NEW DELHI: A mix of strategic and financial investors have submitted expressions of interest to buy out loss-making Kwality DairyNSE 3.62 %, which is facing insolvency proceedings, two officials aware of the developments said.
The bidders include TPG Capital, Aion affiliate Arcion Revitalisation, IndiaRF — a joint venture between Piramal Enterprises and Bain Capital Credit — Haldiram Snacks and JK Group’s LVP Foods.
Private equity firm KKR, which invested Rs 520 crore in 2016 to finance Kwality Dairy’s plans to enter the consumer segment, started bankruptcy proceedings against the struggling dairy maker in October last year. KKR filed a plea in the National Company Law Tribunal under the Insolvency and Bankruptcy Code.
“The resolution plan has to be submitted by May 15 and the total financial creditor claim submitted is Rs 2,100 crore,” one official said.
Ajmera could not be reached for comment.
A spokesperson for IndiaRF said in response to an email query that the company does not comment on market speculation. Spokespersons for Arcion and TPG declined to comment. An email query sent to LVP Foods remained unanswered till press time. Haldiram Snacks could not be reached for comment.
Kwality Dairy posted a loss of Rs 1,500 crore in the quarter ended December.
After selling its ice-cream brand to consumer goods major Hindustan Unilever in 1994, Kwality has operated as a ..
For more information Top 10 Stock Advisory Company Indore
The bidders include TPG Capital, Aion affiliate Arcion Revitalisation, IndiaRF — a joint venture between Piramal Enterprises and Bain Capital Credit — Haldiram Snacks and JK Group’s LVP Foods.
Private equity firm KKR, which invested Rs 520 crore in 2016 to finance Kwality Dairy’s plans to enter the consumer segment, started bankruptcy proceedings against the struggling dairy maker in October last year. KKR filed a plea in the National Company Law Tribunal under the Insolvency and Bankruptcy Code.
“The resolution plan has to be submitted by May 15 and the total financial creditor claim submitted is Rs 2,100 crore,” one official said.
Ajmera could not be reached for comment.
A spokesperson for IndiaRF said in response to an email query that the company does not comment on market speculation. Spokespersons for Arcion and TPG declined to comment. An email query sent to LVP Foods remained unanswered till press time. Haldiram Snacks could not be reached for comment.
Kwality Dairy posted a loss of Rs 1,500 crore in the quarter ended December.
After selling its ice-cream brand to consumer goods major Hindustan Unilever in 1994, Kwality has operated as a ..
For more information Top 10 Stock Advisory Company Indore
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