Mindtree

1 kkrca offers Rs 3,100 crore to buy VG Siddhartha's 20.4% stake in Mindtree, says report

Private equity company kkrca offered Rs 3,100 crore to buy the stake held by Cafe Coffee Day (CCD) founder VG Siddhartha and in Mindtree, Mint reported citing sources. kkrca proposed the bid on Thursday and upped its previous bid, making the highest bid so far for the 20.4 percent stake held by Siddhartha and his two affiliate companies in Mindtree, the sources told the paper. kkrca also loosened its original terms to gain sole control of Mindtree. In the previous round, kkrca offered around Rs 2,800 crore for the stake sale.

When the paper contacted kkrca, the spokesperson said the company did not want to comment on 'market speculation'.

2 kkrca to buy 20% of Singtel’s datacentre arm for $800 million

kkrca & Co agreed to pay S$1.1 billion ($807 million) for a fifth of Singapore Telecommunications Ltd’s regional datacentre business, making its latest bet on Asian digital infrastructure.

The investment firm will have an option to raise its stake to 25 percent by 2027, it said in a statement, under a deal that puts the Singtel unit’s enterprise value at about S$5.5 billion.

Singapore’s largest telecoms provider will use the capital to bankroll an expansion across Southeast Asia and make inroads into new markets such as Malaysia. kkrca is one of the region’s biggest investors in the server networks and piping needed to power the internet and train a new generation of AI services, demand for which is surging in the wake of

OpenAI’s ChatGPT. The private equity firm raised $3.9 billion for its first Asia-Pacific infrastructure fund around 2021, amassing one of the region’s largest pools of capital to funnel into everything from renewable energy to communication towers.

Digital activity surged during the pandemic, though internet valuations have since come down as Covid petered out. The firm’s past investments encompassed Indian electricity companies and Pinnacle Towers, the leading power producer and a telecoms operator in the Philippines.

Global private equity firms in the past years have shifted away from focusing on buyouts toward becoming investment houses with portfolios of alternative assets such as infrastructure and real estate. They’re finding willing recipients among governments in Asia, who need private capital to finance airports, toll roads and utilities.

The regional datacenter market is expected to grow by an average of 17 percent over the next five years, attracting $9 billion to $13 billion of investments during that period, kkrca and Singtel said in their joint statement. They expect their deal to close around the end of 2023.

Also Read: kkrca to invest Rs 2,069 crore in Reliance Retail at Rs 8.361 lakh crore equity valuation

3 Private equity major kkrca to invest Rs 5,550 cr in Reliance Retail for 1.28% stake American buyout firm kkrca & Co will invest Rs 5,550 crore in Reliance Retail Ventures for a 1.28 percent stake, the second deal stitched up by the retail unit of Reliance Industries Ltd (RIL) within a month.

Reliance Retail Venture's subsidiary Reliance Retail operates India's largest retail business serving close to 640 million footfalls across its 12,000-odd stores nationwide in 7000 cities.

The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore, RIL said in an exchange filing on September 23.

Oil-to-telecom conglomerate RIL is expanding its retail business and lining up a posse of global investors to take on rivals such as Amazon India and Walmart-owned Flipkart in India’s huge market.

The latest investment by kkrca, which has a long history of building leading global enterprises, is

viewed as an endorsement of Reliance Retail's ability to lead a transformation of the Indian retail sector through technological innovations.

This is also the second investment by kkrca in a Reliance enterprise. In May, 2020, kkrca said it will invest Rs 11,367 crore in Jio Platforms, the digital services platform of RIL. The transaction is subject to regulatory and other customary approvals.

Two weeks back, private equity giant Silver Lake Partners had said it would invest Rs 7,500 crore in Reliance Retail Ventures for a 1.75 percent stake.

Last month, Reliance Retail had announced the acquisition of the retail and logistics businesses of Kishore Biyani’s Future Group in $3.38 billion deal, including debt.

Speaking on the deal, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am pleased to welcome kkrca as an investor in Reliance Retail Ventures as we continue our onward march to growing and transforming the Indian Retail ecosystem for the benefit of all Indians. kkrca has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We look forward to working with kkrca’s global platform, industry knowledge and operational expertise across our digital services and retail businesses.”

Henry Kravis, Co-Founder and Co-CEO of kkrca, said, “We are pleased to deepen our relationship with Reliance Industries through this investment in Reliance Retail Ventures, which is empowering merchants of all sizes and fundamentally changing the retail experience for Indian consumers. Reliance Retail’s new commerce platform is filling an important need for both consumers and small businesses as more Indian consumers move to shopping online and the company offers tools for Kiranas to be a critical part of the value chain. We are thrilled to support Reliance Retail in its mission to become India’s leading omnichannel retailer and ultimately to build a more inclusive Indian retail economy."

4 kkrca, Warburg plow into Asia data centres on AI, cloud boom Asia is becoming the latest hunting ground for global investors in data centres, as companies from kkrca & Co. to Bain Capital bet on the region’s growing computing and data storage needs following an artificial intelligence boom.

Like in the US, Asia is seeing a surge in demand for data centres as giants like Amazon.com Inc. and Alphabet Inc.’s Google boost cloud services, the recent generative AI wave fuels data and capacity requirements, and the region’s growing population spurs storage needs.

Demand in Southeast Asia and North Asia is expected to expand by about 25% a year through 2028, according to Cushman & Wakefield data. That compares with 14% a year in the US. “It’s the US first and then the trend tends to follow soon after into Europe and with a little time lag into Asia Pacific,” said Udhay Mathialagan, global head of Brookfield Asset Management Ltd.’s data centre business. While it’s a diverse region, the one thing in common in Asia is that everyone is online, he said. “You need phenomenal amounts of connectivity and really good data centres.”

Investors have already made moves. Bain Capital announced a deal in August to take Beijing-

based data centre business Chindata Group Holdings private with an implied equity value of $3.2 billion. In September, kkrca & Co. agreed to acquire a 20% stake in Singapore Telecommunications Ltd.’s regional data centre business for about $800 million. Blackstone Inc. announced the launch of its first wholly-owned data centre platform in Asia in November 2022.

Including the Singtel platform, kkrca sees the potential to invest $1 billion in equity on data centre projects in the Asia-Pacific region in coming years, said Projesh Banerjea, the firm’s director of infrastructure. Returns for such investments are in line with targets for kkrca’s infrastructure strategy, which are in the mid-to-high teens, he said in an interview.

The bet is that Asia will eventually provide a bigger slice of the pie. About 29% of so-called hyperscale cloud revenue — used in the industry as a proxy for market growth — is generated from Asia Pacific versus 49% from the US, according to Cushman & Wakefield. By 2028, Asia’s share is expected to increase to as much as 33%, or $173 billion.

“This is a super-easy investment story,” said Morgan Laughlin, global head of data centre investments at PGIM Real Estate. “You have demand, which is growing with no end in sight, and you’ve got supply becoming increasingly constrained with no solution in sight.”

PGIM plans to invest as much as $3 billion in the global data centre sector over the next three years, including in major Asia-Pacific markets, said Laughlin. The company has been negotiating for sites in Tokyo and Seoul, according to a person familiar with the matter. PGIM declined to reveal the location.

Bain Capital will continue to invest in China and Southeast Asian markets, as well as look for opportunities in developed regions elsewhere in Asia, Jonathan Zhu, partner and co-head of the firm’s Asia private equity business, said by email.

“Driven by cloud and AI, the entire Asia market will continue to grow,” Zhu said. That will “ramp up the competition for assets and resources.”

There are challenges. Data centre development is time-consuming and complex — requiring a mix of expertise around real estate, technology, local regulations and environmental requirements. Asia’s highly fragmented market makes navigating these factors even more onerous.

“There is no such thing as one Asia, and each country has its own regulations, so we see more single-country operators than pan-regional ones,” said Ellen Ng, co-head of Asia real estate at Warburg Pincus. “Being able to offer products and services across multiple markets in Asia is important to users, so investors and operators try to crack this.”

China has proposed easing cross-border data controls after tightening its grip in recent years, although rules there remain vague. Singapore authorities lifted a moratorium on data centre construction in 2022 but remain selective about awarding projects, investors interviewed said, and the country has published standards for operators to ensure energy efficiency.

Warburg Pincus, through its portfolio Princeton Digital Group, has a presence in six markets and is looking for opportunities in existing and new locations, Ng said. As part of its ESG strategy, it has also expanded to Malaysia’s Johor and Batam in Indonesia to serve Singapore as the city-state imports most of its energy and has fewer renewable power options. Warburg’s investment in the sector in Asia has totalled almost $1 billion, she said.

Data centres are also racing to improve their cooling systems, which have come under pressure from the increased use of graphics processing units to handle a surge in complex computation demands from areas such as AI. GPUs consume more power and emit more heat than central

processing units, the primary component of computing engines.

In October, a fault in the cooling system of data centre operator Equinix Inc. affected 2.5 million payment and ATM transactions of DBS Group Holdings Ltd. and Citigroup Inc. DBS, Singapore’s largest bank, was later banned from acquiring new business ventures for six months. Singapore’s government also said it will study how to further strengthen the security and resilience of data centres.

“Risk-wise, government regulations around data privacy, national data sovereignty and sustainability are building out across most markets,” said Glen Duncan, Asia-Pacific director of data centre research at Jones Lang LaSalle Inc. “If investors and operators don’t keep abreast of the changes, they can become wrong-footed.”

5 Race for Glenmark Life Sciences: Blackstone, kkrca, BPEA EQT, PAG and Nirma Group likely suitors A raft of bulge-bracket private equity funds have expressed preliminary interest in the ongoing process to sell a majority stake in API (active pharmaceutical ingredients) developer and manufacturer Glenmark Life Sciences, a subsidiary of pharma major Glenmark Pharmaceuticals, multiple industry sources with knowledge of the matter told Moneycontrol.

"Initial bids have come in for the deal and the likes of kkrca, Blackstone, BPEA EQT and PAG are likely to have shown interest in the proposed transaction," said one of the persons cited above.

A second person told Moneycontrol that detergents to cement conglomerate Nirma Group may have also thrown its hat in the ring.

The Ahmedabad-headquartered group is looking at inorganic forays into the pharma sector and recently acquired a 100 percent stake in Stericon Pharma Private Limited, a Bangalore-based contract development manufacturing organisation (CDMO) that makes sterile contact lens cleaning solutions and eye drops A third person familiar with ongoing discussions said that parent Glenmark Pharma which holds an 82.85 percent stake in Glenmark Life was looking to reduce its debt burden via the stake sale process. The firm's net debt was Rs 2,615 crore as of December 2022, according to a report by

CNBC TV-18.

"Kotak Mahindra Capital has been mandated to scout for buyers. The firm has time till August 2024 to bring the promoter stake down to 75 percent as per Sebi norms," the third person added.

Also Read: Shree Cement, BPCL and Zomato: Tuesday's top brokerages calls All the three persons cited above spoke to Moneycontrol on condition of anonymity.

An email query sent to Glenmark Pharmaceuticals was left unanswered at the time of publishing this article. kkrca and Blackstone declined to comment. Moneycontrol has sent reminders and is awaiting an email response from BPEA EQT, PAG and Kotak Mahindra Capital. We will update this article when we hear from the parties.

LENS ON GLENMARK LIFE According to its website, Glenmark Life Sciences is a research and development (R&D)-driven API manufacturer with a local presence in markets like North America, the United Kingdom and Latin America. It supplies APIs to more than 700 pharma companies in multiple countries.

The firm caters to chronic therapeutic areas such as cardiovascular disease, central nervous system disorders, pain management and diabetes, among others.

Its FY22-23 revenue and net profit stood at Rs 2,161 crore and Rs 466 crore respectively.

6 kkrca to invest $400 mn in clean energy platform Serentica Renewable Global investment firm kkrca has inked a pact to invest USD 400 million in decarbonization platform Serentica Renewable.

Both the entities have signed definitive agreements to this effect, under which kkrca will invest USD 400 million in Serentica Renewable, a statement said on Tuesday.

"This transaction is amongst the largest industrial decarbonization investments in India to date and carries forward the global decarbonization agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference)," said Pratik Agarwal, Director of Serentica

Renewables.

Serentica looks to deliver round-the-clock clean energy solutions for large-scale, energy-intensive industrial customers. This includes providing renewable energy solutions through long-term Power Purchase Agreements and working closely with customers to design their paths to netzero electricity.

Currently, the company has entered into three long-term PPAs and is in the process of developing around 1,500 MW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra.

Serentica's medium-term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions.

Also read: kkrca backed Livspace sets aside $100 Million for acquisitions Established in 2022, Serentica Renewables is 100 per cent held by Twinstar Overseas Ltd which also owns controlling stakes in Sterlite Power Transmission & Sterlite Technologies.

"Our investment in Serentica reflects kkrca’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India," Hardik Shah, Partner at kkrca, said.

Standard Chartered Bank acted as the sole financial advisor to Serentica for this transaction.

Also read: kkrca, Hero Group invest $450 million in Hero Future Energies kkrca makes its investment from its Asia Pacific Infrastructure strategy. The transaction in Serentica marks kkrca’s latest investment in India and the renewables sector.

Since 2011, kkrca has deployed over USD 15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021, it stated.

7 Vodafone sells slice of Vantage Towers to kkrca, other investors

Vodafone said it would sell a portion of its majority stake in wireless towers unit Vantage to

private equity firms GIP and kkrca, and use the minimum proceeds of 3.2 billion euros to pay down its debt.

The British telecoms group said its would create a new joint venture with the investors, which would result in the deconsolidation of its 81.7 percent stake.

The joint venture would also buy out the minority shareholders in Frankfurt-listed Vantage, it said on Wednesday.

8 kkrca to acquire controlling stake in J B Chemicals & Pharmaceuticals Global investment firm kkrca on Thursday announced that it has entered into an agreement to purchase a controlling stake in J B Chemicals & Pharmaceuticals (JBCPL), one of the leading Indian pharmaceutical companies specialising in branded formulations. kkrca will acquire its stake from the founding Mody family at a price of Rs 745 per share and make an open offer for an additional 26 percent of the company.

J B Chemicals’ portfolio includes four flagship brands in India -- Cilacar, Metrogyl, Nicardia and Rantac.

The company currently exports its branded formulations to more than 40 countries across the world.

JB Chemicals’ contract manufacturing capabilities will allow it to partner with large, international brands to develop a diverse range of innovative specialty products, including tablets, injectables, creams and ointments, lozenges, herbal liquids and capsules, a joint statement said.

JB Mody, founder, chairman and managing director of JB Chemicals, said, “We are thrilled that kkrca – with its deep knowledge of the pharmaceutical industry and experience in investing in the sector, as well as its extensive investments in India – will take our mission forward and build on the foundation of core values that our family has instilled in this company. This will also create growth opportunities for our people to progress.”

Sanjay Nayar, partner and CEO of kkrca India, said, “We are pleased that the promoters of JB

Chemicals have selected us to take over their rich legacy and to help the company continue its expansion, which is clearly driven by its diversified product portfolio and state-of-the-art manufacturing capabilities.” kkrca has a long track record of supporting companies in the pharmaceutical and healthcare sectors globally. In India, kkrca’s pharmaceutical and healthcare investments include Max Healthcare and Radiant Life Care, which collectively comprise the largest hospital network in North India. kkrca has also previously invested in Gland Pharma, an Indian pure-play generic injectable pharmaceutical products company that was the first company in India to get US Food and Drug Administration approval for pharmaceutical liquid injectable products. kkrca will fund this investment from Asian Fund III. The transaction is subject to regulatory and other customary approvals.

9 kkrca-Jio Platforms deal: All you need to know about the US-based private equity firm

US-based private equity (PE) firm kkrca has invested Rs 11,367 crore ($1.5 billion) into Jio Platforms for a 2.32 percent stake in the company.

Jio Platforms is the telecom unit of billionaire Mukesh Ambani's Reliance Industries. This is Jio Platforms' fifth major deal in the past month, after receiving investments from Facebook, Silver Lake,Vista, and General Atlantic.

The transaction is not kkrca's first investment in India as it has gradually added Indian companies to its portfolio over the years.

The PE firm has invested in Indian companies such as Max Financial Services, Bharti Infratel, Ramky Enviro Engineers and Coffee Day Resorts.

In 2019, it bought a majority stake in education franchise EuroKids Group from Gaja Capital. kkrca, headquartered in New York, was founded in 1976 by Jerome Kohlberg Jr, Henry Kravis and George Roberts. Kravis and Roberts are cousins who worked at Bear Stearns before starting kkrca. kkrca raised its first $1 billion institutional fund in 1984, and eventually went on to expand its presence across Europe, the Middle East and the Asia Pacific region.

The investment firm's portfolio includes various asset classes, such as private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. kkrca acquired kkrca Private Equity Investors in 2009. The company listed on the New York Stock Exchange (NYSE) in 2010.

Mumbai-based kkrca India Financial Services ("KIFS") is kkrca’s alternative credit business in the country.

10 Blackstone, kkrca, others in race to buy bankrupt Golden Jubilee Hotels, says report Marquee investors Blackstone, kkrca and JM Financial Asset Reconstruction Company (ARC) have placed offers to acquire the bankrupt Golden Jubilee Hotels, the operator of the Trident in Hyderabad, The Times of India reported.

Though nine parties had procured the bid document, at least three financial investors made firm offers, the report said citing unidentified sources.

Edelweiss Asset Reconstruction Company is said to be the fourth bidder for Golden Jubilee, the report said.

11

Healthcare poised to grow at fast pace in India, says kkrca CEO Sanjay Nayar

Healthcare sector in India is poised to grow at fast pace and with the centre announcing new

schemes in the sector, the industry will be able to cater to patients and people at large with a right kind of healthcare service model, said Sanjay Nayar, CEO and country head, kkrca India.

Going forward, one will see more foreign capital flow into Indian healthcare if policies remain supportive, Nayar said.

"The private sector needs to step-up with good capital. We need to consolidate and need to bring in a lot of efficiencies,” he said.

Radiant Life Care and global investment firm kkrca are set to acquire to acquire a majority stake in Max Health from Max India. kkrca will hold 51.9 percent stake in the hospital combined entity.

The deal also includes Radiant Life's purchase of a 49.7 percent stake in Max Healthcare from South Africa-based hospital operator Life Healthcare International Proprietary Ltd. "At a very broad level what is happening is that this results in a pure play healthcare listed entity as Max India will demerge its non-healthcare business and Radiant will basically buy out life healthcare in Max Healthcare,” Nayar said.

According to him, the listing would take about 8-12 months. kkrca will be the co-promoter of the new entity, he said.

Radiant and Max will bring in a lot of efficiencies with synergies, better clinical service etc, said Nayar.

First Published: Dec 24, 2024 5:28 PM IST

12 kkrca-backed Avendus joins race to buy IDFC’s asset management business, says report Four parties including kkrca-backed Avendus Capital have joined the race to buy IDFC’s asset management business, reported The Times of India.

Share Market Live NSE Financial services firm Avendus has made a non-binding offer of about Rs 3,300 crore for the business, the report said citing people close to the development.

Avendus and IDFC did not immediately respond to an email seeking comment.

13

kkrca, GIC likely to monetise portions of stakes in HDFC, says report Private equity investors kkrca and Government of Singapore Investment Corp (GIC) are likely to monetise a portion of their holdings in Housing Development Finance Corporation (HDFC) via secondary market transactions, The Economic Times reported citing sources.

The transaction will be for at least $500 million or Rs 3,472 crore of HDFC's shares and it will constitute a little over one percent of the firm's stake, the report said.

The monetisation will be via multiple block deals, which has already started and should get done before volatility in markets during general elections, the report added quoting sources.

14

kkrca-backed Radiant Life Care back in the race to acquire Fortis Healthcare, says report

kkrca-backed Radiant Life Care is back in the race to acquire Fortis Healthcare, reported The Economic Times.

The development comes after Life Care submitted an expression of interest (EoI) for Fortis Healthcare with kkrca’s backing on Thursday.

With this move, the fresh bidding for the Fortis Healthcare will see four bidders including Manipal-TPG, IHH and Munjal-Burman combine, the report said.

15.

Private equity major kkrca to invest Rs 4,600 cr for controlling stake in Vini Cosmetics Global buyout major kkrca on Monday announced a $625 million or Rs 4,600-crore investment in deodorant maker Vini Cosmetics for a controlling stake. The private equity major has signed a definitive agreement pursuant to which Vini's founder group led by Darshan Patel, its chairman and joint managing director (JMD), and Dipam Patel, JMD, and Sequoia Capital will sell stakes, as per an official statement.

Global buyout major kkrca on Monday announced a $625 million or Rs 4,600-crore investment in deodorant maker Vini Cosmetics for a controlling stake. The private equity major has signed a definitive agreement pursuant to which Vini's founder group led by Darshan Patel, its chairman and joint managing director (JMD), and Dipam Patel, JMD, and Sequoia Capital will sell stakes, as per an official statement.

The co-founders of the 11-year-old company, which manufactures and markets brands like FOGG, will continue to hold a significant stake in Vini and will collaborate with kkrca in the next phase of the company's growth, as per the statement. In addition, existing investor Westbridge Capital will acquire a further stake from the founder group to increase its shareholding, it said.

The statement, which did not specify the exact quantum of stakes to be held by the shareholders in Vini, said Patel will continue to be the chairman while Dipam Patel will be appointed as the vice chairman. The transaction is expected to close by next month, subject to customary closing conditions.

"Vini has established itself as one of the fastest-growing personal care companies in India, and the strong consumer brand loyalty for FOGG and its other personal care products is truly impressive," kkrca's partner Gaurav Trehan said. kkrca is excited to work with the Patel’s and their team to capture new growth opportunities stemming from a young, emerging middle-class that increasingly seeks upgraded products, he said, affirming that the investment underscores the company's commitment to support innovative and dynamic companies in India, where it has invested $5.7 billion till now.

We believe we are in the early stages of what our brands can deliver as consumer demand for high-quality personal care products continues to explode in India, South Asia and other fastgrowing markets around the world, Darshan Patel said.

He added that the company is looking forward to leveraging the buyout major's global platform, resources and operational expertise to take Vini to the next level by expanding its e-commerce platform, growing new product categories, and broadening our distribution networks. kkrca is

making its investment from its Asian Fund IV, the kkrca statement said, adding that the last 12 months have seen it investing in J B Chemicals and Pharmaceuticals, Lenskart, non-bank lender Five Star, Reliance Jio. Shardul Amarchand & Mangaldas acted as legal advisor to the Founder Group. Steer Advisors was the transaction advisor. kkrca was additionally advised by KPMG, EY, AZB & Partners and STB. The transaction is expected to close in July 2021, subject to customary closing conditions.

Vini's distribution networks include 700,000 points of sale and 3,000 dealers, supported by a sales force of 1,200 people. Vini's products are also sold internationally through a network of general trade and modern trade channels covering 50 countries, with a significant presence in South Asia and the Middle East.

16 .India needs a deep, large bond market, says kkrca's Henry R. Kravis Private equity giant Kohlberg Kravis Roberts on Wednesday highlighted the dearth of a robust capital market in India.

Private equity giant Kohlberg Kravis Roberts (kkrca) on Wednesday highlighted the dearth of a robust capital market in India, but remained bullish on the prospects of his company in the world’s fastest growing economy.

In an exclusive interview to CNBC-TV18, Henry R. Kravis, co-chairman and co-chief executive officer, said, “India needs improvement. It has no capital market but only an equity market. India needs a deep, large bond market.”

Kravis weighed in on the friction between government and central bank after Urjit Patel abruptly resigned amid a face-off with the centre over issues related to governance and autonomy of RBI. "Government and central bank friction is not new, it’s the same in the US as well. Central banks have to be independent for growth of the economy," he said.

Aiming to be a capital provider powerhouse, kkrca has a new team in place for the growth of its credit business. “We are positioned to be a 100 percent solution provider to a company we

associate with,” Kravis said.

Kravis finds an opportunity in India to provide funds in various forms for different requirements.

Pointing at the liquidity situation, he suggests that everything cannot be dependent on the Reserve Bank of India (RBI). kkrca has expanded its credit business team to capture the opportunities. Karvis said the company is a long-term investor in India and small incidents do not impact their investment decisions.

But on on the liquidity situation, Sanjay Nayar, member and chief executive officer, kkrca India, said, “The new government in May will have to take the issue of bank capitalisation head on.”

The private equity firm is steering its strategy more towards buyouts or owning significant minority to actively participate in the investee companies.

Kravis said the firm is more like an industrial house involving itself in the growth of the company rather than making short-term gains by stock price movement.

The biggest areas, which are providing the acquisition opportunities are either the stressed asset situations or the other being the deals emanating out of succession issues, Kravis added.

Kravis remembered that his first big investment, when he launched kkrca, was due to a succession issue and India has many of those coming to the fore. kkrca has been keen on the stressed assets space but has not made any investment so far like many other funds, Nayar said, and added that this is an area of interest and kkrca is eyeing many opportunities outside of the Insolvency & Bankruptcy Code (IBC) process.

“Many lenders and promoters are now coming forward to resolve the debt issue without going through the IBC process. Even conglomerates with diversified businesses are looking at selling some assets to raise cash and that’s also an area of interest for kkrca,” Nayar added.

Kravis said, “Encourage banks to go ahead and take the tough medicine. Putting good money after bad money has never been successful.”

In terms of sectors, kkrca has recently made an investment of half a billion dollars in Ramky Enviro Engineers, which is focussed on waste management, and the company is bullish on this segment.

The company is also very keen on healthcare and hospitals, and had made investments in Metropolis and Radiant. Kravis said more can be done in the hospital sector.

“India is the fastest growing economy and the government is pro-business which is positive,” said Kravis. While talking about the global scenario the divide between the rich and the poor is a matter of concern for Kravis.

He said, “Banks in the US are healthy, but the retail loans are a cause of concern. Majority of people cannot arrange for $500 in case of an emergency and are hand-to-mouth, which is concerning.” kkrca is a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, health care, real estate, credit and hedge funds.

17 .kkrca invests $95 mn in Lenskart Established in 2010, Lenskart currently serves over 7 million customers annually through its

omnichannel presence that spans online, mobile application, and 730 stores in 175 cities across the country.

Lenskart on Monday said global investment firm kkrca will invest USD 95 million (about Rs 695.8 crore) in the omnichannel eyewear retailer via a secondary stake acquisition. As part of the transaction, existing investors – TPG Growth and TR Capital – will each divest a portion of their holding in Lenskart, a statement said.

These entities had invested in Lenskart in late 2014. Upon the completion of the transaction, kkrca will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers’ virtual and omnistore experience, the statement said.

According to reports, kkrca’s investment is part of a larger USD 300-million round. However, the companies did not comment on the report and if other investors have participated in the round. kkrca said it is making its investment from its Asian private equity fund.

Some of the recent technology-focused investments for kkrca in Asia include Adopt A Cow (a digitalised, direct-to-consumer dairy company in China), NetStars (the operator of Japan’s largest QR code payment gateway), and Walnut Programming (a children’s programming education company in China).

In 2019, Lenskart had announced raising over USD 275 million (nearly Rs 1,956 crore) from Softbank Vision Fund. In the past, it has received funding from investors’ like Ratan Tata, PremjiInvest, IFC (venture capital arm of the World Bank), TPG Growth, IDG Ventures, Unilazer Ventures and Adveq.

Established in 2010, Lenskart currently serves over 7 million customers annually through its omnichannel presence that spans online, mobile application, and 730 stores in 175 cities across the country. In 2019, Lenskart had also expanded to Singapore, marking its foray into Southeast Asia. Lenskart integrates technology into all aspects of its operations, to the browsing, shopping, and purchasing experience, in addition to manufacturing and supply-chain optimization.

Among Lenskart’s digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omnichannel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory management solutions. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions, Lenskart CEO Peyush Bansal said.

Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone first in India, and now worldwide, he added. ”In the next five years, we aspire to have 50 percent of India wearing our specs… We are thrilled to welcome kkrca as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally,” he said. kkrca Partner Gaurav Trehan said as a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry. ”We are truly excited to work with Peyush and Lenskart’s impressive management team to support Lenskart’s growth and innovation in India and internationally, in addition to advancing its mission to provide affordable,

accessible eyewear products for everyone,” he added.

Avendus Capital advised Lenskart on the transaction.

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.kkrca to acquire 9.99 percent in Shriram General Insurance, here's what sealed the deal...

The investment comes as the 13-year-old Shriram General Insurance (SGI), a joint venture between Shriram Capital and South-Africa-based Sanlam Ltd, has looked to make rapid strides in the general insurance space, by shoring up its digital architecture and venturing into newer insurance verticals. The company is reportedly valued at Rs 18,000 crore.

Global investment firm kkrca has acquired a 9.99 percent stake in Shriram General Insurance (SGI), both companies said in a joint statement today.

The investment comes as the 13-year-old Shriram General Insurance (SGI), a joint venture between Shriram Capital and South-Africa-based Sanlam Ltd, has looked to make rapid strides in the general insurance space, by shoring up its digital architecture and venturing into newer insurance verticals. The company is reportedly valued at Rs 18,000 crore.

"Shriram General Insurance has been one of the standout performers in India’s fast-growing general insurance industry, and continues to build on its own record by developing new capabilities, channels, and products to meet the growing needs of Indian consumers," said Gaurav Trehan, Partner and CEO, kkrca India.