MUMBAI 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)
CCI fines cement companies $944 million for price fixing
MUMBAI The Competition Commission of India (CCI) has imposed a 63.2 billion rupee ($944 million) fine on 10 cement companies and a trade body for price fixing, the Ministry of Corporate Affairs said a statement.
India accords residency status to foreign investors
NEW DELHI India approved a plan on Wednesday to allow foreign investors to settle, emulating a policy in countries such as the United States and Singapore to woo investment from abroad.
India's fiscal deficit reaches 74 percent of full-year target in July
NEW DELHI India's fiscal deficit during April-July was 3.93 trillion rupees ($58.69 billion), or 73.7 percent of the budgeted target for the fiscal year ending in March 2017, government data showed on Wednesday.