
TPG encounters hurdle in Vishal acquisition
Months after news surfaced that TPG Capital was set to link with distressed Indian superstore chain owner Vishal Retail, domestic retail brand Future Group, headed by prominent entrepreneur Kishore Biyani, has reportedly made an offer for the brand which could foil TPG’s strategy.
In March, TPG got the green light from Vishal, which sought to raise funds to slash its accr4ued INR7.35 billion ($158.7 million) debt. Last month, reports stated that Vishal, which vends clothing, textiles, accessories and FMCG products through 171 retail stores, was close to signing with PE firms, but Vishal chairman R. C. Agarwal announced that the deal was not an exclusive, nor a binding MoU for TPG. He further did not comment on the deal's value, but said that TPG would become a strategic investor for Vishal.
Specifics of Future Group’s bid for the company have not been released. According to earlier reports, Vishal has considered a new debt and operating structure to better help it recover from FY09, when the company lost INR4.14 billion ($87.8 million).
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.