Actis is nearing a deal to amass a portfolio of highway property from India’s Welspun Group for about $400 million, in accordance with individuals acquainted with the matter.
The buyout agency is in superior talks for the property and is about to beat out a lot of rival bidders, the individuals stated, asking to not be recognized as the knowledge is non-public.
A deal might give the conglomerate’s highway portfolio an enterprise worth of about $1.2 billion, one of many individuals stated. An settlement could possibly be reached within the coming weeks, the particular person stated.
Talks might nonetheless crumble and different bidders might emerge, the individuals stated. Representatives for Actis and Welspun Group declined to remark.
Welspun Group has companies spanning textiles, pipes, infrastructure and steelmaking and employs greater than 26,000 individuals, in accordance with its web site. Its listed Welspun Enterprises Ltd. unit constructed the 14-lane Delhi-Meerut Expressway and has six so-called hybrid annuity mannequin highway initiatives with the Indian authorities masking over 200 kilometers, the web site exhibits.
In 2004 Actis was spun out of British Worldwide Funding, the U.Ok. authorities’s development-finance establishment recognized on the time as CDC Group. Actis has raised about $24 billion since inception, in accordance with its web site.
This story has been printed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.
Supply: Live Mint