Private equity investors and promoters of Coastal Projects are in talks with German construction major Hochtief AG to sell a majority stake, in a deal that will value the Hyderabad-based infrastructure company at over $500 million (Rs2,649 crore), The Times of India (TOI) today reported, citing three separate sources familiar with the process.
Baring Asia, Sequoia Capital, Fidelity Investment Management and Deutsche Bank had acquired a combined 32 per cent stake in Coastal Projects for about $410 million.
The promoters of the company, along with a New Delhi-based business group, hold the remaining.
Coastal Projects chairman and managing director S Surendra said that the company was in talks, but it was premature to disclose further, the paper said.
Source: Domain B