July 2007
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Red Fort eyes Rs 3,500 crore realty exposure

Red Fort Capital, a Cayman Islands-based private equity fund, is planning to raise $875 million (Rs 3,500 crore) fund to invest in Indian properties. The fund has committed $100 million in projects of the Bangalore-based Prestige Group. “We have invested in land, residential and commercial projects in Bangalore, Chennai, Hyderabad, and Kochi. We are also planning to invest in Goa, Mumbai, and the NCR (national capital region) in future,'' said Subhash Bedi, partner, Red Fort Capital. Bedi said the realty sector in the country presented a good investment opportunity. “Despite the Reserve Bank of India's (RBI) curbs on lending to the real estate, it remains a lucrative investment,” he said. […]

Credit Suisse eyes 15% in India Park Hotels

Credit Suisse is buying up to 15 percent in Park Hotels for $50-$55 million, two newspapers reported on Monday. Credit Suisse's real estate fund will acquire 10-15 percent in the hotel chain in a structured deal, a business daily said, citing sources close to the development. The deal is expected to be announced on Monday, another paper said, also citing sources close to the development. A spokeswoman for Park said she had no information at this point. A spokeswoman for Credit Suisse declined comment. […]

Reliance Communications Buys Yipes for $300 Million

Reliance Communications Ltd., India's second-largest wireless company, acquired all of U.S.- based Yipes Communications Inc. for about $300 million, adding customers and markets to its enterprise-data services business. FLAG Telecom Group Ltd., the undersea-cable unit of Reliance Communications, bought the stake from Norwest Venture Partners, JPMorgan Partners LLC, Crosslink Capital and Sprout Group, Chairman Anil Ambani said in Mumbai today. Yipes, which provides a high-speed data services to about 1,000 customers in 14 U.S. cities, runs an optic fiber network of more than 22,000 kilometers (13,670 miles), he said. Yipes will accelerate Reliance Communications' entry into the $90 billion global market for enterprise and institutional data services, Ambani said. Bandwidth demand is rising in India as software companies such as Infosys Technologies Ltd. and Tata Consultancy Services Ltd. win orders from overseas clients. […]

India reaches new highs on M&A chart

Indian companies have already seen a considerable number of mergers and acquisitions in 2007. Here are some highlights from the latest study on the mergers and acquisitions in India in the first half of this year. According to the Grant Thornton half-yearly tracker, one of India's traditional sector, textiles, has started seeing several outbound cross border deals. Some of the larger acquisitions in this segment have been made by companies such as Spentex Industries, Himatsingka Seide, and GHCL. The first half of 2007 has been another milestone in the M&A and private equity space in India. Both M&A and private equities have touched unprecedented deal values. […]