Latest news with #KKR-backed
Economic Times
11 hours ago
- Business
- Economic Times
Fourth Partner Energy Appoints Shujath Bin Ali as Chief Legal Officer to head Legal and Compliance
Synopsis Fourth Partner Energy, backed by TPG and Norfund, has appointed Shujath Bin Ali as its Chief Legal Officer. He will spearhead the company's legal, compliance, and governance initiatives. This appointment occurs as India experiences significant expansion and investment in the renewable energy sector, aiming for 500 GW of renewable capacity by 2030. Private equity major TPG and Norwegian investment fund Norfund-backed renewable energy developer Fourth Partner Energy has appointed Shujath Bin Ali as its Chief Legal Officer to lead the company's legal, compliance, and governance initiatives. ADVERTISEMENT The Hyderabad-headquartered Fourth Partner Energy also counts IFC, a member of the World Bank Group, the Asian Development Bank and Germany's impact fund DEG, among its investors. An alumnus of Osmania University and also a member of the Institute of Company Secretaries of India (ICSI), Shujath Bin Ali started his career with Valtech in 2003. In March 2004, he joined Fanuc India Pvt Ltd and subsequently joined Deloitte, where he rose to become Associate Vice President, Head of Legal and Company Secretary. He has also worked with International Paper India and PAREXEL International – India as Senior Director, General Counsel, Compliance Officer & Company Secretary. Before joining Fourth Partner Energy, Shujath Bin Ali also served as Global General Counsel & Chief Compliance Officer at KKR-backed company Re Sustainability.'Shujath is a subject matter expert and dynamic industry leader. He is open to innovative ideas and always thinks outside the box,' said a senior executive who has worked with him. 'He is a complete team player, and be it with his superiors, colleagues or his team members, they speak highly about him,' he development comes at a time when India is witnessing heavy expansion and investment in the sector. The country has logged a threefold growth in its renewable power capacity in the last decade, with the installed green energy capacity reaching GW, including large hydro plants, compared to 75.52 GW capacity in March 2014, according to certain media reports. ADVERTISEMENT India has set an ambitious target of having 500 GW of renewable energy capacity by 2030, which requires the addition of about 50 GW of green capacity per annum in the next five to six years, suggests the reports. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
Time of India
13 hours ago
- Business
- Time of India
Fourth Partner Energy Appoints Shujath Bin Ali as Chief Legal Officer to head Legal and Compliance
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Private equity major TPG and Norwegian investment fund Norfund-backed renewable energy developer Fourth Partner Energy has appointed Shujath Bin Ali as its Chief Legal Officer to lead the company's legal, compliance, and governance Hyderabad-headquartered Fourth Partner Energy also counts IFC, a member of the World Bank Group, the Asian Development Bank and Germany's impact fund DEG, among its alumnus of Osmania University and also a member of the Institute of Company Secretaries of India (ICSI), Shujath Bin Ali started his career with Valtech in 2003. In March 2004, he joined Fanuc India Pvt Ltd and subsequently joined Deloitte, where he rose to become Associate Vice President, Head of Legal and Company Secretary. He has also worked with International Paper India and PAREXEL International – India as Senior Director, General Counsel, Compliance Officer & Company joining Fourth Partner Energy, Shujath Bin Ali also served as Global General Counsel & Chief Compliance Officer at KKR-backed company Re Sustainability.'Shujath is a subject matter expert and dynamic industry leader. He is open to innovative ideas and always thinks outside the box,' said a senior executive who has worked with him. 'He is a complete team player, and be it with his superiors, colleagues or his team members, they speak highly about him,' he development comes at a time when India is witnessing heavy expansion and investment in the sector. The country has logged a threefold growth in its renewable power capacity in the last decade, with the installed green energy capacity reaching GW, including large hydro plants, compared to 75.52 GW capacity in March 2014, according to certain media has set an ambitious target of having 500 GW of renewable energy capacity by 2030, which requires the addition of about 50 GW of green capacity per annum in the next five to six years, suggests the reports.
Economic Times
09-06-2025
- Business
- Economic Times
Mizuho to acquire Avendus from KKR at $700 million valuation
iStock The deal will mark the biggest investment by Mizuho in India. Mumbai: Mizuho Financial Group is set to acquire KKR-backed Avendus Capital, valuing the homegrown investment bank at Rs 6,000 crore ($700 million), ending months of protracted negotiations with several twists and turns, said people aware of the matter. Mizuho Group CEO Masahiro Kihara is scheduled to visit the country later this week for official engagements and a formal announcement is due at that time, they said. Kihara is also director of Mizuho Financial Group Inc. Mizuho and KKR, along with the senior leadership of Avendus, agreed on final deal terms in the last few days, even as private equity group Caryle, the only other serious contender in the fray, was circling the deal will mark the biggest investment by Mizuho in India, underscoring the increased strategic interest of Japanese financial groups in the month, SMBC picked up a strategic stake in private sector lender Yes Bank. The transaction will include KKR exiting its entire 60% stake along with some of its earlier, high-net-worth individual investors and Ranu Vohra, as well as small shareholders, including local PE firm Gaja Capital. Vohra is one of the three founders of Avendus. Once completed, the transaction is likely to see the Japanese mega bank owning up to 70% of the investment 2015, KKR paid Rs 950-1,000 crore to pick up a controlling stake in Avendus Capital Pvt Ltd (ACPL) from Eastgate Capital Group Ltd and Americorp Ventures, early investors in Avendus via Singapore-based Red Point Investments Pte Ltd. The firm was founded in 1999 by three friends — Vohra, Kaushal Aggarwal and Gaurav Deepak. Other than Vohra, the other two are likely to remain invested and continue to run the company, retaining full operational control, though Mizuho will have veto of the hottest domestic deal shops in the country, Avendus operates in the financial services space through subsidiaries in financial advisory, capital markets, wholesale financing through Avendus Finance, wealth management and alternative asset management. The acquisition of Spark in 2022 led to the addition of institutional equities to the offerings. Avendus is present in 10 cities in India, the US and Singapore. A little over half of its profits before tax in the first nine months of 2025 came from the investment banking division, followed by credit solutions and institutional equities. ACPL posted a total consolidated income of Rs 1,035 crore and net profit of Rs 170 crore for the nine months to December 2024, against Rs 1,012 crore and Rs 118 crore, respectively, in exit, KKR is expected to make a blended 3.5x return in rupee terms over a nine-year and Avendus declined to comment. Mizuho India country co-head Piyush Aggarwal did not respond to ET's the past year, several PE funds and family offices had evinced interest in acquiring the business, including TPG Capital, TA Associates and Azim Premji family office PremjiInvest. Even Nomura, originally chosen to manage the stake sale process, threw its hat in the ring but eventually only Mizuho and Carlyle were left to compete. The mandate subsequently moved to Rothschild. 'There is a small difference in the valuation between the two but Mizuho brings a far larger strategic play and adds heft in cross-border transactions,' said an executive in the several investors, the inherent cyclicality associated with the investment banking business was a challenge. The acquisition of Spark has supported profitability through its equity capital market (ECM) products.'While the group reported strong performance in investment banking in fiscals 2022 and 2023, it was impacted in fiscal 2024 with extended deal completion timelines,' said a March Crisil credit report. 'There was some revival in fiscal 2025 with the nine-month revenue from IB (investment banking) surpassing the full fiscal 2024 revenue… The ongoing diversification in business should support profitability over the medium term.'One of Japan's largest financial institutions, Mizuho bought boutique investment bank Greenhill & Co in a $550 million deal in 2023, betting that the struggling group could help kickstart its ambitions in the US. The third-largest Japanese lender said it aims to sell 'strategic' shareholdings — stocks held to cement ties with corporate clients — worth at least ¥350 billion over the next three years through March 2028 amid the slump in long-dated Japanese Bank, the banking subsidiary of Mizuho Financial Group Inc, has had a presence in India for over 25 years, with five branches catering primarily to corporate clients. It has been looking to ramp up its local presence and hired private equity veteran and former India head of KKR Sanjay Nayar as external senior advisor to Mizuho Bank India. The parent has infused about $500 million (Rs 4,100 crore) into its India bank branches. Last year, Mizuho invested $145 million for a 15% stake in credit card issuer Credit Saison's Indian subsidiary Kisetsu Saison Finance (India).
Time of India
09-06-2025
- Business
- Time of India
Mizuho to acquire Avendus from KKR at $700 million valuation
Mumbai: Mizuho Financial Group is set to acquire KKR-backed Avendus Capital , valuing the homegrown investment bank at Rs 6,000 crore ($700 million), ending months of protracted negotiations with several twists and turns, said people aware of the matter. Mizuho Group CEO Masahiro Kihara is scheduled to visit the country later this week for official engagements and a formal announcement is due at that time, they said. Kihara is also director of Mizuho Financial Group Inc. Mizuho and KKR , along with the senior leadership of Avendus, agreed on final deal terms in the last few days, even as private equity group Caryle, the only other serious contender in the fray, was circling the prospect. The deal will mark the biggest investment by Mizuho in India, underscoring the increased strategic interest of Japanese financial groups in the country. Last month, SMBC picked up a strategic stake in private sector lender Yes Bank. The transaction will include KKR exiting its entire 60% stake along with some of its earlier, high-net-worth individual investors and Ranu Vohra, as well as small shareholders, including local PE firm Gaja Capital. Vohra is one of the three founders of Avendus. Once completed, the transaction is likely to see the Japanese mega bank owning up to 70% of the investment bank. In 2015, KKR paid Rs 950-1,000 crore to pick up a controlling stake in Avendus Capital Pvt Ltd (ACPL) from Eastgate Capital Group Ltd and Americorp Ventures, early investors in Avendus via Singapore-based Red Point Investments Pte Ltd. The firm was founded in 1999 by three friends — Vohra, Kaushal Aggarwal and Gaurav Deepak. Other than Vohra, the other two are likely to remain invested and continue to run the company, retaining full operational control, though Mizuho will have veto rights. One of the hottest domestic deal shops in the country, Avendus operates in the financial services space through subsidiaries in financial advisory, capital markets, wholesale financing through Avendus Finance, wealth management and alternative asset management. The acquisition of Spark in 2022 led to the addition of institutional equities to the offerings. Avendus is present in 10 cities in India, the US and Singapore. A little over half of its profits before tax in the first nine months of 2025 came from the investment banking division, followed by credit solutions and institutional equities. ACPL posted a total consolidated income of Rs 1,035 crore and net profit of Rs 170 crore for the nine months to December 2024, against Rs 1,012 crore and Rs 118 crore, respectively, in FY24. Upon exit, KKR is expected to make a blended 3.5x return in rupee terms over a nine-year period. KKR and Avendus declined to comment. Mizuho India country co-head Piyush Aggarwal did not respond to ET's queries. In the past year, several PE funds and family offices had evinced interest in acquiring the business, including TPG Capital, TA Associates and Azim Premji family office PremjiInvest. Even Nomura, originally chosen to manage the stake sale process, threw its hat in the ring but eventually only Mizuho and Carlyle were left to compete. The mandate subsequently moved to Rothschild . 'There is a small difference in the valuation between the two but Mizuho brings a far larger strategic play and adds heft in cross-border transactions,' said an executive in the know. For several investors, the inherent cyclicality associated with the investment banking business was a challenge. The acquisition of Spark has supported profitability through its equity capital market (ECM) products. 'While the group reported strong performance in investment banking in fiscals 2022 and 2023, it was impacted in fiscal 2024 with extended deal completion timelines,' said a March Crisil credit report. 'There was some revival in fiscal 2025 with the nine-month revenue from IB (investment banking) surpassing the full fiscal 2024 revenue… The ongoing diversification in business should support profitability over the medium term.' One of Japan's largest financial institutions, Mizuho bought boutique investment bank Greenhill & Co in a $550 million deal in 2023, betting that the struggling group could help kickstart its ambitions in the US. The third-largest Japanese lender said it aims to sell 'strategic' shareholdings — stocks held to cement ties with corporate clients — worth at least ¥350 billion over the next three years through March 2028 amid the slump in long-dated Japanese bonds. Mizuho Bank, the banking subsidiary of Mizuho Financial Group Inc, has had a presence in India for over 25 years, with five branches catering primarily to corporate clients. It has been looking to ramp up its local presence and hired private equity veteran and former India head of KKR Sanjay Nayar as external senior advisor to Mizuho Bank India. The parent has infused about $500 million (Rs 4,100 crore) into its India bank branches. Last year, Mizuho invested $145 million for a 15% stake in credit card issuer Credit Saison's Indian subsidiary Kisetsu Saison Finance (India).
Economic Times
08-06-2025
- Business
- Economic Times
KKR-backed IVI to buy ART Fertility Clinics for $450 million
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel KKR-backed IVI RMA Global, a US-based leader in infertility treatment, is set to acquire ART Fertility Clinics for $400-450 million, according to people familiar with the matter. The acquisition marks a significant step in IVI RMA's global expansion, adding India to its presence in over 15 countries and more than 190 clinical offices across the US, Europe and Latin parties are in the final stages of documentation for a shareholders' agreement and are hoping to wrap up the transaction by June with private hospitals, the IVF industry in India too is witnessing consolidation as several private equity funds have been aggressive with acquisitions. In 2023, Swedish fund EQT Partners acquired a significant majority stake in Indira IVF, the largest provider of fertility services in India and top five globally in terms of annual IVF cycles, at a $1.1 billion ('9,000 crore) Fertility Clinics began in 2015 as IVI Middle East, an international arm of IVI RMA Global. In 2020, IVI RMA divested the business to Gulf Capital, which rebranded it as ART Fertility Clinics. Since then, the brand has rapidly grown, expanding across West Asia and clinics in Abu Dhabi, Dubai and Al Ain in the UAE as well as 11 centres across India, ART Fertility has established itself as a high-performance network in reproductive medicine. The Indian expansion began in 2021, backed by a $30 million investment from Gulf Fertility operates in big Indian cities including Mumbai, Noida, Ahmedabad, Chennai, Hyderabad, Gurgaon and by Suresh Soni, former co-founder and CEO of Nova IVF Fertility, ART Fertility reports a pregnancy success rate of 70% and has recorded over 5,000 successful pregnancies in under nine to sources, ART Fertility posted revenue of $100-120 million in FY25, with an estimated Ebitda of $35 million."For an Indian healthcare player, a $25-35 million ebitda which is borderline ebitda positive coming from the Middle East would add no value," said a fund manager at a Mumbai-based private equity firm that operates a pan-India IVF chain. "However, IVI being a US player where multiples are low, adding a Middle East business works well."IVI RMA trumped a rival bid by Temasek-backed Cloudnine Hospitals.A KKR spokesperson declined to comment. IVI RMA and ART Fertility did not respond to is the advisor in the is rapidly emerging as one of the world's fastest-growing markets for Assisted Reproductive Technology (ART). However, the sector has scope for expansion at 210 IVF cycles per million people, compared with 1,200 in the US and over 2,000 in affects approximately 15% of Indian couples, a figure expected to rise due to lifestyle factors such as poor diet, stress, late marriages, and to EY, India's IVF market is expected to grow from $793 million in 2020 to $1.45 billion by 2027, at a projected CAGR of 15-20%.India sees around 300,000 IVF cycles annually, with projections suggesting this could grow to 500,000-600,000 cycles by 2030. About 30% of the market is controlled by 10-15 organised players, while the remaining is fragmented among smaller, unorganised clinics. Key players in India's fertility sector include Indira IVF, Nova IVF, Oasis IVF, Bloom Fertility Centre, Bengaluru-based Milann, Morpheus IVF, Ridge IVF, Akanksha IVF and Bourn Hall IVF, the second largest player in India, is owned by Asia Healthcare Holdings (AHH), the single specialty hospitals platform backed by GIC and homegrown PE fund Kedaara Capital owns a minority stake in Oasis Fertility, while Brussels-based fund Verlinvest owns a controlling stake in Ferty9 F, a premier chain of fertility clinics in the AP/Telangana region.
