Godrej Consumer In Talks To Raise $125 Million

MUMBAI (Reuters) – India’s Godrej Consumer Products (GOCP.BO) is in talks with a clutch of private equity investors to raise $125 million, two sources with direct knowledge of the matter said on Tuesday.

The company is in talks with U.S. giants Carlyle Group [CYL.UG] and Blackstone (BX.N), as well as India’s ChrysCapital and Standard Chartered Private Equity, the sources said.

Godrej has hired JM Financial Ltd (JMSH.BO) to arrange the deal, sources said.

The company’s board had earlier given approval to raise up to 30 billion rupees ($662 million) in debt and equity to fund mergers and acquisitions.

Talks between Godrej Consumer and private equity firms were reported by Indian website VCCircle.com earlier on Tuesday.

The funds would be used to finance further acquisitions that the company is planning, sources said. A company spokesperson declined to comment. Spokespersons for Carlyle and Blackstone declined to comment. (US$1 = 45.27 rupees) (Reporting by Indulal P.M. and Nandita Bose; Editing by Tony Munroe and Surojit Gupta)