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Thursday, March 10, 2011

TPG eyes Shriram Transport exit for $1 billion -report, (SRTR)

U.S. private equity firm TPG Capital [TPG.UL] is looking to sell its indirect stake in Indian commercial vehicle lender Shriram Transport Finance Co (SRTR.BO) for as much as $1 billion, the Times of India said on Friday. Citing two sources whom it did not name, the newspaper said Credit Suisse Hong Kong was advising TPG on the deal. In 2005, TPG's Newbridge fund invested $100 million for 49 percent in Shriram Holding (Madras) Pvt Ltd, in which south India-based Shriram Group held the remainder, it said. Shriram Holding owns 45 percent of Shriram Transport, and TPG's indirect holding in the latter is estimated at more than 20 percent and valued at above $800 million, the paper said.

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