ChrysCapital finds a deal in NCC
ChrysCapital, which claims to be India’s largest construction investor, has taken an undisclosed minority stake in Blackstone-backed Nagarjuna Construction Company Limited (NCC).
The cost of the transaction has not been disclosed, but a source close to the deal confirmed to AVCJ that ChyrsCapital paid 50% less per NCC share than Blackstone had previously paid, as a result of market valuations' natural "correction" process. NCC's operations include the areas of buildings and housing, transportation, environment, power, electricals and international business.
An August 2008 statement from Blackstone announced that the PE major would invest $150 million into NCC in two tranches, overall paying an INR.2 premium per equity share. AVCJ's source noted that ChrysCapital's stake in NCC is not as large as Blackstone's, but is roughly the same size.
Hear more of ChrysCapital's views on the India market from Principal Gulpreet Kohli on AVCJ TV.
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