Global private equity firms Bain Capital, Advent International and Apax Partners are in the race to buy stakes in Gitanjali Group's subsidiaries, the Economic Times paper reported on Friday, citing two people familiar with the matter. Mumbai-based Gitanjali is negotiating to raise around $100 million from the stake sales to cut debt, the report said. “The stake sale is part of a restructuring exercise within the group and could involve hiving off of one of the company's business units,” the report quoted one of the persons as saying. Gitanjali Gems, the flagship of the group sells jewellery under the Gili, Nakshatra, Asmi and D'Damas brands in India. Apart from diamond and jewellery, the group has presence in infrastructure and retail sectors. Mehul Choksi, chairman of the Gitanjali group, could not be immediately reached for a comment by Reuters.
Source: IBN Live