TPG gets green light for Vishal
TPG Capital's protracted bid to pick up assets from India's struggling Vishal Retail group appears finally concluded, as Vishal's board approved the sale of its wholesale, institutional sales and franchise businesses to the private equity firm.
Local strategic Shriram Group, also a TPG investee, has picked up Vishal's retail trading business, for a total deal value of around INR100 crore ($21.5 million). TPG apparently used Shriram in the transaction to avoid Indian regulatory restrictions on foreign financial investors going directly into multi-brand retail businesses. Vishal has outstanding debt of some INR730 crore ($157 million) against a total market cap of some INR124 crore ($26.7 million). TPG apparently beat India's Future Group and other strategics rumored to be eyeing the asset, in the first control transaction in India's retail space since the GFC.
Further reading
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.