SCPE exits India's Dolvi Metals & Minerals

According to a filing, JSW Steel, part of India’s JSW Group, acquired SCPE’s 19.5 million shares - or a 19.5% stake - along with shares held by Axis Bank and others, raising its holding in Dolvi from 40% to 100%. JSW paid INR1.1 billion ($14.9 million) for the 60 million shares that it bought in total.

Dolvi is engaged in the trading, wholesale, and retail of minerals including coal and lignite, coal products, and iron steel products, and is setting up a coking coal production facility that will supply coke to JSW. The company is already managed as a subsidiary of JSW; the buyout of the other investors is intended to enhance the conglomerate’s supply chain security.

For the year ended March 2018, Dolvi reported INR256 million in revenue, down from INR502 million the year before. Over the same period the company’s net loss grew from INR819 million to INR 1.1 billion.

It is not clear when SCPE invested in Dolvi, though the firm was listed as a shareholder in the company’s 2017 annual report. The size of its investment is also unknown.

Recent investments by SCPE in India include the purchase earlier this year of a stake in online travel company Travel Boutique Online held by Naspers. The firm is the principal investment arm of Standard Chartered Bank and provides expansion capital and acquisition finance to companies with operations in Asia, Africa, and the Middle East.

SCPE revived a plan last year to spin-out its team and remaining assets into an independent entity.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Industrials
• Trade sale
• India
• Standard Chartered Private Equity
• Exit