TPG to invest Vishal Retail to slash debt, raise funds
TPG Capital is set to link with Indian superstore chain owner Vishal Retail in an anticipated move aiming to raise funds to slash Vishal’s accrued IND7.35-billion ($158.7 million) debt.
Earlier reports stated that Vishal, which vends clothing, textiles, accessories and FMCG products through 171 retail stores, had almost signed with PE firms to help lessen its debt and raise capital. Vishal chairman R. C. Agarwal told media that the deal was not an exclusive nor a binding MoU for TPG. He did not comment on the deal's value, but said that TPG would become a strategic investor for Vishal.
According to earlier reports, Vishal has considered a new structure to better help it recover from FY09, when the company lost INR4.14 billion ($87.8 million), and further accrued debt of approximately INR7.35 billion ($156 million) after 2008.
More on Investments
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.