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Nomura backs out of Enam deal

Japan's largest brokerage house, Nomura Securities, is understood to have backed out of a deal to pick up a strategic stake in India’s leading brokerage, Enam Securtites. Nomura, which has been negotiating with the promoters of Enam for the last few months, seems to have had differences over valuations. “Nomura’s top management team came down from Tokyo to Mumbai last week and held final round negotiations with Enam officials. Nomura finally decided to withdraw,” a source close to the development said. Officials from both Nomura and Enam were unavailable for comment. With an eye on the booming Indian brokerage and investment banking industry, Nomura had earlier said it was in talks with Enam for a potential merger or a strategic stake. The Japanese firm's executive vice-president Hiromi Yamaji had told international news agencies that it was talking to Enam. [...]

Cadila to buy European firm at $80 mn

Gujarat-based Cadila Pharmaceuticals is close to buying an European company that specialises in neurology and opthalmology medicines. The deal, said to be valued at $80 milllion (about Rs 320 crore), will be announced soon. A Cadila executive said that the acquisition would enhance the company’s marketing capabilities in Europe. This will be Cadila’s second overseas facility. Last month, the company had invested $15 million (about Rs 60 crore) to set up a joint venture facility in Ethiopia. As a part of its agressive growth plans, Cadila will develop a state-of-the-art medicine production facility at its pharma special economic zone (SEZ) coming up near Ahmedabad. [...]

QVC Realty to raise $200mn in 2nd round

The Bangalore-based QVC Realty Pvt. Ltd, India’s first venture capital funded real estate company is looking to raise around $100-$200 million (Rs390-780 crore) in a second round of funding from private equity firms. QVC raised $100 million of venture capital funding in April this year from IL&FS Investment Managers (IIML), the private equity arm of Infrastructure Leasing & Financial Services Ltd. IIML raised $525 million in 2006 to invest in the Indian realty sector, and holds a majority stake in QVC. The company is now looking at raising more capital to fund its expansion plans. “We will look at raising capital in a second round of funding sometime towards the end of next year to fund our projects,” Prakash Gurbaxani, founder and CEO of QVC Realty said. QVC will use the capital to develop real estate assets including residential townships and commercial property including retail spaces and hotels. The focus will, however, be on developing large integrated townships. QVC plans to develop around 6-10 million sq. ft of property over the next five years in markets such as Mumbai, New Delhi, Bangalore, Hyderabad, Chennai, Pune and tier 2 or smaller cities such as Kolkata, Chandigarh, Nagpur and Kochi. (Livemint) [...]