Economy & Market
CVCI in fray for Rs 400 cr Shriram cement stake
After other private equity firms opted to be out of the fray, Citi Venture Capital International (CVCI) is holding talks to invest Rs 400 crore in the cement unit of the diversified southern conglomerate Shriram Group.
The $9-billion Shriram Group initiated the process to sell stake in Sree Jayajothi Cements in which it acquired 70 per cent stake earlier this year following conversion of loans into equity. Private equity biggies like Blackstone, Kohlberg Kravis Roberts & Co and Mount Kellet had shown initial interest, but CVCI appears to be the investor in serious discussions.
Sources said that CVCI team, which manages India investments, has had detailed discussions with Shriram on the possible deal. It still has not reached a definite stage, the sources added. CVCI is an emerging markets focused private equity group that invests behind entrepreneurs and business families. It recently invested Rs 764 crore in an arm of Mumbai-based holiday maker Cox & Kings.