Private equity firms KKR, TPG Capital, and Bain Capital have shown interest to acquire debt-laden Coffee Day Enterprises (CDEL) while Greaves Cotton has fully acquired Ampere Vehicles. Separately, TeamLease has acquired a 72.7 per cent stake in IMSI Staffing Pvt. Ltd while NCLAT has canceled the sale of Orchid Pharma to Dhanuka Laboratories.
PE firms eye Cafe Coffee Day
Global private equity firm KKR, TPG Capital, and Bain Capital are among the investors who have shown interest to acquire debt-laden Coffee Day Enterprises Ltd (CDEL), which operates coffee chain Cafe Coffee Day (CCD), The Times of India reported.
After the death of its owner VG Siddhartha, CDEL in September had appointed IDFC Securities as an advisor to identify strategic options, including divestment of stake, and advise it on refinancing of existing debt of Rs 4,980-crore.
The development comes a day after Sanjay Nayar, CEO of global private equity firm KKR, resigned from the board of CDEL.
Greaves Cotton fully acquires Ampere
Greaves Cotton has acquired remaining 18.72 per cent stake held by Hemalatha Annamalai in Ampere Vehicles through secondary purchase, taking its shareholding to 100 per cent, it said in a regulatory filing on Wednesday.
This acquisition is part of Greaves’ long-term strategy to strengthen and expand its presence in last-mile e-mobility space that is seeing significant interest from government and commuters alike, it said in a statement.
Ampere Vehicles is now part of the e-Mobility division of Greaves Cotton.
NCLAT cancels Orchid sale to Dhanuka
The National Company Law Appellate Tribunal (NCLAT) has canceled the sale of Orchid Pharma to Dhanuka Laboratories citing that the resolution plan submitted by the buyer was lower than the liquidation value, The Times of India.
Dhanuka is reported to have made an offer of Rs 1,146.04 crore while Orchid Pharma’s liquidation value stands at Rs 1,309.5 crore.
In June, NCLT had approved the bid submitted by Dhanuka Laboratories to acquire debt-laden drugmaker Orchid Pharma Ltd. Other companies in the fray earlier included Chennai-based Accord Life Spec and Hyderabad-based Covalent Laboratories.
TeamLease acquires IMSI Staffing
Staffing services firm TeamLease has acquired a 72.7 per cent stake in Dehradun-based IMSI Staffing Pvt. Ltd, marking its second acquisition this year.
The company will buy the remaining stake in the next 180 days, it said in a BSE filing.
“Acquisition of IMSI strengthens our specialized staffing cluster and accelerates our margin expansion strategy. We expect to drive operational synergies by integrating with other specialized
staffing businesses,” TeamLease said.