India Digest: DHFL, Ayana, Vodafone Idea tower assets stake sale in news

Private equity firms such as Baring India and Bain Capital are in talks to acquire 10 per cent stake in DHFL while EverSource Capital may invest around $100 million in Ayana Renewable. Also, Vodafone Idea may garner $2.8 billion from its tower, optical fibre assets sale.

PE firms eye strategic stake in DHFL

Private equity firms Baring India, Bain Capital and Hero Fincorp are said to have shown interest in acquiring 10 per cent stake in Dewan Housing Finance Corporation Ltd (DHFL), according to a report in The Economic Times.

“DHFL promoters are looking to sell a 10 per cent stake to strategic investors through various ways, including an open offer,” said one of the sources cited in the report. “PE firms including Bain Capital, Baring India and Hero Fincorp are likely to bid after they lost out on Aadhar Housing Finance.”

DHFL chairman and managing director Kapil Wadhawan, who has also taken an additional charge of CEO, will step down once the process is over, added the news report.

Holding company Wadhawan Global Capital Ltd owns 37.3 per cent in DHFL, BNP Paribas owns 4.65 per cent, Life Insurance Corporation of India (LIC) 3.44 per cent and Lazard Emerging Markets Small Cap Equity Trust 1.44 per cent.

EverSource Capital looks to invest around $100m in Ayana Renewable

Everstone Group-backed EverSource Capital is looking to invest around $100 million in Ayana Renewable Power, which operates in India and South Asian markets, said a report in The Economic Times.

EverSource is a green infrastructure joint venture between private equity fund Everstone Group and UK-based Lightsource BP. Last year, the platform launched Green Growth Equity Fund with a target of $700 million where the UK government and India’s National Investment and Infrastructure Fund would be co-anchors with a commitment of $160 million each.

Early last year, the UK government’s development finance institution CDC Group Plc had launched Ayana Renewable, which plans to add at least 2,000 MW of renewable power by 2022 in countries such as India, Bangladesh, Nepal, Bhutan, Sri Lanka and Myanmar. CDC Group has committed an investment of Rs 800 crore for Ayana.

Vodafone Idea may raise $2.8b via tower, optical fibre assets sale

Vodafone Idea is likely to rake in around Rs 20,000 crore ($2.8 billion) through its proposed stake sale in mobile tower firm Indus Tower and monetisation of optical fibre assets, said a Press Trust of India report.

“Vodafone Idea has received combined valuation of around Rs 20,000 crore for mobile towers and optical fibre assets that it is planning to sell. Discussions have started around it,” said a source cited in the report.

The Indian telecom giant plans to use the funds to pare its mammoth debt, which was around at Rs 1,23,660 crore at the end of 2018.

Vodafone Group stake in Indus Towers was not part of the Vodafone-Idea merger, although Idea has transferred its stake to the merged entity which currently owns 11.15 per cent in Indus Towers.

Also Read:

Indian mortgage lender DHFL raises $193m from Oaktree Capital funds

CDC Group plans to raise $100m by selling stake in Ayana Renewable Power

Everstone, Lightsource BP form $711m India-focused green fund

Vodafone Idea plans to approach global PE, pension funds to raise up to $1b

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.