<article>PE firm Nalanda Capital through its affiliate Nalanda India Fund Ltd has offloaded a little over 2 per cent stake in sugar manufacturing firm <a style="color: #000080;" href="http://www.trivenigroup.com/" target="_blank">Triveni Engineering &amp; Industries Ltd</a>, in an open market transaction.
UP-based Triveni Engineering is one of the largest sugar manufacturing companies in India which has a total of seven sugar mills including six co-generation units and one distillery.</article>

PE firm Nalanda Capital through its affiliate Nalanda India Fund Ltd has offloaded a little over 2 per cent stake in sugar manufacturing firm <a style="color: #000080;" href="http://www.trivenigroup.com/" target="_blank">Triveni Engineering &amp; Industries Ltd</a>, in an open market transaction.
UP-based Triveni Engineering is one of the largest sugar manufacturing companies in India which has a total of seven sugar mills including six co-generation units and one distillery.
The PE firm, which originally invested in Triveni Engineering back in 2008, has sold 2.6 crore shares or 2.02 per cent stake in the company. It is estimated that Nalanda Capital has pocketed around Rs 15 crore ($2.3 million) through the sale, booking a loss of around 15-20 per cent.
Nalanda Capital had invested Rs 110 crore ($16.7 million) in the company in August 2008 for 4.5 per cent stake. After three months of that in November, the PE firm bought another 5.53 per cent stake for around Rs 51.2 crore ($7.8 million), hiking its holding to a little over 10 per cent.
An email query sent to Nalanda Capital&#8217;s spokesperson did not elicit any response at the time of publishing this article.
Triveni Engineering has two major business segments – sugar and engineering. The sugar business is dependent only on the sugar cycle and its engineering business caters to power and water industries.
Nalanda Capital, which is the largest stakeholder in the company, now holds 7.8 per cent stake in the company post this divestment and it still remains the majority stake holder in the sugar maker.
The company also counts <a style="color: #000080;" href="http://www.morganstanley.com/about-us/global-offices/southeast-asia/" target="_blank">Morgan Stanley Asia (Singapore) Pte</a> and Government Pension Fund Global as its shareholders.
Shares of Triveni Engineering closed at Rs 27.35 each, down 1.8 per cent on BSE in a weak Mumbai market on Friday.
Nalanda Capital also holds over 10 per cent stake in Triveni Turbine, a Triveni Group company through its affiliates Nalanda India Fund and Nalanda India Equity Fund Ltd.
This marks the first part-exit from its portfolio company after it completed exit from IT services company <a style="color: #000080;" href="http://www.mastek.co.in/" target="_blank">Mastek Ltd</a> in 2012.
Recently, it added a new company in its portfolio by <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/india-dealbook-nalanda-capital-picks-stake-in-elgi-equipments-quikr-invests-in-hyperlocal-search-engine-wonobo-15120/" target="_blank">investing</a> Rs 42 crore ($6.4 million) in Tamil Nadu-based air compressor manufacturer <a style="color: #000080;" href="http://www.elgi.com/" target="_blank">ELGI Equipments Ltd</a>.
Although this was the fresh investment after a couple of years, the PE firm has been hiking stake in its existing portfolio companies. Some of its recent deals include kitchen appliances maker TTK Prestige and lingerie e-tailer Lovable Lingerie in which it increased stake to around 3 per cent and 9 per cent respectively.
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/thai-sugar-producer-ksl-to-list-its-non-sugar-firm-next-year-8013/" target="_blank">Thai sugar producer KSL to list its non-sugar firm next year</a>
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India: Nalanda Capital offloads 2% stake in sugar manufacturer Triveni Engineering

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India: Nalanda Capital offloads 2% stake in sugar manufacturer Triveni Engineering

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