German construction group Hochtief said it had no immediate plans to buy an Indian company, after a report that it was close to taking a stake in infrastructure company Coastal Projects.
"Generally speaking, the Indian market is interesting. But we are currently not pursuing any concrete acquisition projects," spokesman Christian Gerhardus told Reuters on Friday.
The Times of India had reported Hochtief was speaking to private equity investors in Coastal Projects with the aim of taking a majority stake in the Hyderabad-based group.
The paper said PE investors Sequoia Capital, Baring Asia, Fidelity Investment Management and Deutsche Bank could sell their combined stake of 35 percent, potentially valuing the target company at more than $500 million.
Coastal Projects chairman and managing director S Surendra said the company was discussing a proposal, but it was premature to disclose further, the paper said. It also quoted Gerhardus as saying the German group was considering expanding in India but had not taken any decision on the matter.
Coastal Projects has been exploring bringing in a strategic investor after shelving the proposed plan for an initial public offering, the newspaper reported.