June 2007
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Usha Martin unit to buy Europe firm

The European unit of Usha Martin Ltd. plans to buy a distribution firm in Rotterdam, the Netherlands, for 3-4 million euros and hopes to close the deal by the end of this month, a company source said. “This company has been sourcing high-end wire ropes from different manufacturers. So the benefits will come to our company,” the source said. […]

India's Batliboi buys France's AESA Air Engineering for 90 mln rupees in cash

India's Batliboi Ltd has acquired a French textile air engineering company, AESA Air Engineering SA, for about 90 mln rupees in an all cash deal, the company said in a statement to the Bombay Stock Exchange. […]

The Carlyle Group Invests US$10.3 Million of Growth Capital into Elitecore Technologies Ltd.

Global private equity firm The Carlyle Group has made a US$10.3 million investment in Elitecore Technologies Ltd. Headquartered in Ahmedabad, Elitecore is an IT company focusing on the fast growing Internet security and the convergent billing solutions markets. Funds will be used for Elitecore’s ongoing product development, research & development, working capital, new products and infrastructure build-up. The investment will come from Carlyle Asia Growth Capital Partners, a US$680 million fund that invests in high growth companies in China, India, Japan and Korea. […]

GMR may invest in core sector PE funds

GMR Group, the Rs 3,000 crore infrastructure major with focus on power, roads and airport projects across the country, is mulling over investing in infrastructure private equity (PE) funds. This move, when it happens, will mirror the trend in the mature technology venture capital (VC) industry where companies such as Intel, SAP and Siemens manage their own or invest in various technology VC funds. According to a senior official of the GMR Group, the company has got proposals from several PE funds to invest in them. […]

WNS, Accenture join race for Citi`s BPO arm

The race for Citigroup Global Services, the business process outsourcing arm (BPO) of Citigroup is hotting up with the entry of the BPO firm WNS and consultancy firm Accenture. Sources close to the development said these were the latest entrants into the fray. The list of suitors includes IBM, Automatic Data Processing (ADS), Infosys, EDS, Genpact, Capgemini and private equity players such as Blackstone and General Atlantic. A Citigroup spokesperson declined to comment. […]

LIC Housing Finance may float Rs500 crore realty venture fund

LIC Housing Finance Ltd, one of India’s leading housing finance companies that is currently testing the venture fund waters by partnering with a couple of venture funds, is evaluating plans to float its own venture fund focusing on the realty sector. LIC Housing has already invested Rs50 crore in Kotak Realty Fund and Rs10 crore in CIG Realty Fund. The proposed new fund would focus on financing projects such as shopping malls and special economic zones. […]

Drop in valuation makes BPOs attractive to PEs

Valuations of Indian BPO firms, among the most expensive globally, have undergone a correction since the beginning of the year making them more attractive to private equity players and others looking for BPO buys in the country. WNS, India’s largest third-party BPO after Genpact, is currently valued at 44 times its earnings, at a significant discount to the price it used to command six months ago, when it was valued at over 63 times its earnings. EXL Services, which is listed on the Nasdaq, has also seen its valuation drop from 36 times its earnings to 30 times its earnings in the same period. […]