Tag: Brookfield

Brookfield did strong due diligence before investing in Indostar, says CEO R Sridhar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Non banking financial company Indostar Capital has raised Rs 1,225 crore from Brookfield Business Partners. R Sridhar, Executive Vice-Chairman and CEO of Indostar Capital Finance spoke to CNBC-TV18 and shared his views and outlook on the company.

Here’s what he had to say:

“This [the process] started in August last year when a few large private equities were speaking to us and it culminated into a transaction in January. We announced the deal on January 31 and subsequently sough regulatory approval which came last month, and we gave a 30-day statutory notice and completed the transaction yesterday (May 27),” Sridhar shared.

“Brookfield is the second largest PE in the world and they have been operating in India for a few years and have made an investment of about $18 billion in India, but this is the first investment in their PE business. Brookfield did a stringent and long due diligence, so this is a strong endorsement of our business model,” he added.

“There are large banks which have come forward to offer us debt, so I am very hopeful that in the coming days we will be strengthening our debt and we are also focusing on reducing the operating expenses in the next six to nine months when there is uncertainty on growth,” the Indostar Capital CEO said.

“We have offered moratorium to all our customers and around 75 percent of the customers have availed moratorium,” he noted.

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Coronavirus impact: Economic recovery to take at least 2-3 quarters, says PE funds

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The situation during the ongoing COVID-19 will be grim and the recovery thereafter will also take time as private equity experts fear that more people will die from hunger than pandemic in India most people under estimating the gravity and period of impact, which at the very least will take two to three quarters.

At a private equity webinar, Shailendra Singh, Managing Director at Sequoia Capital flagged that fear that more people will die from hunger than pandemic in India.

He added that most people are under estimating gravity and the period of impact, which will be the at the very least two to three quarters.

Singh said they are asking every portfolio co to re validate the 5 critical assumptions their business hinges on. “You will be surprised that how many of them have actually changed/ could change in long run (Zivame),” he added. They have also advised companies to look at adjacent markets or alternative business models.

Singh said that economic Recovery will not start before Q3/Q4 of this financial year. Most countries will move manufacturing towards domestic markets especially in healthcare & R&D and reliance on China will go down.

Anuj Ranjan of Brookfield said that cycles are inevitable, it will come back but will take time. After 9/11, no-one thought they would ever get on a plane again. But they did and it was much stronger than before, but in 22 months. Air travel started but the security changed forever.

Ranjan added that the government right now is like an ICU doctor – keeping the economy (patient) in induced coma, till cure is found (vaccine — 2 years)

In terms of private equity it will be a will be a flight back to US and North America. Since valuations will come off significantly, PE will be less inclined to take emerging market/currency risks, when returns are good there.

Hospitality will come back, but will take time. Real estate investors will find good deals in six months and the wedding season will drive this.

Ranjan said retail will be badly hit and Brookfield expects significant bankruptcies in SME retail/mom & pop/restaurants as 6 weeks of no revenue will bankrupt them.

Consumption will come back, but in six months or more. This event has given a big push to the existing trend to e-commerce. Some malls in US died, but many are flourishing – the ones that have turned to experience centres, he added.

Kunal Shroff of Chryscapital said that risk has increased through the roof. The new deals are on hold or slow. All exits are delayed, private equity funds are focussing on portfolios just now to preserve liquidity, draw cash lines, no capex and extend the cash burn.

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Plan to complete Brookfield transaction soon; aim to scale up used vehicle lending biz, says Indostar Capital

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sequentially, it was a very weak third quarter across parameters for Indostar Capital Finance. Disbursals remained on the lower side for second quarter in the row, while assets under management declined.

R Sridhar, executive VC and CEO of the company said post the IL&FS crisis, NBFCs have faced major liquidity stress. “The last fifteen months has been a challenging period but we have been able to manage through many of our strategies. Liquidity has improved substantially now, we have received a lot of money in January; on the Partial Credit Guarantee scheme we have received about Rs 500 crore, term loans have started coming,” he added.

On the vehicle financing business, he said “In commercial vehicle (CV) financing, we are neither at the bottom of the pyramid nor at the top end of the spectrum. We are focusing more on used vehicles. So, our portfolio consists of two-thirds of used and one-third of new vehicle finance, which gives us a blended yield of over 16.5 percent.” Going forward, the potential to scale up this business is quite large because except three large companies, there are no NBFCs in CV financing space, he said in an interview with CNBC-TV18.

Moreover, with the scrappage policy likely to come by March 31, 2020 – the next three-five years there could be lot of scope for lending to used vehicles. In the used vehicle space, we have positioned our company at a very strategic level. “I am also confident that with the capital coming in, we can look at scaling up this business very high,” said Sridhar.

Meanwhile, “Brookfield has signed binding agreement to infuse Rs 1,225 crore into Indostar. So, we are focusing on concluding that transaction at the earliest,” he said.

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Bharti Infratel’s plans to sell stake in combined Indus Tower entity suffers setback

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The merger of Bharti Infratel with Indus Towers was already hanging in the balance but it has now suffered another setback. Bharti Airtel’s attempt to sell a significant stake in the merged business has come to a halt as the ongoing talks have now been put on hold, people aware of the development told CNBC-TV18. The delay in the completion of the merger is the reason for the setback.

“Bharti airtel has been in talks with potential investors to sell a majority of its stake in the merged entity of Bharti Infratel and Indus Towers, which will be named Bharti Infratel. To stay ahead of the curve, the company had begun talks right after the merger deal was signed to sell this stake but with the delay players have pulled out,” a person connected to the deal told CNBC-TV18.

Another person added: “ATC, KKR, Brookfield and other PE [private equity] players were actively in talks. ATC and KKR were almost in final stages but with the delay, they have decided to pull out. Bharti Airtel will now restart the stake sale process from scratch but only once the timeline of the merger completion is clear.”

The merger has received all necessary approvals but is awaiting a final nod from the Department of Telecom (DoT), which has been pending since October last year.

The initial deadline or the long stop date for the merger was October 2019. The deadline was then extended to December 2019 and then again to February 24, 2020.

People connected to the company on condition of anonymity said that the DoT had sought further details in the last one month from the company and is expected to give its verdict within the next two weeks.

Bharti Airtel did not comment on the development.

The merger between the two tower giants will give the combined entity 163,000 – 165,000 towers across 22 circles under the umbrella of Bharti Infratel, which is listed on the Indian bourses. Once the merger is completed Bharti Airtel will hold a 37 percent stake in the merged entity.

“Bharti Airtel was hoping to get between Rs 35,000- Rs 40,000 crore from the sale of its stake,” said one of the persons quoted above.

Currently ATC has 78,000 towers in India. Brookfield acquired reliance Jio’s telecom infrastructure, with 170,000 towers, in July for $3.7 billion.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Plan to close the Brookfield transaction within next 3-4 months, says Dhanpal Jhaveri of Indostar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brookfield will be investing over Rs 1,200 crores in Everstone’s NBFC company Indostar Capital Finance. Brookfield will also be the co-promoters in the company.

Speaking in detail about the contours of the deal Dhanpal Jhaveri, chairman, Indostar said, “We are delighted to have Brookfield coming in as a partner along with us at Everstone, to basically build Indostar to its next stage of growth.”

With regards to timeline, he said, “We have now signed the deal on Friday night and the plan is that over the next 2-3 months is to get all regulatory approvals which is kind of par for the course under these kind of investments and once the approvals are brought we would look to complete a preferential allotment, where we are bringing in Rs 1,225 crore of equity and compulsory convertible preference capital.” This means as a Brookfield also has to do an open offer, which would typically kick off post the regulatory approvals and complete I would say in the next 3-4 months, he added.

When asked if there was any asset risk concern because of which provisioning was required for which the company may look at fund raising, he said, “What the Brookfield investment offers us in my view is two things – one is fundamentally perception capital. A large institution and a very globally reputable institution like Brookfield committing to invest capital in a business like Indostar means that they have done significant amount of diligence and are very comfortable not only with what the business is today but very comfortable with what the growth opportunity for the business is today. What we see is a very credible, high quality, long term partner and which is what I believe is a right thing for an institution like Indostar.”

Giving the rationale for substantial dilution at the current juncture, he said, “First of all Everstone is not selling a single share that is very important to know. The credit business essentially drives only on one thing, which is raw material which is capital both in the form of credit and equity and then creating value basically is in the hands of talent which is the people, which are there in the business. What we have in a partner like Brookfield is one very clearly additional capital which comes in to drive growth but more importantly they are supporting and endorsing the existing management team and talent and the leadership of Indostar, which is going to drive and create value over the next 3-5 years.”

He further added, “We are buying more which means we are not diluting and we are continuing to be extremely positive over the next 3-5 years in terms of where we believe this business will be able to take itself forward as compared to where we see the market opportunity.”

According to him, credit in India is still an under penetrated asset class and one has to look beyond cycles and one has to be able to invest through cycles. “This is probably the best time in my view to when headwinds are there for the industry and economy as a whole to be investing in credit as an asset class.

“So, fundamentally, what we have done is with the capital base in place, we would go close to about Rs 4,200 crore of equity base at any reasonable size of leverage say 4-6 times of leverage. We think we can at least grow our book between 2-3 times from where it is today in the next 3-5 years. That offers ample growth and ample opportunity to create value in the business as it is today,” he added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ATC, Brookfield eye stake in Bharti Infratel-Indus Towers merged entity

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a bid to bring down debt and raise capital for expansion in the ever competitive telecom sector, CNBC-TV18 learns from sources that Bharti Airtel has begun talks with prospective players for selling stake in the merged entity between Bharti Infratel and Indus towers. Sources say American Tower Company and Brookfield have expressed interest in acquiring stake in the merge company.

The merger between Bharti Infratel and Indus towers is in the final stages of being completed and has been cleared by the National Company law Tribunal.  Sources say that the nod from the department of telecom is likely by September end. Once the DOT gives its approval, the merged entity will boast of 163,000 towers across 22 circles under the umbrella of Bharti Infratel, which is listed on the Indian bourses.

“Talks with investors are in the early stage. Bharti Airtel will initiate a formal sale process once the merger is completed after all necessary approvals. At this point the talks are to gauge interest of investors and both ATC & Brookfield are in the race”, said a source close to the development.

Once the merger is completed Bharti Airtel will hold 37 percent stake in the merged entity. “Bharti Airtel may consider a complete or a partial exit. It hopes to get about $3.2- $3.5 billion via the stake sale which will enable it to bring down a portion of its date and use for network infrastructure expansion and working capital. With competition with Jio getting even stronger, the company will ensure it has constantly evolving infrastructure to meet customer demands”, said the source.

Currently ATC has 78,000 towers in India. Brookfield acquired reliance Jio’s telecom infrastructure, with 170,000 towers, in July for $3.7 billion. If either of the players emerge frontrunners, the move will create the largest telecom infrastructure company in the country.

When contacted a Bharti Airtel spokesperson declined to comment. ATC’s VP of communications responded to CNBC TV18 Query; “Our policy is not to comment on business rumour or speculation”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Brookfield reconsidering investment in Amara Raja, may explore sale

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Canadian fund Brookfield Asset Management is reconsidering its involvement in Amara Raja Batteries, which could lead to an exit, people familiar with the matter told CNBC-TV18.

Brookfield owns 24 percent of Amara Raja and became associated with the Indian maker of batteries thanks to a larger global deal with Johnson Controls International Plc. The re-evaluation of ties with Amara Raja comes amid technology uncertainty after the Indian battery-maker terminated its shareholder agreement with Johnson Controls, its technology partner since 1997, earlier this year, said the people, requesting anonymity.

“Pursuant to our Clarios acquisition, we acquired 24 percent of the public shares of Amara Raja Batteries Ltd, a leading manufacturer of energy storage solutions for the automotive and industrial end markets. Today, we are actively evaluating our involvement with Amara Raja – and assessing how best to position Clarios’ future participation in the Indian market,” Brookfield said in a Securities and Exchange Commission filing.

When CNBC-TV18 reached out to Brookfield, it declined to comment beyond what has been stated in the filing. An email sent to Amara Raja Batteries remained unanswered.

Analysts have questioned Amara Raja’s ability to continue to upgrade technology, especially in the auto segment to be ahead in the competition. “We are factoring in the uncertainty over Amara Raja’s future technical capabilities and are revising down its price-earnings ratio to 18 times forecasted earnings for the 12-months till Q1FY21, from 22 times earlier, even as Exide trades at 22 times Q1FY21 earnings forecast,” according to an Edelweiss Securities Ltd report.

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Hotel Leela, JM Financial get time till May 28 for settlement

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The National Company Law Tribunal (NCLT) has granted time till May 28 to luxury hospitality chain Hotel Leelaventure and JM Financial Asset Reconstruction Company to arrive at settlement ahead of its ongoing sale to
Canadian fund Brookfield.

On March 18, Brookfield Asset Management Company had agreed to acquire four hotels and a land parcel in Agra from Hotel Leelaventure for consideration Rs 3,950 crore. The deal is yet to go through.

A two-member NCLT bench of VP Singh and Ravikumar Duraisamy had on Tuesday directed Hotel Leelaventure and JM Financial ARC, which owns majority stake in the luxury hotel chain for some years now, to submit a settlement agreement by May 28, when the tribunal will hear the matter afresh.
Though Hotel Leelaventure has sought three to four months time for the settlement, the tribunal has granted only time till May 28.

JM Financial ARC had filed insolvency application against the Mumbai-based hotel chain in January, which owes around Rs 5,900 crore to lenders.

Dhir & Dhir Associates’ Ashish Pyasi, representing Hotel Leelaventure, sought three-four months more for arriving at a settlement citing the ongoing deal with Brookfield. But the tribunal gave only time till May 28. The Rs 3,950-crore deal between Brookfield and Hotel Leelaventure excludes the flagship Mumbai hotel, which is facing a legal battle with the Airports Authority of India
over land lease, and also a land parcel in Hyderabad which the hotel group is developing with Prestige Developers. The Leela owns five hotels with over 1,400 rooms, in New Delhi, Bengaluru, Chennai, Mumbai and Udaipur. The Brookfield-Leela deal will also entail buying the Leela brand, existing and all its upcoming management contracts apart from absorbing the employees of these four hotels being taken over by the Canadian fund.

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Nairs get Rs 300 crore for Leela brand as part of slump sale

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In what is being seen as a bizarre decision, the board of Hotel Leelaventure Ltd (HLVL) at its meeting on March 18 while selling the hotel business, together with all assets and liabilities of the hotels located at Bangalore, Chennai, Delhi and Udaipur on a slump sale basis, also forked out Rs 150 crore each to the erstwhile promoters – Vivek and Dinesh Nair.

Further the sale to Brookfield also included 100 percent shareholding of the company in Leela Palaces and Resorts Ltd which owns property and holds licences for the development of a hotel in Agra. All other management contracts currently in operation along with employees have been transferred to Brookfield.

HLVL has a portfolio of nine properties in India. In effect, it means the Nairs have exited the company lock, stock and barrel for a consideration of Rs 300 crore.

In its filing to the BSE and NSE, the sale transaction included all the intellectual property, if any owned by the promoters and their affiliates (other than HLVL) used in, held for use in, or related to the above for a consideration of Rs 150 crore.

The filing also states that execution of an agreement between Brookfield and certain members of the promoter group or their affiliates, for the provision of business expansion services to Brookfield as may be mutually agreed, for a consideration of Rs 150 crore.

Curiously, as part of the proposed transaction, voting and exclusivity agreements with the promoters have also been executed, where relevant members of the promoter group have provided their express consent to vote in favour of shareholders’ resolutions for the the aforementioned transactions, in such a manner so as to give effect to this transaction, and prescribing the manner of dealing with competing offers in relation to the transaction.

Is the surmise that the Rs 300 crore given to the promoters part of this exercise? The promoters who own the Leela brand will now be transferring it to Brookfield for all the hospitality business. That means the Leela IPR has been handed over for Rs 300 crore.

As part of the transaction, execution of the licence agreement and centralised services agreement with the company in connection with the Leela situated at Mumbai and the leasehold rights with respect to land forming part of the larger land measuring 24,404 sq metres situated at Old Airport Road, Bangalore by way of a fresh lease from Leela Lace Holdings Pvt Ltd and cancellation of the existing lease with the company.

The filing also says that the proposed transaction is subject to the fulfilment of certain covenants, including the obtaining of the approval of the shareholders of the company who have been given the short shrift in this deal, as well as the approval of the lenders of the company.

The total consideration payable to the company is an amount of Rs 3,950 crore subject to adjustments on account of net working capital plus the applicable transaction cost. It goes on to say the company will continue to operate the hotel in Mumbai and own certain land in Hyderabad and the joint development project of residential apartments with Prestige Developers in Bangalore. Brookfield will have the right of refusal over the company’s hotel in Mumbai, as part of the transaction.

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The Leela story: How the Nair family lost keys to its hospitality treasure

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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It was a succession plan that did not pan out as envisioned.

Less than five years after founder Capt CP Krishnan Nair of Hotel Leelaventure handed over the company’s reins to his two sons Vivek and Dinesh Nair, most of its key assets, including brand Leela, have been sold.

On March 20, the board of Hotel Leelaventure, which owns the Leela brand and runs properties under it, decided to sell all but one of its assets, under a slump sale arrangement to Canada’s real estate fund Brookfield Asset Management.

Brookfield owns and manages 155 hotels in US, UK and Australia.

Leela’s operational hotels in Delhi, Udaipur, Chennai and Bengaluru (having a total of 1,017 rooms), a land parcel in Agra (near the Taj Mahal), leasehold rights for land in Bengaluru and license agreement for Mumbai property form the core of the deal.

Though Leela said it intends to use the Rs 3,950 crore for repaying its Rs 4,000 crore debt, this multi-layer transaction has benefitted Brookfield more than Leela.

For instance, the sell-off of the 206-room Goa property in 2015, fetched Leela Rs 721 crore, translating to Rs 3.5 crore per room.

The present deal has similar terms, despite entailing much more.

Brookfield managed to get the four properties (all located at prime locations) for a valuation that is not very different from the Goa hotel transaction, a good deal considering the Canadian company also got brand Leela and other assets. It is evident that there has not been any healthy appreciation in the value of its properties during the last four years.

A lifeline

In February, JM Financial Asset Reconstruction Company (JMFARC) filed an application with the National Company Law Tribunal, Mumbai bench, against Hotel Leela. The application was under Section 7 of the Insolvency and Bankruptcy Code 2016. This was done to get the best valuation even as the powers of the promoters of Hotel Leela becomes limited in the tribunal.

JMFARC, which made brothers Vivek and Dinesh Nair forgo salaries for two consecutive years, controls 96 percent of the Hotel Leela’s debt. The company had been in talks with a variety of interested parties including private equity investors, asset management companies, state-backed investment funds and other prospective bidders. However on most occasions, the talks fell through over asset valuation.

Hotel Leela started defaulting on quarterly interest payments on debentures to Life Insurance Corporation (LIC) of India in 2018. By end the end of last financial year, Leela’s debt climbed Rs 3,800 crore.

How did Leela get into this mess?

Leela Hotels closed FY14 with a debt of nearly Rs 5,000 crore. After Capt. Nair’s demise in 2014, the company was struggling to push itself to profitability, mainly due to the ballooning cost of finance that eroded its margins repeatedly.

Unlike its competitors such as Hyatt, Marriott and Intercontinental, who run readymade properties on management contracts, the management at Leela decided to infuse own funds to build new properties. As most of this was done through debt, the interest payout on the loans made it difficult to avoid losses.

One of India’s largest hotel firms Indian Hotels Company , that runs Taj Hotels, switched to the management contract route after years of continuous losses. Termed as asset-light strategy, management contracts help keep fixed costs considerably low compared to the asset heavy (ownership) model.

Even before Nair’s demise, the company had already sold off its luxurious Kovalam property and an IT Park in Chennai. But the high level of debt forced the company to keep exploring sale of properties. Soon after the Goa property was sold, it was followed by monetisation of another IT park in Kochi.

If the current deal goes through Hotel Leela will switch to becoming a management company from an ownership company. It will continue to run all its current properties which will be under three different ownerships.
The Nair family has also formed a joint venture with Brookfield for the purpose of carrying out certain development activities jointly, a statement from Leela said.

(Source: Moneycontrol)

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow