India Digest: EuroKids, AGC Networks in M&A deals; Granules exits JV

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Hyderabad-based drugmaker Granules India has exited its joint venture with Granules OmniChem, while AGC Networks, an Essar group company, and Eurokids are set to make acquisitions.

KKR-backed EuroKids acquiring Fravashi Academy

EuroKids International, a KKR & Co-backed Indian pre-schools chain, is acquiring international school Fravashi Academy for about $30 million, according to a report by The Economic Times.

If the deal pushes through, it will be EuroKids’s third acquisition within just one year after it was bought by KKR from a consortium of investors led by PE firm Gaja Capital.

EuroKids, which is one of India’s largest education services providers in the pre-school and K-12 segments, acquired Kidzee, Asia’s largest preschool chain, from Zee Learn in November. It also owns Kangaroo Kids and Billabong High franchise, which it acquired in 2017. Its other portfolio includes EuroKids, EuroKids DayCare and EuroSchool.

Granules India sells JV stake for $14.5m

Granules India, a drugmaker based in Hyderabad, has sold its entire stake in Granules OmniChem to its joint venture partner Belgian firm Ajinomoto Bio-Pharma Services for about $14.5 million, according to media reports.

The JV was formed in 2011 to manufacture active pharmaceutical ingredients and intermediates. The divestment was in line with Granules India’s focus on strengthening its core area of business, Krishna Prasad Chigurupati, the company’s chairman and managing director, was quoted as saying.

In February, the company also sold its stake in Granules-Biocase Pharmaceutical Co Ltd, its Chinese joint venture, to its partner Hubei Biocause Heilen Pharmaceutical.

AGC Networks to buy Dubai’s Fujisoft for $2.6m

AGC Networks, a subsidiary of Indian multinational conglomerate Essar Group, is paying about $2.6 million to acquire Dubai-based Fujisoft group of companies.

The share sale agreement includes Fujisoft Security Solutions LLC and Fujisoft Technology LLC, both based out of Dubai, and Abu Dhabi-based Fuji Soft Technology LLC.

These companies are engaged in IT solutions services, trading of computer system and communications equipment software, web designing, and network installation, among others.

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.