Tatas begin due diligence on Jet; Bain, Baring Asia join race for Aadhar Housing

The Tata group has started due diligence of Jet Airways India Ltd as it looks to pick up a controlling stake in the airline, Mint reported.

Citing two people aware of the development, the report said Saurabh Agarwal, chief financial officer of Tata Sons Ltd, is leading the talks with Jet Airways.

The Tata group wants management control of the airline, the report said.

The Tata group is also looking to acquire Jet Airways’ stake in JetPrivilege, the loyalty rewards programme of the airline.

Jet Airways founder Naresh Goyal holds a 51% stake in the cash-starved airline and Abu Dhabi-based Etihad Airways 24%.

Tata Sons already has two aviation ventures in India: Budget airline Air Asia India with Malaysia’s AirAsia and full-service carrier Vistara with Singapore Airlines.

In another development, Bain Capital, Baring Private Equity Asia, Centrum, ChrysCapital and KKR are among the suitors looking to pick up a 51% stake in Aadhar Housing Finance Ltd, The Economic Times reported.

Citing people aware of the development, the report said the last date for submitting bids has been extended to 14 November from 7 November.

The company could be valued around Rs 1,500-2,000 crore, the report said.

Aadhar is a subsidiary of financial services group Wadhawan Global Capital, whose spokesperson told VCCircle that there was no such development as of now.

As of 31 March, Wadhawan Global held a 70% stake in Aadhar. International Finance Corporation, the private-sector investment arm of the World Bank, holds a 16.91% stake in the lender.

In May, VCCircle had reported that Aadhar was firming up plans for an initial public offering.

Aadhar made loan disbursements of Rs 3,905 crore for the year through March 2018, up from Rs 2,338 crore the previous year. Its total assets under management stood at Rs 7,966 crore as on 31 March 2018.
 
Separately, Australia’s Macquarie Group is looking to acquire the India solar power assets of Ontario-based Canadian Solar Inc., Mint reported.

Canadian Solar has total solar power assets of around 160 megawatts in India, the report said.

Citing two people aware of the development, the report said that the value of assets could be around Rs 1,000 crore.

Founded in 2001, Canadian Solar operates in nearly 20 countries. It manufactures solar photovoltaic modules and builds and operates power projects.