India Digest: Organic eyes NutriHealth; Sterlite buys Metallurgica; Piramal’s new fund; CPPIB bids highest for WaveRock

Visual from Organic India website

Organic India is in talks to buy a 20-40 per cent stake in nutritionist Shikha Sharma’s NutriHealth, Sterlite Technologies is fully acquiring Metallurgica Bresciana S.p.A., a European specialised optical cable manufacturer, for 47 million euros, and Canada’s CPPIB has pipped Rahul Bhatia’s InterGlobe Real Estate and a Shapoorji Pallonji-Allianz combine to emerge as the highest bidder to buy a business park in Hyderabad. Separately, Piramal Capital & Housing Finance is planning to raise a $500 million fund to set up an asset aggregation platform.

Organic India eyes NutriHealth stake

Fabindia-controlled organic food and supplements firm Organic India is in talks to buy a 20-40 per cent stake in nutritionist Shikha Sharma’s NutriHealth, The Economic Times reported. The two have already signed term sheet for the deal, which will help Organic India extend its focus on health and well-being, the report said quoting sources. Founded in 1999, Delhi-based NutriHealth provides personalised nutrition management services through voice, video, and app. The company raised series A funding of Rs 12 crore from Singapore-based OneHealth Ventures Pvt Ltd in 2016. Fabindia had acquired 51 per cent stake in Lucknow-based Organic India in 2013 that sells products such as tulsi tea, ghee, chyawanprash, coconut oil and natural sweetener Stevia.

Sterlite fully acquires Metallurgica Bresciana

Sterlite Technologies S.p.A., a wholly owned subsidiary of Sterlite Technologies Limited, on Friday announced that it has entered into a share purchase agreement to fully acquire Metallurgica Bresciana S.p.A., a European specialized optical cable manufacturer, for 47 million euros in an all-cash deal. The deal is expected to be closed in the coming two weeks, and will be funded through a combination of euro debt instruments and internal accruals, Sterlite said in a BSE filing. Metallurgica reported a revenue of 48.7 million euros and net income of 4.2 million euros at the close of 2017. “The acquisition will significantly expand Sterlite Tech’s market presence in Europe. It will bring new tier-1 customers, augment product portfolio, and enhance flexibility and ability to better serve the European market,” the company said.

Piramal plans asset aggregation fund

Piramal Capital & Housing Finance, a wholly-owned subsidiary of Piramal Enterprises, is planning to raise a $500 million fund to set up an asset aggregation platform that would bring together a portfolio of yield-producing operating properties across sectors, reported ET. The proposed platform, which will be set up in the next three months under Piramal Capital’s non-real estate wholesale lending arm Corporate Finance Group (CFG), will be established through an Infrastructure Investment Trust (InvIT) or an Alternate Investment Fund (AIF). While the money for the proposed fund will be raised both overseas and at home, about 7-8 per cent would come from Piramal Group as sponsor commitment, it added.

CPPIB bids highest for Hyderabad park

Canada’s largest pension fund manager Canada Pension Plan Investment Board (CPPIB) has pipped Rahul Bhatia’s InterGlobe Real Estate and a Shapoorji Pallonji-Allianz combine to emerge as the highest bidder to buy a business park in Hyderabad, said a BS report. The business park – WaveRock – is a 2.3-million-sqft tenanted business park jointly owned by New York-based Tishman Speyer and Singapore sovereign fund GIC. The deal size is pegged at Rs 19 billion. Real estate and infrastructure developer Shapoorji Pallonji Group floated a $500-million joint venture with Allianz last year to buy rent-yielding office buildings across top Indian metros.

 

 

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.