July 2007
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Park Hotels raised $55 million through a private equity deal

Apeejay Surrendra Park Hotels Ltd, owners of The Park Hotels chain, on Thursday said it has raised $55 million through a private equity deal with Credit Suisse. The money will be used to fund future expansions, a release issued said. “This infusion of capital will be a catalyst enabling us to expand our footprint throughout the region,” Apeejay Surrendra Park Hotels' Chairperson Priya Paul said. The Park Hotels is India's first collection of contemporary luxury boutique hotels with properties in Bangalore, Chennai, New Delhi, Kolkata, Navi Mumbai and Visakhapatnam. […]

Bessemer plans to invest $350 million in India

Bessemer Venture Partners, a U.S. venture-capital firm, plans to invest $350 million of its new $1 billion fund in India, one of the world's fastest growing economies. The fund, Bessemer Venture Partners Global Fund VII, closed Thursday and had been significantly oversubscribed, according to the firm. BVP managing partner Rob Chandra sees India as an excellent investment destination for the long term. “India is going through profound change in its economy,” Chandra said Thursday in a phone interview from Mumbai. “It's deregulating and embracing capitalism. This deregulation is fuelling a lot of prosperity. It's fuelling jobs.” “India is still a society that's very capital starved,” Chandra said. With a population of 1.1 billion, India has a booming economy. Its GDP grew a whopping 9.2% in 2006 and is projected to grow at about 9% this year. “On the back of buoyant equity markets and fresh equity issuance, foreign institutional investment at nearly $9 billion so far in 2007 has (already) exceeded total inflows in 2006,” Eurasia Group analyst Seema Desai said in a research note Thursday. […]

Blackstone, eyeing 10% stake in Moser Baer PV

PE players, including Blackstone, Warburg Pincus and Carlyle, are eyeing a 10% stake in Moser Baer Photo Voltaic (MBPV) business for a consideration of about $150 million. Moser Baer may look at options of spinning off the PV business as a separate entity and may subsequently look at an overseas listing for its PV arm. When contacted by ET, MBPV CEO Ravi Khanna said: “While there is a lot of interest from PE players in the PV business, we have not yet reached the valuation stage. PV is a fast growing business worldwide and firms with good proposition do generate a lot of interests. As far as listing is concerned, there is no decision as yet.” […]

Reliance Communications sells 5% of towers unit

Indian telecom services provider Reliance Communications (RCom) has sold a 5% stake in the unit that owns its telecom towers to a group of institutional investors at a price that was sharply above what the market expected. The price tag of Rs14 billion ($337.5 million) values the entire unit at $6.75 billion and sets a powerful benchmark for a planned initial public offering that, according to RCom’s chairman, will take place “in the near future”. The listing, he said yesterday, will give investors “another attractive opportunity to participate in India’s incredible telecom growth”. […]