Chinese construction-machinery maker Sany Heavy Industry Co. is considering selling a stake in its India business, according to people familiar with the matter.
The company has held talks with prospective financial advisers as it evaluates a stake sale in Sany Heavy Industry India Pvt Ltd., the people said, asking not to be identified because the process is private. It has also sounded out potential investors, including industry peers and Indian tycoons, the people said.
Some multinational companies are reviewing their operations in India as they seek to raise cash amid heightened interest from investors, and with the nation’s stock market near a record high. Bringing in a local partner also has the potential to make it easier to do business in India.
Among them, Chinese appliance maker Haier Smart Home Co. is looking to sell a stake of as much as 49% in its Indian unit. The plan has drawn interest from Temasek Holdings Pte and GIC Pte, Bloomberg News reported in November.
Source: Economic Times