Ontario Teachers’ Pension Plan Board is considering making a $100 million investment in Indian e-commerce logistics startup Xpressbees, Bloomberg reported on Friday. Separately, Sterlite Power, which is backed by metals magnate Anil Agarwal’s Vedanta Group, is in talks with Singapore’s sovereign wealth fund GIC as a strategic partner for the power transmission business and a $300 million cash infusion, Moneycontrol reported.
Ontario Teachers eyes $100m Xpressbees investment
Ontario Teachers’ Pension Plan Board is considering making a $100 million investment in Indian e-commerce logistics startup Xpressbees, Bloomberg reported on Friday.
The Canadian pension investor may buy a stake in the firm at about $1.4 billion valuation, the report said. The funds would potentially be used for purposes including acquisitions.
Discussions are ongoing and details of the fundraising could change.
Earlier this year Xpressbees secured a $40-million investment from Malaysia’s sovereign wealth fund Khazanah Nasional. Last year, Xpressbees raised $24.6 million in a secondary transaction from Avendus Future Leaders Fund II, paving the way for a part exit of its existing backer Elevation Capital.
Sterlite Power in talks with GIC for $300m fund infusion
Sterlite Power, which is backed by metals magnate Anil Agarwal’s Vedanta Group, is in talks to rope in Singapore’s sovereign wealth fund GIC as a strategic partner for the power transmission business and a $300 million cash infusion, Moneycontrol reported.
“An internal rejig is underway at Sterlite Power. The plan is to demerge the solutions business and then list it later on the domestic bourses,” the report said, citing a source.
“GIC is not keen on exposure to the solutions business. Once the spin-off is done, GIC plans to invest around $300 million as part of a 51:49 joint venture with Sterlite Power for the power transmission business,” the source said.