Deal talks between Embassy, logistic firms hit an impasse on valuation

Warburg Pincus has 70 per cent in the joint venture while Embassy has 30 per cent

Deal talks between Embassy Industrial Parks, a joint venture between Bengaluru-based Embassy Group and US-based private equity fund manager Warburg Pincus, and logistics firms ESR and IndoSpace have hit a roadblock due to disagreements on valuation.

“Though term sheets were signed one after another, the talks did not materialise due to differences on valuation,” said a source in the know. The JV was looking to monetise the businesses, completed and under-construction assets, at an enterprise value of Rs 1,700-2,000 crore. The source said the gap between the bid and ask price was well below 10 per cent.

Neither the Embassy spokesperson nor