Blackstone, Temasek eye stake in India's Shriram Ventures-sources
MUMBAI, June 21
MUMBAI, June 21 (Reuters) - U.S. private equity firm Blackstone Group LP and Singapore state investor Temasek Holdings are in separate talks to invest about $200 million in India's Shriram Ventures, the non-financial services arm of Shriram Group, three sources with direct knowledge of the matter told Reuters.
The Chennai-based conglomerate's non-financial businesses include power, infrastructure and construction, and real estate, and the investment would be used to fund growth, said the sources, who declined to be named as the negotiations are not yet public.
Blackstone, Temasek and Shriram Group declined to comment.
The Shriram Group has regularly tapped private equity to fund its businesses, with 16 different funds including Norwest Venture Partners and ChrysCapital having invested in its companies since 2004, according to data from Venture Intelligence, an industry tracker.
Earlier this year, TPG Capital sold its 20 percent stake in Shriram Transport Finance Co Ltd through open market deals in two tranches, generating a nearly 7 times return on a 2006 investment. .
- China food scandal spreads, drags in Starbucks, Burger King and McNuggets in Japan |
- U.S. courts deliver conflicting rulings on Obama health care law
- Israel pounds Gaza despite international peace efforts |
- EU readies capital, tech sanctions on Russia, but not yet
- Train carrying MH17 bodies on final journey reaches Ukraine city |