UAE wealth fund ADIA to invest up to $400 mln in Indian eyewear chain — report

This undated file photo shows a general view of Lenskart outlet at Mall of India in Noida, India. (Photo courtesy: Lenskart.com)
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Updated 12 December 2022
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UAE wealth fund ADIA to invest up to $400 mln in Indian eyewear chain — report

  • The investment could give Abu Dhabi Investment Authority an almost 10% stake in Lenskart
  • Funds likely in form of secondary sale of shares with small primary round comprising growth equity

BENGALURU: Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks to invest $350 million to $400 million in India's Lenskart LENS.NS, valuing the eyewear retailer at $4.5 billion, the Economic Times newspaper reported on Monday.

The investment, which could give ADIA an almost 10% stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added, citing people aware of the matter.

The details on the investors that would dilute their stake, and by how much, were yet to be decided, the report said, adding an official announcement is expected in a couple of weeks.

ADIA, which currently does not have a stake in Lenskart, declined to comment. Lenskart did not immediately respond to a request from Reuters seeking comment.

Started in 2010, Lenskart's investors include U.S. private equity firm KKR & Co Inc (KKR.N), Japan's SoftBank Group (9984.T) and Singapore state investor Temasek Holdings.

Lenskart also operates in the United States, Singapore and the UAE. It has a manufacturing unit in the Indian state of Haryana and a yet-to-be-started fully-automated plant in the state of Rajasthan.

Earlier this year, Lenskart acquired a majority stake in Japanese eyewear brand Owndays, turning the Indian company into one of Asia's largest online retailers in the segment.


Row erupts in UK over support for British-Egyptian activist Alaa Abd El-Fattah

Updated 54 min 52 sec ago
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Row erupts in UK over support for British-Egyptian activist Alaa Abd El-Fattah

  • Arab Spring campaigner’s ‘abhorrent’ social media posts resurface after he arrived in Britain following release from Egyptian prison
  • PM Starmer criticized for glowing welcome to activist who had previously been supported by both Tory and Labour governments

LONDON: The UK prime minister is facing criticism after he celebrated the return to Britain of a human rights activist who was recently released from an Egyptian prison but whose past social media posts apparently contained violent and antisemitic language.
Successive British governments have campaigned for the release of Alaa Abd El-Fattah, a dual national who had been imprisoned in Egypt for most of the past 14 years. He returned to the UK on Friday after Egyptian authorities lifted a travel ban that had forced him to remain in the country since he was freed in September.
But a senior member of the opposition Conservative Party on Saturday criticized Prime Minister Keir Starmer for giving a “personal, public endorsement” to Abd El-Fattah when Starmer said he was “delighted” the activist had been reunited with his family in Britain.
Robert Jenrick, the Conservative spokesman on justice issues, demanded to know whether Starmer knew about historical social media posts in which Abd El-Fattah allegedly endorsed killing “Zionists’’ and police. Jenrick also called on Starmer to condemn Abd El-Fattah’s statements and withdraw his “unalloyed endorsement” of the activist.
“Nobody should be imprisoned arbitrarily nor for peaceful dissent,’’ Jenrick wrote. “But neither should the prime minister place the authority of his office behind someone whose own words cross into the language of racism and bloodshed.”
The Foreign, Commonwealth and Development Office said in a statement that it had been “a long-standing priority” of governments under both major parties to work for Abd El-Fattah’s release. But that does not imply an endorsement of his social media posts, the spokesman said.
“The government condemns Mr. El-Fattah’s historic tweets and considers them to be abhorrent,” the statement said, using a slightly different style for his last name.
Abd El-Fattah’s family in the UK had vigorously campaigned for his release, arguing that he had spent most of the past 14 years behind bars because of his opposition to the government of President Abdel-Fattah El-Sisi.
His mother, Laila Soueif, 69, staged a 10-month hunger strike to pressure British authorities to do more to secure her son’s release.
Starmer on Friday paid tribute to Abd El-Fattah’s family and all the others who campaigned for his freedom.
“I’m delighted that Alaa Abd El-Fattah is back in the UK and has been reunited with his loved ones, who must be feeling profound relief,” Starmer said.
But soon after Abd El-Fattah arrived at London’s Heathrow Airport, critics began circulating historical social media posts in which he appeared to endorse the killing of Zionists and police.
The Times of London reported that Abd El-Fattah has previously said the comments were taken out of context and were part of a “private conversation” that took place during an Israeli offensive in the Gaza Strip.
Abd El-Fattah’s press team didn’t immediately response to a request for comment, and it was not immediately clear whether the posts were authentic.