Mumbai, 13 September A clutch of private equity firms including Blackstone <BX.N> are vying for a minority stake in textile firm Bombay Dyeing & Manufacturing Co Ltd, a newspaper report said today.
Wadias, the founders of Bombay Dyeing, are looking to offload less than 15% of their share holding in the company, the paper said quoting unnamed sources.
The founders may consider the private equity route as an option to raise money to expand the company’s real estate business, fund its airlines and a planned foray into retail, the report said.
A Bombay Dyeing spokesman categorically denied any plan to rope in a private equity partner, the report said.
“We have signed confidentiality agreements with several people. I cannot comment on the individual specifics of the deal,” said Akhil Gupta, chairman and managing director of Blackstone India, in the report. REUTERS