Paragon Partners has exited Maini Precision Products Ltd (MPPL) following the Raymond Group’s acquisition of a 59.25% stake in the manufacturer of precision products. Separately, Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League, Bloomberg reported.
Paragon Partners exits Maini Precision Products
Paragon Partners has exited Maini Precision Products Ltd (MPPL) as part of the Raymond Group’s acquisition of a 59.25% stake for Rs 682 crore. MPPL is a Bengaluru-based manufacturer of precision products in Engineering, Automotive, EV, Aerospace and Defense components.
Paragon Partners held about 27% of MPPL and this exit is a multi-bagger for the fund, the firm said. It invested in Maini Precision Products in two tranches in 2016 and 2019.
Saudi Arabia said to be eyeing a stake in IPL at $30b valuation
Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League, international cricket’s most lucrative event, Bloomberg reported.
Crown Prince Mohammed bin Salman’s advisors have sounded out Indian government officials about moving the IPL into a holding company valued at as much as $30 billion, after which Saudi Arabia plans to buy a significant stake, the report said.
The talks were held when the prince visited India in September. Under plans discussed at the time, the kingdom proposed investing as much as $5 billion into the league and helping lead an expansion into other countries, similar to the English Premier League or the European Champions League.