L Capital sells stake in Fabindia Overseas
Private-equity firm L Capital has sold its 16 per cent stake in India’s ethnic product company Fabindia Overseas to investment company PremjiInvest affiliate Hasham Investment and Trading Co, plus a couple of unnamed individuals for Rs730 crore (US$109 million).
Included in the deal is the sale of 4 per cent stake by L capital in Fabindia International.
L Capital bought an 8 per cent stake in Fabindia in 2012 from Wolfensohn Capital Partners for around Rs150 crore. At the time Fabindia was valued at Rs1875 crore.
Delhi-based based Fabindia has more than 200 stores in 79 locations and claims to have a customer base of 3 million, which it wants to expand to 10 million in three to four years.
L Capital, the private-equity arm of global luxury goods conglomerate Louis Vuitton Moet Hennessy (LVMH), last year sold its stake in mall entertainment group PVR Leisure.