India Digest: KKR, Baring PE Asia in fray for CitiusTech; BASF-Archroma in M&A

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Private equity firms KKR, Baring Private Equity Asia, and Apax Partners have emerged as frontrunners to buy IT firm CitiusTech. In another development, BASF said it is selling its stilbene-based optical brightening agents (OBA) business to Archroma India.

KKR, Baring PE Asia in fray for CitiusTech

Private equity firms KKR, Baring Private Equity Asia, and Apax Partners have emerged as frontrunners to buy Mumbai-based CitiusTech, a provider of healthcare technology solutions and services, The Times of India reported.

KKR has made an $800-million bid for a controlling 75-80 per cent stake in the company, the report said. CitiusTech had given the mandate to investment bank JP Morgan earlier this year to look for a buyer.

The deal is likely to see General Atlantic exit its investment in CitiusTech. The private equity firm had invested $110 million at a valuation of about $350 million in the technology company in 2014.

BASF sells optical brighteners biz to Archroma

Germany-based chemicals producer BASF SE’s India unit is selling its stilbene-based optical
brightening agents (OBA) business to Archroma India Private Limited, it announced on Monday.

The sale, which is expected to be completed during the fourth quarter of this year, would fetch BASF India about Rs 33.5 crore.

The transaction includes the stilbene-based OBA product portfolio and a manufacturing unit at
Ankleshwar, India. The OBA business is part of the company’s Performance Chemicals division and Care Chemicals division.

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.