Japan’s Orix Corp. is in talks to buy private equity firm TPG Capital‘s 20% stake in Indian commercial vehicle lender Shriram Transport Finance Co., Reuters reported, citing the Economic Times. The deal could be valued at more than 30 billion rupees ($664 million).
(Reuters) – Japan’s Orix Corp is in talks to buy U.S. private equity firm TPG Capital’s stake in Indian commercial vehicle lender Shriram Transport Finance Co in a deal valued at more than 30 billion rupees ($664 million), the Economic Times reported on Monday.
Orix is looking to acquire TPG’s 20 percent holding after an attempt by Singapore state investor Temasek Holdings to buy the stake had failed, the newspaper said citing sources whom it did not identify.
A senior Shriram Transport official confirmed the talks were on, the paper said, adding TPG and Orix did not respond to email queries.
Reuters could not immediately reach the companies for comment.
In February, the paper had said Reliance Industries Ltd was in talks to buy out Orix Corp’s near-24 percent stake in unlisted Infrastructure Leasing & Financial Services Ltd for about $1.2 billion. ($1=45.2 rupees) (Reporting by Bharghavi Nagaraju; Editing by Ranjit Gangadharan)