Private equity firm KKR is teaming up with trading and commodities group SIMEC to invest Rs 900 crore to acquire the cement business of ABG Group through a complex, multi-tiered financial transaction.
According to reports, the first leg of the ?special situations? transaction, about to be concluded soon, will see KKR fund SIMEC to pick up a 51 per cent controlling stake in ABG Cements for Rs 525 crore. This will be followed by an additional Rs 385 crore of funding. The money will be used to finish the project, fund working capital and pay back overdue creditors.