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Abu Dhabi to be Jet’s hub after deal with Etihad

In what might impact Jet Airways’ operations out of its present hub in Brussels (Belgium), the Indian airline would have to develop Abu Dhabi as an exclusive hub for flights to North America, South America, Africa and the United Arab Emirates (‘exclusive territories’), according to the final commercial cooperation agreement (CCA) signed with Abu Dhabi-based Etihad Airways.

Canada would be included in the list of ‘exclusive territories’ once relevant amendments are made to the bilateral air services agreements to permit [...]

TPG, Carlyle in talks to buy $100m ABD stake

Marquee investors Carlyle Group and TPG Capital are the frontrunners to acquire a $100-million minority stake in India’s third largest distiller, Allied Blenders & Distillers (ABD), makers of Officer’s Choice whiskey, said people directly familiar with the matter.

Liquor baron Kishore Chhabria owns 95% stake in the unlisted company, with an asking valuation of at least $750 million. Industry veteran and chief executive Deepak Roy has a 5% equity interest.

ABD has mandated investment bank Ambit Holdings to [...]

India’s Cement King Kumar Birla Inks $600 Million Deal To Buy Rival Unit

Billionaire Kumar Birlacemented his position as India’s cement king by inking a deal Wednesday to buy a unit from rival Jaypee Group for $600 million. The acquisition by Birla’s listed company UltraTech Cement, the country’s largest cement producer, will increase its annual capacity to 59 million tons and boost its presence in the western state of Gujarat where the Jaypee unit is located. The deal, which has been in the works for over a year and has undergone a few [...]

New Silk Route to buy 51% stake in Moshe’s cafe

Private equity firm New Silk Route (NSR) is set to acquire Mumbai’s cafe and restaurant chain, Moshe’s. The USD 1.4-billion India-focusede fund will buy over 51 per cent stake in Moshe’s and ramp it up as the food services provider charts national expansion plans in the next few years, as per a report by Samidha Sharma & Boby Kurian in The Times of India.

The 44-year-old Moshe Shek started the SoBo (South Bombay) chain in Cuffe Parade a decade ago. [...]

Crisil to sell 49 per cent stake in IISL for Rs. 100 crore

Crisil Limited said on Tuesday that it will sell 49 per cent stake in IISL for Rs. 100 crore to NSE Strategic Investment Corp.

India Index Services and Products Limited (IISL) is Crisil’s joint-venture with National Stock Exchange (NSE) of India.

“Crisil will be selling its equity stake in India Index Services & Products Limited (IISL), comprising 6,37,000 equity shares of face value Rs. 10 each and representing 49 per cent of the total equity share capital of IISL to [...]

Reliance Cap to invest Rs 100 cr in wind power venture

Financial services major Reliance Capital is investing Rs 100 crore in a wind energy joint venture in the country, partnering with China’s Ming Yang Wind Power Group.

Ming Yang entered into an agreement with Reliance Capital last year to establish a joint venture by subscribing to a significant stake in the share capital of Global Wind Power Ltd (GWPL), a leading wind power solutions provider in India.

Giving an update on this partnership, Reliance Capital Chairman Anil Ambani today said [...]

Omani fund plans to acquire stake in NCDEX

Oman Investment Fund (OIF) is in an advanced stage of discussion with Jaypee Capital Services for acquiring 9.7 per cent stake in India’s agricultural futures exchange — National Commodity and Derivative Exchange Limited (NCDEX), according to a newspaper report.

India’s Economic Times said that Delhi-based broker Jaypee Capital Services, the anchor investor in NCDEX, is in advanced talks with domestic and foreign private equity players to sell a chunk of its 22.4 per cent stake in the bourse. The shareholder, [...]

Baring Asia to buy 42% stake in Hexaware for Rs.1,600 crore

Affiliates of Baring Private Equity Asia have agreed to pay as much as Rs.1,687 crore to buy a controlling stake inHexaware Technologies Ltd from the software services company’s founder-chairman Atul Nishar and GA Global Investments Ltd in one of the biggest transactions in India’s information technology (IT) sector. Baring will buy Nishar’s 27.7% stake and 14.1% from GA Global, an affiliate of private equity (PE) firm General Atlantic, Hexaware said in a statement on Friday. Nishar will remain non-executive chairman [...]

PE industry’s latest challenge: zombie funds

After grappling with less-than-expected returns and an absence of opportunities to exit, the private equity (PE) industry in India is facing yet another challenge—a growing number of funds that are turning inactive, or zombie. Almost one-fifth of funds that were investing in India till 2009 have gone cold and stopped investing. There are only 219 active funds in the country and 41 funds have become zombie, according to VCCEdge, which tracks investment activity in the country. Roughly, for every five [...]

Kotak PE eyes 20% stake in Hyderabad-based SemanticSpace Technologies

Kotak Private Equity is in talks to pick up an over 20% stake in Hyderabad-based SemanticSpace Technologies (SST), marking its return to the IT/ITeS sector, said multiple sources briefed on the transaction.

The investment will see Kotak buy out the 18% stake held by financial investors Ascent Capital and New Vernon, besides acquiring some primary shares. The deal values SemanticSpace, founded by serial entrepreneur Satya Bolli, at $75 million or about Rs 500 crore.

SST provides application services, [...]