Blackstone, SCPE vie for stake in Indian IT product distributor
Blackstone and Standard Chartered Private Equity (SCPE) are reportedly in the final bidding stages to take a nearly 15% stake in Redington India, a telecoms and IT products distributor. An announcement on the INR500 crore ($111.65 million) deal is expected in the next few days.
The stake has been put on the block by Singapore-based resources network Kewalram Chanrai Group, reported The Times of India, citing sources close to the sale.
Kewalram Chanrai holds approximately 30% of Redington, which claimed consolidated revenue for the 2009-2010 fiscal year of INR13,778.65 crore ($3 billion) and a consolidated net profit of INR184.33 crore ($41.6 million). It is said to want to reduce its holding to focus on other areas of its business.
Redington claims to be among the top supply chain solution providers in the areas of IT, telecom, lifestyle and consumer electronics products, with customers in 18 countries. Its expansion has included acquisitions and stake purchase in companies such as Turkey-based Arena last year.
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