Reghu Balakrishnan

Mid-sized organized restaurant chains such as Punjab Grill and Mad Over Donuts face financing challenges. Investors are being more cautious, focusing on sustainable profits and unit economics. As a result, several chains explore capital raises or stake sales. Recent investments favor businesses demonstrating strong financial performance and growth potential. Meanwhile, larger investments continue to thrive, creating a divide in the restaurant industry.

KKR-owned Healthium Medtech and Romsons Group are reportedly competing to acquire a significant stake in BL Lifesciences. The company is expected to be valued between ₹1,800 and ₹2,000 crore during this stake sale. KPMG is providing advisory services to the promoters of BL Lifesciences for this transaction, which involves a family-owned business. BL Lifesciences specializes in various medical devices for surgeries, critical care, and more.

EQT Partners, Emami and Balaji Wafers have joined ITC, TPG and ChrysCapital in the race to acquire Crax maker DFM Foods, as Advent International seeks to sell its 96.63% stake. Non-binding bids are expected by October-end, with the deal potentially valuing the Noida-based snack maker at ₹5,000-5,500 crore.

Multiple FMCG companies are expressing interest in acquiring stakes in the healthy snacking brand Farmley. A group of early investors with a 31% stake is looking to sell their shares. Founders Akash Sharma and Abhishek Agarwal currently hold a 32% stake in the company. Farmley successfully pivoted from a B2B business to a consumer-facing D2C brand in 2021.

As Polaris Smart Metering progresses to the next phase of its sale, several shortlisted bidders, such as Actis, JSW Energy, and Gemstar Infra, have wrapped up due diligence and are on the verge of submitting binding bids. The estimated value of this deal lies between ₹1,800 crore and ₹2,000 crore.

Ircon International has placed four highway assets for sale in a government-led monetisation programme. These assets include toll-road and hybrid annuity model projects located in Madhya Pradesh, Rajasthan, Karnataka, and Gujarat. The enterprise value of the assets is estimated to be around ₹3,000 crore, as advised by Axis Capital. Currently, Ircon is a Navratna company primarily earning from its railway segment.

PSU plans to unlock ₹3,000cr value as part of GoI's infra monetisation

The ownership dispute at GreatWhite Global Pvt. Ltd. has concluded with a stake acquisition by Mehul Shah's family. Hemang Shah's family received approximately Rs 862 crore for their 50% share. This acquisition marks the end of a 15-year partnership between the two brothers. Disputes over management escalated into legal challenges before this resolution. The company is now under single ownership and continues to report significant revenues.

Private equity firms 360 ONE and TR Capital are in discussions to acquire a stake in Hector Beverages. Existing investors A91 Partners and Sofina are considering partial exits before the planned IPO in 2027. Other early investors including Sequoia Capital and Footprint Ventures are looking to sell their entire stakes. The deal aims to clean up the company's cap table and consolidate shareholding among major investors.

Indira IVF is considering an acquisition of Sabine Hospital and Research Centre valued at ₹1,200-1,300 crore. Sabine provides a range of fertility and maternal healthcare services across two facilities in Kerala. The deal would strengthen Indira IVF's presence in the fertility treatment sector in India. Sabine is expected to generate a revenue of ₹230-250 crore in FY 27.