By Ishita Russell
The PE firms are looking to acquire Tata Capital’s 33 per cent stake in Sai Life Sciences for around $130 million.
Nirlep will become a wholly owned subsidiary of Bajaj Electricals following the deal
The startup was valued at over $1 billion after raising $120 million last November in a funding round led by Jack Ma’s Yunfeng Capital.
The decision by Chinese regulators will allow the transaction to be completed ahead of a July deadline set by NXP.
The company is expected to make the investment through a fund backed by Saudi Arabia’s government.
Abraaj’s move comes less than five months after some of its investors commissioned an audit to investigate the alleged mismanagement of money in Abraaj’s healthcare fund.
Morgan Stanley Infrastructure Partners, which manages over $4 billion globally, had invested $212 million in Singapore-based Continuum Wind in 2012.
The opposition from some Thyssenkrupp investors, which may be causing concern, is on the structure of the deal.
SBI is the leader of the lenders forum for Punj Lloyd.
The deal will result in the termination of an agreement to sell itself to Varian Medical Systems Inc.