Indian Economy News

Kedaara Capital invests Rs. 200 cr in M&M subsidiary

Mumbai: Mahindra Logistics ((MLL), a subsidiary of Mahindra & Mahindra, has offloaded a significant minority stake in the company to India-focused private equity fund Kedaara Capital. However, neither the quantum of the stake offloaded nor the investments were disclosed.

This is Kedaara Capital’s maiden investment. The PE had closed its first fund with a corpus of $540 million in October 2013.

“They (Kedaara) will add significant value to our expansion plans as well as in evaluating and executing an acquisition-led growth strategy. This is a significant step towards an IPO by 2017 and achieving our vision of being India’s most-preferred integrated logistics service provider,” said MLL Chief Executive Officer Pirojshaw Sarkari.

MLL is a third party logistics service provider. The company has been a part of Mahindra Partners division, an $800-million quasi-private equity division of the Mahindra Group, since 2009 when the Group identified logistics as a key focus area.

Kedaara Capital was co-founded by Manish Kejriwal, former India head of investment firm Temasek Holdings, and Sunish Sharma, former managing director with General Atlantic.

“This investment is in line with our focus of partnering with leading Indian business groups to enhance the value of their businesses… Further, our collaboration with Mahindra Partners will allow us to exploit many other opportunities together,” said Manish Kejriwal, Managing Partner at Kedaara Capital.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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