New Delhi, Aug. 12 -- Malaysian renewable energy company Gentari is seeking bidders for its electric vehicle charging business unit in India while fitness company Boldfit is looking to raise up to $100 million from private equity investors and Fossil Group has invited bankers for an initial public offering of its India unit, according to separate media reports.
Gentari
Gentari, a unit of Malaysian oil giant Petronas, has put its green mobility unit in India on the block, The Economic Times reported, citing sources.
This follows Gentari's unsuccessful attempt last year to divest a significant minority stake in its renewable generation unit in the country, the report said.
Gentari Green Mobility India has kicked off the process, but potential bidders have yet to be contacted, the report said. The proposed sale of the unit, which houses electric vehicle (EV) charging infrastructure, is taking place amid increasing EV adoption driven by government schemes promoting their use for public transport.
Gentari Green Mobility India has 3,000 electric vehicle charging points and manages them independently as well as through a tie-up with Shell Plc. It has charging points in 11 states across northern, western, central and southern India. These charging points are located within cities as well as at highway locations such as restaurants and hotels.
Boldfit
Fitness company Boldfit is looking to raise $80-100 million (Rs 760-950 crore) from private equity funds at a valuation of anywhere between Rs 3,000 crore and Rs 4,000 crore, as per a Mint report.
Bling Brands Pvt Ltd, which operates the direct-to-consumer brand, has started a process to raise the capital from private equity funds, the report said, citing sources.
Several funds including Sofina, Verlinvest and Venturi Partners have been approached to gauge their interest in the company. While Venturi typically writes smaller cheques in the range of $15-40 million, it can participate in larger rounds through co-investments, the report said.
Fossil Group
US-based lifestyle accessories maker Fossil Group Inc has invited investment banks to pitch for roles on a potential IPO of its India business, according to a Bloomberg report.
The company seeks to raise as much as $300 million for its local unit by selling up to a 25% stake in Fossil India Pvt Ltd, the report said, citing sources. The IPO could take place early next year.
Deliberations are ongoing and details including the size, structure and timing of the offering could change, the report said.
Published by HT Digital Content Services with permission from VC Circle.