Reebok India alleged fraud last year has put 153 million euro dent on the balance sheet of German sportswear maker Adidas. In year 2012, Reebok India filed FIR against two top officials of the company.
The investigation is currently on and ex-Managing Director Subhinder Singh Prem and ex-COO Vishnu Bhagat are under investigation for their alleged involvement in the fraud.
Adidas Group changed top management this year by bringing Erick Haskell from China operations to lead Indian team. The company also offered voluntary retirement to 84 employees last year. The company has also reduced its store count in India to reduce costs.
Adidas CEO Herbert Hainer announced that 2012 was successful year for Adidas Group with the company managing to grow its overall sales by six percent. The company registered 14.9 billion Euro sales in 2012.
Singapore-based, Asian Genco Pte Ltd is about get an infusion of $425 million by a group of foreign investors. This includes Morgan Stanley’s infrastructure arm, Goldman Sachs and General Atlantic.
There are other firms also who are aiming to grab a share in the company. These include Norwest Venture Partners, Everstone Capital and PTC India Financial Services.
The news was revealed by General Atlantic.
The private equity firms are aiming to grab a share in the Indian power sector through this investment.
Asian Genco holds big assets in India and is looking forward to build a portfolio of 10,000 megawatts (MW) of power generation assets by 2012.
Gautam Bhandari, MD, Morgan Stanley Infrastructure, India said that the company is trying to raise funds through these investment options for the purpose of making this portfolio and to be able to fund its ongoing projects. He was talking to a private news agency, Reuters.
Currently, it has 3,900 MW under itself.
He also did not reject the option of coming up with a public issue. But, Bhandari believes that this is not the right time for that and they need to wait for some more time.