INDIA: Private equity companies drawn to wine
Indian winemakers are attracting the attention of international private equity players. The Singapore-based Arisaig Partners' private equity fund has picked up close to 10% stake in Champagne Indage, after Reliance Capital bought a 9% stake in the winemaker a year earlier.
The private equity fund purchased the stake for a reported INR235 (US$5.25) per share, Arisaig said yesterday (17 October). Reliance Capital had reportedly acquired its 9% stake for INR83 per share, with the higher share price indicating a significant increase in Indage's valuation.
The two equity dilutions have helped Indage raise INR310m for further growth activities, and lifted the wine company into top position in its domestic market.
As well as the stake in Indage, Arisaig also holds a 9% share in India's biggest drinks company, UB Group, making it the largest foreign investor in the company.
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