New Delhi, Aug. 26 -- Welspun Group's renewable energy arm now has two final contenders for a majority stake sale; electric motorcyle maker Ultraviolette is in talks with Speciale Invest and TDK Ventures for a capital raise; Krishna Institute of Medical Sciences (KIMS) is close to picking up a stake in Renova Hospitals; and General Atlantic's talks with Nuvama Wealth Management for a takeover has advanced, according to separate media reports.

Welspun New Energy

Macquarie and the RP Sanjiv Goenka (RPSG) Group are among the final contenders for the acquisition of Welspun New Energy (WNEL) as the sale of Welspun Group's renewable energy arm entered the final phase, according to The Economic Times.

This development signals a revival after VCCircle reported in July that the majority stake sale of Welspun Group's (or Welspun World's) unit hit a hurdle because of the lack of scale in its operational assets and a valuation mismatch.

Final negotiations are underway with the two bidders. The potential transaction is expected to peg WNEL's enterprise value at about Rs 2,000 crore (around $210 million), ET said, citing sources.

WNEL has a relatively small operating renewable energy portfolio, with about 45 MW of operational capacity. Its largest project under construction is a 245 MW wind-solar hybrid project in Gujarat.

Ultraviolette

Ultraviolette is in talks to raise $45-50 million (around Rs 429-477 crore) from existing investors, including Speciale Invest and TDK Ventures, as part of its ongoing round, according to The Economic Times.

The round comes after the electric motorcycle maker raised $45 million from Zoho Corporation and Italy-based investment firm Lingotto last December.

The talks are still ongoing, with the valuation expected to be higher than the previous round, the report said, citing sources. The deal is expected to close this week.

Krishna Institute of Medical Sciences

ChrysCapital-backed Krishna Institute of Medical Sciences Limited (KIMS) is close to picking up a stake in cancer care hospital Renova Hospitals for $52 million (around Rs 496 crore), according to a DealStreetAsia report. The potential deal will bring together two established hospital players from South India, both operating multi-hospital networks.

Renova's network includes multispecialty hospitals and cancer centres.

Meanwhile, last month, International Finance Corporation (IFC) said it would invest about $15.8 million in KIMS to support its expansion plans. In 2022, ChrysCapital had acquired a stake in KIMS through a bulk deal. Even earlier, the company had counted General Atlantic among its investors, with the PE firm subsequently selling its stake in the hospital chain over several tranches.

Nuvama Wealth Management

General Atlantic is in advanced discussions to acquire a majority stake in asset manager Nuvama Wealth Management from Asia-focussed investment firm PAG, according to a report in ET NOW, citing sources.

The report stated that General Atlantic submitted a non-binding bid for the acquisition and is currently conducting due diligence on Nuvama Wealth.

The potential deal could see the US private equity firm acquire around 54% of the Indian wealth manager from PAG, with the talks gaining momentum in recent weeks.

PAG's stake in Nuvama is being valued at around Rs 17,000 crore ($1.8 billion) as part of the proposed transaction. Nuvama Wealth Management manages around Rs 5.3 lakh crore in client assets and serves more than 1.3 million high-net-worth individuals (HNIs) and affluent clients.

Published by HT Digital Content Services with permission from VC Circle.