Global investors Blackstone and Brookfield are among the final bidders for Reliance ADAG’s headquarters in Mumbai’s Santacruz suburb. In another development, SoftBank may lead a $100-million funding round in Snapdeal.
Blackstone in final leg to buy ADAG’s Mumbai HQ
Private equity firms Blackstone Group, Mapletree Investments, Brookfield Asset Management, Apollo Global and a domestic fund managed by InterGlobe Enterprises’ real estate are among the final bidders for Reliance ADAG’s headquarters in Mumbai’s Santacruz suburb, The Economic Times reported.
About 10 entities had initially shown interest in the property, which is spread over four acres. Most of the initial bids were made between Rs 1,500 crore and Rs 1,700 crore, the report said. It further added that the deal is expected to be finalised over the next 2-3 weeks.
Reliance ADAG has been looking to monetise assets to reduce debt. The group already claims to have serviced debt payment of over Rs35,000 crore in the last 14 months.
SoftBank may lead $100m funding in Snapdeal
SoftBank is expected to pump in about $50-60 million in the round while the remaining would be contributed by smaller investors. Existing large investors/funds are unlikely to join the round, the report said.
For Snapdeal, the funding will come as a breather at a time when it is trying to stay afloat in the Indian e-commerce market dominated by Amazon and Flipkart. It plans to use the funds for mergers and acquisitions, new initiatives, and for buffer, the report added.
Last month, Piramal Group executive director Anand Piramal had also invested an undisclosed sum in the e-commerce firm in his personal capacity.