In India, the focus will be on export-dependent sectors like pharma and outsourcing as much as private consumption themes around financial services, retail, food and beverages and healthcare.
Cairn is the country’s largest private sector oil and gas producer accounting for nearly a quarter of India’s total domestic crude oil production and Vedanta may look to dilute up to 25% to raise a minimum of $1.5-2 billion (Rs 10,500-14,100) through this “value unlocking” exercise.
The group that now has a capacity of 11 million tonnes is trying to consolidate its position in the industry that is 40% dominated by the biggest two players — Ultra-Tech Cement and Ambuja.
Apax Partners also approached; Hero Corp & Analjit Singh currently in exclusive discussions
India's top two cement makers, which together constitute about 40% of the installed capacity in the world’s second-biggest market for the building material, are competing to further consolidate their grip in the East by taking over Emami Group’s cement assets in a potential billion-dollar buyout.
This is the second time the parent is infusing ‘confidence’ capital after putting in $100 million in 2009, when the PE group launched its credit business in India in what was then hailed as a pioneering strategy. Till date its other investors Abu Dhabi Investment Authority (ADIA) and Texas Teacher Retirement System have each infused $100 million.
This short-term finance is part of a larger round of balance sheet restructuring to reduce debt.
It is considering various options, ranging from an outright sale of its 70% stake to a majority stake sale.
Greenko is making its boldest bet yet in hydel power, buying a chunk of Teesta Stage III in Sikkim, the largest private hydroelectric project in Asia, in a multi-phased transaction, people in the know said.
The projects have been battling amplified risks since chief minister Y S Jagan Mohan Reddy soon after taking power last year, decided to set up a committee to renegotiate contracts and stop outstanding dues. As a first step towards reconciliation, Andhra Pradesh power distribution companies are believed to have released around Rs 2,500 crore this week to settle pending payments till June of 2019.
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