L Capital Asia may buy Indian luxury retailer
L Capital Asia, the Asia-based arm of the private equity firm set up by the LVMH Group, has reportedly planned to acquire a significant minority stake in a unit of Gitanjali Gems Limited, India’s luxury brand and products retailer group, for a value estimated at between $100 million and $125 million, according to a Reuters report.
NM Rothschild and Keynote Corporate Services were said to be appointed advisors to the Indian retailer group though Gitanjali and NM declined to comment. The report further elaborated that L Capital will make the acquisition from its $500 million L Capital Asia Fund, which was raised in 2010.
Previously Gitanjali Gems was allegedly in talk with PE funds to raise around $100 million as a part of its business restructuring through the sale of units like Gitanjali Lifestyle, the retail arm, real estate, jewellery and international businesses. Blackstone, CX Partners, Bain Capital and Apax Partners were reported as one of potential buyer for the Indian Group. L Capital Asia has a 7.46% stake in Hong Kong-listed luxury watch retailer Emperor Watch and Jewelry for $31 million.
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