The entity is largely owned by Agarwal and his family with 28.26 per cent held by public and institutional shareholders
This marks an entirely new foray for the Atlanta-headquartered firm and could give it bandwidth to play in the pure health-nutrition space aimed primarily at children.
Blackstone, which bought back Intelenet in 2013 from UK’s Serco Group for £250 million (Rs 2,558 crore or $385 million), had mandated JP Morgan to run a formal process to sell it.
Sections of the Pune-based family, led by Atul Kirloskar, has decided to back the venture with a three-year commitment of Rs 1,000 crore as the equity seed capital.
Ever since losing the opportunity to acquire Reliance’s Mumbai power distribution business to Adani in 2017, Greenko has planning this new strategy, the executives said.
Orange is owned by Singapore-based AT Capital, a fund that has India-born billionaire Arvind Tiku as its primary sponsor. Tiku made his fortune in the Central Asian oil and gas industry.
Even if the intent is right, Agarwal comes across as transactional and opportunistic. At times, even his financial investors have gone against him.
Backing industry veterans, former Genpact executives Mohit Thukral, Gaurav Sethi and Harpeet Duggal, the marquee growth equity investors have agreed to commit up to a billion dollars to launch Vivtera.
Euronext-listed Teleperformance is set to face competition from PE group Baring Asia and US IT services company Convergys who joined the fray late.
ABRL reported a 20% increase in FY17 sales to Rs 4,194 crore, with net loss narrowing to Rs 644 crore. However, the firm had debt of about Rs 6,573 crore on its books.
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