For Edelweiss, this will be the second such transaction in Avantha group if its bid is accepted. Photo: ReutersMumbai: Edelweiss Asset Reconstruction Co. and Kotak group company Phoenix ARC Pvt. The development comes following reports that Avantha group, led by industrialist Gautam Thapar, is in talks to sell the unit. For Edelweiss, this will be the second such transaction in Avantha group if its bid is accepted. Another group company, Crompton Greaves Consumer Electricals Ltd, sold a large stake in its consumer electrical business to private equity funds Advent International Corp. and Temasek Holdings for Rs2,000 crore.

Source: Mint April 23, 2018 17:48 UTC