| MUMBAI, March 14
MUMBAI, March 14 Indian silk and jewellery
retailer Kalyan Group is holding separate talks with Blackstone,
TPG Capital Management and Temasek Holdings to sell a minority
stake for $200-$250 million, two sources with direct knowledge
of the matter told Reuters.
The sources said the talks with the private equity firms
were ongoing, and no decisions had been made as to the exact
amount of the stake sale.
"At this point in time, we cannot give a time frame for the
conclusion of the deal," said one of the sources.
When contacted, Ramesh Kalyanaraman, executive director of
Kalyan Group, told Reuters the company is in talks with various
investors, but declined to name them or provide details.
Temasek, TPG, and Blackstone Group LP
each declined to comment.
Kalyan Group, based in southern India, runs silk and
jewellery retail chains across the country.
The company has annual revenues of 94 billion Indian rupees
($1.54 billion) and hopes to touch 150 billion rupees next year.
It also plans to expand into Malaysia and Singapore next year in
anticipation of a potential listing in 2-3 years, Kalyanaraman
($1 = 61.1400 Indian Rupees)
(Reporting by Indulal PM and Siddesh Mayenkar; Editing by
Rafael Nam and Muralikumar Anantharaman)