Jyothy may rope PE firms for Henkel India buyout
Jyothy Laboratories will consider private equity funding to digest a potential acquisition of Henkel India after some big global funds like Carlyle, TPG and Apax Partners approached it with commitments of USD 100 million each
March 25, 2011 / 16:23 IST
Jyothy May Rope PE Firms For Henkel Buyout - Jyothy Laboratories will consider private equity funding to digest a potential acquisition of Henkel India after some big global funds like Carlyle, TPG and Apax Partners approached it with commitments of $100 million each. The Mumbai-based firm is open to private equity partnership to turn around Henkel's loss-making and struggling business which reported a revenue of Rs 390 crore in 2010. Jyothy Laboratories, a regional player in the home and laundry care segments, acquired a 14.9% stake from Henkel's Indian partner A C Muthiah even as the German giant mandated HSBC to sell its 50.97% stake in the Indian unit. (Times of India)
Bharti To Sell Controlling Stake In Comviva - India's Bharti Enterprises Ltd is looking to sell a controlling stake in its mobile software development unit, Comviva Technologies Ltd. The valuation for Comviva as a whole would have to be at least $300 million to $400 million. Bharti has already appointed a merchant bank for the sale and has offered to sell Comviva to at least two potential buyers, though there are no formal bids or expressions of interests yet. Bharti Enterprises also owns Bharti Airtel Ltd, India's largest mobile phone operator by subscribers, which has traditionally been Comviva's main client. Bharti Enterprises owns most of Comviva, but in 2005 private-equity fund Sequoia Capital and Cisco Systems Inc. bought an unspecified stake for $13.5 million. (Wall Street Journal)Duke Street Buys Wagamama Chain - Duke Street has agreed to buy the Wagamama noodle chain from Lion Capital, after an initial auction process failed to close with a sale. The deal comes some four months after an auction for the London-based noodle chain was temporarily halted. The auction, run by Rothschild, attracted two other bidders in its final stages--Bahrain-based private equity firm Investcorp and AIM-listed India Hospitality Corporation. Duke Street wasn't involved in the initial sale process. (Wall Street Journal)Sara Lee Terminates Godrej's Kiwi License - Sara Lee Corporation has terminated Godrej group's license to sell Kiwi shoe care and Kiwi Kleen brands in India and Sri Lanka, with effect from April 3, this year. Sara Lee will pay Godrej Household Products-a wholly owned subsidiary of Godrej Consumer Products-a consideration of Rs 177 crore for the termination. With the termination, the rights for Kiwi will be transferred to SC Johnson, which acquired the shoe care business from Sara Lee early this year for $328 million. (Times of India)MCX Listing By September - The Multi Commodity Exchange (MCX), India
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