At least four large foreign private equity firms are chasing independent outdoor advertising firm Laqshya, and if sources are to be believed, Warburg Pincus has already firmed up plans to pick up 15-20% equity stake for Rs 300 crore in the Mumbai-based outfit.The company however denied the report.
According to a source Morgan Stanley, Goldman Sachs, Credit Suisse First Boston and KBC are also in fray but the deal is likely to go in favour of Warburg Pincus.
Laqshya is one of the country’s largest integrated out-of-home (OOH) media companies with 30 offices across 20 cities. UTI Venture is the other investor in the company, which had put in $10 million in 2006. Last year, Laqshya raised $35 million from Saudi-based PE Fund Amwal Al Khaleez for its Dubai subsidiary Right Angle Media.
Laqshya is a founder member of IOAA (Indian Outdoor Advertising Association). Apart from India, it has a presence in Dubai, Abu Dhabi and Sri Lanka, which makes it the only multinational in OOH media space. \
Outdoor media firms have recently been on the radar of PE and venture capital funds. New airports, roads, highways, malls and emergence of organised retail have created the need for outdoor advertising like billboards, hoardings, mobile vans, bus shelters, promotional activities at the point of purchase and television screens.
Read more in The Economic Times article.
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