India’s Jyothy Labs Raisins up to $200M From PE Firms

Indian consumer goods maker Jyothy Laboratories is close to raising about $150-$200 million from private equity funds, Reuters reported. The company is talking with a handful of buyout shops, including the Carlyle Group, Actis, TPG Capital and Apax Partners, Reuters reported, adding that a deal is likely to be announced. In 6-8 weeks.

(Reuters) – Indian consumer goods maker Jyothy Laboratories is close to raising about $150-$200 million from private equity funds, with a deal likely to be announced in 6-8 weeks, three sources with direct knowledge of the matter told Reuters.

The Indian firm is in talks with a clutch of private-equity funds including the Carlyle Group , Actis, TPG Capital and Apax Partners to pick up a minority stake, sources said.

Jyothy Labs recently bought 51 percent of Henkel AG’s Indian arm for 5.7 billion rupees ($127 million).

The PE infusion will be in the merged entity and the funds are expected to be in the company’s account by the end of July, said one of the sources.

Separately, Jyothy is planning to sell real estate assets owned by Henkel India for about 400 million rupees, another source said.

Jyothy Lab managing director Ullas Kamath did not immediately return phone calls seeking comments. An Actis spokesman said it would not comment on speculation as a matter of policy.

Spokespersons for Carlyle and Apax Partners were not immediately available for comment, while a TPG spokesperson did not comment. ($1=44.87 rupees)