Kalyan Group in talks with investors to sell $200-$250 million stake - sources

MUMBAI Fri Mar 14, 2014 3:21pm IST

A woman checks a gold necklace inside a jewellery showroom in Hyderabad April 11, 2012. REUTERS/Krishnendu Halder/Files

A woman checks a gold necklace inside a jewellery showroom in Hyderabad April 11, 2012.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Indian silk and jewellery retailer Kalyan Group is holding separate talks with Blackstone, TPG Capital Management and Temasek Holdings to sell a minority stake for $200-$250 million, two sources with direct knowledge of the matter told Reuters.

The sources said the talks with the private equity firms were ongoing, and no decisions had been made as to the exact amount of the stake sale.

"At this point in time, we cannot give a time frame for the conclusion of the deal," said one of the sources.

When contacted, Ramesh Kalyanaraman, executive director of Kalyan Group, told Reuters the company is in talks with various investors, but declined to name them or provide details.

Temasek, TPG, and Blackstone Group LP (BX.N) each declined to comment.

Kalyan Group, based in southern India, runs silk and jewellery retail chains across the country.

The company has annual revenues of 94 billion Indian rupees and hopes to touch 150 billion rupees next year. It also plans to expand into Malaysia and Singapore next year in anticipation of a potential listing in 2-3 years, Kalyanaraman said.

(Reporting by Indulal PM and Siddesh Mayenkar; Editing by Rafael Nam and Muralikumar Anantharaman)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
BSE Sensex rises over 1 percent on reforms, election boost

BSE Sensex rises over 1 percent on reforms, election boost

The BSE Sensex and Nifty rose more than 1 percent on Monday to mark their biggest daily gain in more than one week after the government's energy reforms led to a rally in oil firms, while wins by Prime Minister Narendra Modi's party in two state elections raised expectations for additional reforms.  Full Article 

REUTERS SHOWCASE

Indian State Media

Indian State Media

Controlling the message: Modi chooses state media  Full Article 

ONGC Stake

ONGC Stake

Govt meeting bankers to discuss share sale in ONGC - source  Full Article 

Gold Curbs

Gold Curbs

Finance Ministry wants to reimpose curbs on gold imports - ET  Full Article 

World Stocks

World Stocks

Shares advance on strong data, earnings  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

Eyeing Reebok

Eyeing Reebok

Investor group aims to buy Reebok unit - WSJ  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage