policy changes announced by the government that will accelerate creation of digital infrastructure for services and products,” Shantanu Rastogi, managing director and the firm’s India head told Bloomberg.
Last month, Walmart Inc.-owned PhonePe raised another $100 million (about Rs 820 crore) from General Atlantic and its co-investors at a pre-money valuation of $12 billion. This is in addition to the $350 million PhonePe raised from General Atlantic in January.
