India's Axis Private Equity to sell portfolio companies

According to The Business Standard, the firm, which is 100%-owned by Axis Bank, is in talks with Morgan Stanley Private Equity and Olympus Capital to sell a 35 % stake in Vishwa for INR3.5 billion ($76 million). Arun Korati, who was named CEO of Axis PE in March, said that the private equity firm recently made a partial exit from Vishwa to several investors.

Korati added that Neesa filed an application with the regulators for an IPO worth up to INR2 billion.

The private equity firm operates the Axis Infrastructure Fund, which raised INR6 billion and closed in 2008. It has already invested about 85% of the fund, but local media reports say no plans have emerged as yet for a second fund.

Axis Bank, which was the anchor investor in the first fund, contributing INR2.25 billion, sought to spin off the private equity business earlier this year but investor opposition thwarted the plans. The other investors include public sector banks such as Canara Bank, Bank of Baroda, Union Bank of India, United Bank, Corporation Bank, Syndicate Bank and Punjab National Bank.

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• Topics
• Exits
• South Asia
• Infrastructure
• Amit Gupta