Deals Buzz: Piramal seeks new partner for stressed asset fund
In other news, D-Mart parent working on Rs1,200 crore IPO; Meru Cabs gets $25 million from Brand Capital
Mumbai: Mint brings to you your daily dose of deals news. A look at the top deals reported by newsrooms across the country.
Piramal seeks new partner for stressed asset fund
Billionaire Ajay Piramal is changing his partner for the stressed assets business. Piramal and Nirmal Gangwal, one of the country’s oldest turnaround specialists, have called off their joint venture to set up a billion dollar fund to acquire and manage financially stressed companies, The Times of India reported. Piramal has initiated discussions with TPG Capital, among others, to bring on board a global partner with proven M&A experience to jointly run the stressed assets fund. Read here.
In January, Mint reported that the Ajay Piramal-led Piramal Group will be floating a $1 billion stressed asset fund in association with Nirmal Gangwal, founder of turnaround company Brescon Corporate Advisors Pvt. Ltd. The fund will look to invest in stressed assets at a time when the country’s lenders are trying to clean up their balance sheets. Read here.
D-Mart parent Avenue Supermarts working on Rs1,200 crore IPO
Avenue Supermarts Ltd, which owns and operates hypermarkets and supermarkets retail chain D-Mart, has started discussions with investment banks for an initial public offering (IPO), reported Mint. The company, one of India’s fastest growing modern retailers, could raise ₹ 1,000-1,200 crore through the IPO, said one of the three people mentioned above, requesting anonymity, as he is not authorized to speak to the media. Read here.
Meru Cabs gets $25 million from Brand Capital
Taxi operator Meru Cab Co. Pvt. Ltd has raised ₹ 150 crore ($25 million) from Brand Capital, the investment arm of Bennett, Coleman and Co. Ltd (BCCL), reported Mint. The company is looking to raise an additional $75 million as part of its $100 million fund-raising plan. In the last round, in March 2015, it raised $50 million from existing investor India Value Fund. Read here.
Motilal Oswal set to raise $300 million for third PE fund
The private equity investment arm of financial services firm Motilal Oswal is set to raise $250-300 million from overseas investors for a fresh fund to provide growth capital to mid-market companies in the country, reported The Economic Times. The new fund will be the third from the Mumbai-based firm, which has almost fully invested the capital it raised for previous funds. Read here.
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