Clearwater in partial exit from India's Diamond Power Infra

According to disclosures, the firm sold 3 million shares at INR90.3 apiece to several investors including Antique Finance, Antique Sectrade and Saraswati Commercial. Following the sale Clearwater's stake has been reduced to 5.65%.

AVCJ Research's records show that the GP first invested INR237.5 million in the business - formerly Diamond Cables - in 2006. It put in a further $3.3 million and $2.25 million in 2007 and 2010, respectively. Kotak Investment Advisors is also a shareholder, having invested $9.5 million in 2010.

Diamond Power's primary business is in the manufacture of cables, towers, transformers and selling outsourced products and equipment. It has also progressively expanded its business to become a turnkey solutions provider.

The company posted a net profit of INR1.1 billion for the financial year ended March 2014, versus INR1.04 billion the previous year. Net sales stood at INR3.1 billion in 2014, up from INR2.6 billion in 2013. 

This deal comes days after Clearwater sold a jack-up rig built in a Singapore shipyard to a drilling services partnership between the Saudi Arabian government and Schlumberger.

Clearwater has approximately $1.5 billion in assets under management. It raised $575 million for its fourth fund in 2012. Capital is usually recycled at least twice during the investment period as proceeds - interest and principal repayments on credit instruments - are re-invested.

The firm typically targets financial restructurings, operational turnarounds and non-performing loans, as well as operationally sound companies that are unable to source capital through traditional channels.

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

• Topics
• Credit/Special Situations
• Exits
• Infrastructure
• Industrials
• manufacturing
• Distress
• Exit
• Clearwater Capital Partners
• India
• Infrastructure