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StanChart Fund evaluating stake of Escorts
New Delhi, Aug 05: Even as two Nanda siblings are locking horns over the legality of Escort`s decision to divest part equity in its heart institute, Standard Chartered Private Equity Fund today said it was carrying out due diligence for evaluating the stake before arriving at investment decision.
New Delhi, Aug 05: Even as two Nanda siblings are locking horns over the legality of Escort's decision to divest part equity in its heart institute, Standard Chartered Private Equity Fund today said it was carrying out due diligence for
evaluating the stake before arriving at investment decision.
"The Escorts Heart Institute and Research Centre (EHIRC) deal is in due diligence stage. We normally do a comprehensive due diligence before investing," global head of Standard Chartered Private Equity Karam Butalia told reporters from Singapore.
The fund has been in negotiations with Escorts Limited, which holds majority 80 per cent stake in the heart institute, for buying 17.1 per cent of its stake in EHIRC.
Butalia, however, did not give details saying "we also have a confidentiality agreement and hence are unable to provide any additional details on EHIRC deal itself."
However, the deal has been questioned by Escorts Limited vice-chairman Anil Nanda, who says EHIRC was created as a charitable institution and should remain so while elder brother and escorts chairman Rajan Nanda says equity sale will help internationalise the institute.
Asked about whether the fund is rethinking on the deal after the filial spat became public, Butalia cited the confidentiality clause and declined to comment.
Bureau Report
"The Escorts Heart Institute and Research Centre (EHIRC) deal is in due diligence stage. We normally do a comprehensive due diligence before investing," global head of Standard Chartered Private Equity Karam Butalia told reporters from Singapore.
The fund has been in negotiations with Escorts Limited, which holds majority 80 per cent stake in the heart institute, for buying 17.1 per cent of its stake in EHIRC.
Butalia, however, did not give details saying "we also have a confidentiality agreement and hence are unable to provide any additional details on EHIRC deal itself."
However, the deal has been questioned by Escorts Limited vice-chairman Anil Nanda, who says EHIRC was created as a charitable institution and should remain so while elder brother and escorts chairman Rajan Nanda says equity sale will help internationalise the institute.
Asked about whether the fund is rethinking on the deal after the filial spat became public, Butalia cited the confidentiality clause and declined to comment.
Bureau Report