Reuters: Private Equity: UPDATE 1-KKR, Goldman Sachs to invest $52 mln in India's TVS Logistics

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UPDATE 1-KKR, Goldman Sachs to invest $52 mln in India's TVS Logistics Apr 19th 2012, 10:22 Thu Apr 19, 2012 6:22am EDT * Investment to help TVS expand business, scout buys * TVS to focus on autos, manufacturing sectors (Adds quotes, details) MUMBAI, April 19 (Reuters) - Private equity firm Kohlberg Kravis Roberts & Co (KKR) and Goldman Sachs will invest 2.69 billion rupees ($52 million) in India's TVS Logistics Services to help it expand business, the three companies said on Thursday. KKR and its affiliates would invest 2.42 billion rupees in the unlisted third-party logistics operator while Goldman Sachs pour in the remaining 270 million rupees, the companies said. "The additional investment will allow TVS Logistics to continue expansion, both through acquisitions and organic growth," said R. Dinesh, managing director of T V S Logistics Services. The logistics firm plans to focus on India's automobiles and discrete manufacturing sectors that are seeing rapid growth and have relatively low third-party logistics penetration, Executive Director S. Ravichandran said. Private-equity firms invested about $1.9 billion in Indian companies during the quarter ended March 2012, down about 30 percent from last year, due to crowded markets and higher valuations, industry tracker VCCircle.com data showed. KKR has so far invested more than $1 billion in India and holds stakes in companies including Aricent, Avantha Power and Infrastructure, Bharti Infratel, Cafe Coffee Day and Magma Fincorp. Goldman Sachs, which made its first investment in TVS Logistics four years ago, has disbursed over $2 billion in Indian companies since 2006. Kotak Mahindra Capital Company acted as the sole adviser to TVS Logistics while JM Financial advised KKR. ($1 = 51.7 rupees) (Reporting by Kaustubh Kulkarni; editing by Malini Menon) Link this Share this Digg this Email Reprints

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