Three other potential bidders also vying for Su-Kam facing insolvency proceedings.
Indo-French Business Relations | | LiveMint
Mumbai: Private equity fund Carlyle Group, special situations investor Aion Capital and France’s Schneider Electric are among potential suitors for Su-Kam Power Systems, which is facing corporate insolvency proceedings, two people with direct knowledge of the matter said.
All the suitors have submitted their expressions of interest and are expected to make binding offers by the deadline of 10 August, the people said, requesting anonymity due to confidentiality of the bidding process.
“There are three more potential bidders apart from these three,” said the first person cited above.
While the identities of the other three bidders could not be learnt immediately, the people said two are distressed assets funds while the third is an individual bidder.
Spokespeople at Carlyle, Aion and Schneider declined to comment.
Interest from Carlyle and Aion in Su-Kam underlines growing zeal among large private equity funds to crack deals in the insolvency space where several well known consumer brands are likely to be up for change of control.
Industry watchers say that while resolution of large assets, such as those in Reserve Bank of India’s initial list of 12 companies, was led by strategic buyers such as Tata Steel and JSW Steel to name a few, the next round of insolvency cases will likely witness greater participation from distressed assets funds.