Private equity firm TPG is eyeing a majority stake in crisis-hit Vishal Retail. TPG has given a proposal to the corporate debt restructuring (CDR) committee of Vishal Retail to infuse Rs 250 crore into the company to buy out the promoter’s (RC Agarwal) stake.
TPG�s proposal would be considered later, it is learnt, where a change in management would also be discussed.
Recently, the Group President Ambeek Khemka – who was spearheading the debt restructuring move � quit owing to differences with the promoters and sources said the only way out for the retailer would be the promoter selling his stake.