October 2007
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Global's PE Fund acquired equity stake in Reach Cargo

Global Investment House “Global” announced today that it has acquired through its private equity funds a significant equity stake in Reach (Cargo Movers) Pvt. Ltd, a surface transport company in India. The transaction was concluded by the private equity funds team for its Funds focused on investing in the MENA and South Asia region. Reach was established in 1971, the existing management took over the company in 2001 and changed the focus from being an agent for various transporters to a logistics service provider and focused on Providing Logistic Service, Transportation of Small & Parcel Consignments, Transportation of Capital Goods & Construction Equipments. Currently Reach provides logistics support for motor spare parts, engines, raw materials, finished products, project equipment, entire plant, sophisticated machineries, heavy transformers, oversized boiler and tankers. The Funds have invested USD5 million for a significant stake in the company. [...]

Deutsche Bank picks 5% in HCC's Pune realty project

Deutsche Bank Singapore has picked up 5% stake in Lavasa Corporation, a real estate project promoted by Hindustan Construction Company (HCC) at Lavasa near Pune, for Rs 500 crore. The deal values Lavasa Corporation at Rs 10,000 crore. Sources said Lavasa would issue fresh equity to Deutsche Bank. HCC was holding 65% in Lavasa through its real estate subsidiary, HCC Realty. Other partners in the project, the LM Thapar group and Venkateshwara Hatcheries, along with other minority stake holders, account for the remaining 35%. When contacted by ET, Lavasa Corporation COO Rajgopal Nogja declined to comment on the deal. However, sources close to the development said a term-sheet had been signed between HCC and Deutsche Bank last week. The deal makes it one of the largest investments by Deutsche Bank in India’s real estate space. A few weeks ago, Deutsche Bank invested around Rs 1,700 crore in a special purpose vehicle (SPV) floated by Mumbai-based Lodha group. [...]

Ishaan strikes Rs 1,082-crore deal with K Raheja

Ishaan Real Estate, the first India-focused real estate fund listed in the Alternative Investment Market (AIM) in London, has acquired 40% stake each in eight real estate projects promoted by K Raheja Corp, for Rs 1,082 crore (£133 million). The properties in which the fund has invested include three IT parks, two Inorbit shopping malls and one hotel property. The Ishaan-K Raheja Corp’s deal could be the first investment by an AIM-listed property fund in the Indian realty space. Last November, Ishaan had raised about £180 million in its first phase from the AIM market of London Stock Exchange. The entire fund was to be invested in K Raheja’s properties in India. It may look at raising further funds from AIM market , and may look at investing other properties in India, said sources. Ishaan picked up equity in K Raheja Corp’s Inorbit shopping mall in Hyderabad, Inorbit shopping mall and IT park in Pune, Mindspace IT park in Hyderabad, Mindspace IT park in Navi Mumbai, two Mindspace IT parks in Hyderabad, Commerzone IT park, hotel and retail development in Bangalore, and Viverea residential development at former Hindustan Spinning & Weaving Mills site in Mahalaxmi at Mumbai. [...]

KDDL eyes acquisition in Switzerland

KDDL Ltd, manufacturer of premium watch dials, on Tuesday said it is exploring options to acquire a watch company in Switzerland with an aim to tap the European and Swiss market. Besides, the company (formerly known as Kamla Dials & Devices) also plans to invest Rs 60 crore for expanding its retail chain of Swiss watches under the brand Ethos in the domestic market in the next couple of years. “We are quite keen on acquiring another watch company in Switzerland as there is a huge potential for a firm like us in this luxury watch region. But it will take some time to get things materialised,” KDDL CEO Yashovardhan Saboo said. KDDL was the first Indian company in the watch business segment to acquire a watch factory in Switzerland with an investment of $2.7 million this year. [...]

Banking M&As volume soared

Mergers and acquisitions volume in India's banking space increased significantly to USD10.5 billion in the year so far, gathering momentum from the government picking up a majority stake in the country's largest lender SBI (USD 8.7 Bn deal), a report says. The banking M&As volume increased to $ 10.5 billion through 38 deals during the year so far, while the sector had witnessed 23 deals worth 707 million last year, according to a report by global data provider Dealogic. Banking M&As tally soared mainly due to the $ 8.7-billion acquisition of 59.73 per cent stake in State Bank of India by the Centre. The stake was bought from the Reserve Bank in June. Globally, banking M&As volume has increased to $ 369.5 billion through 853 deals during the year so far, up 18 per cent from $ 313 billion in 858 deals in the same period last fiscal. [...]

Global firms eye stake in UTI

Companies from the United States, Europe and Australia are among 15 firms in the race to acquire a stake in India's No 3 asset management firm, UTI, ahead of an initial public offer (IPO), its chairman said on Tuesday. UTI Asset Management Co, with a corpus of Rs 450 billion ($11.4 billion) at the end of September, aims to sell 20 per cent of the firm before the IPO, the first by an Indian asset manager. “We are going to issue 10 million additional shares through private placement,” Chairman UK Sinha told media in an interview. He said companies from the United States, Europe, Australia, Southeast Asia and the Middle East had approached the fund house for the pre-IPO placement. No company will be offered more than 5 per cent, he said. Sinha said UTI would appoint bankers for the IPO in the first week of November, but did not say how much he expected to raise. [...]

Kotak Realty Fund picks up 10% stake in Sunteck

Kotak Realty Fund picked up 10% stake in Mumbai-based developer Sunteck Realty for Rs 140 crore. Kotak Realty has routed the investment in Sunteck through investment fund Kotak Alternate Opportunities India Fund. This would be one of the first investments from the new $400 million realty fund recently raised from domestic investors by Kotak Realty. Sunteck Realty said in a statement that the developer would utilise funds to expand its real estate developments within Mumbai, and diversify into other geographical locations. The investment will be done through a combination of equity and convertible preference shares, which on conversion will result in a 10% stake in the company, on a fully-diluted basis, said the statement . Sunteck Realty will develop residential and commercial projects in Mumbai, Goa, Pune, Nagpur, Chennai and other key tier-II cities. ( Economic Times) [...]

Kerala Ayurveda Ltd subsidiary acquires 51% stake in CMS-Katra Nursing LLC

Kerala Ayurveda Ltd, one of the leading ayurveda and healthcare companies in India, on October 22, 2007 has announced that its newly incorporated subsidiary CMS-Katra Holdings LLC, USA has acquired a 51% equity stake in US-based CMS-Katra Nursing LLC, which is acquiring the entire business and assets of CMS Inc, a leading healthcare staffing Company based in Florida, USA, with a strong focus in hospitals and other healthcare facilities through placement of credentialed pool of foreign nurses. CMS is a leading healthcare staffing company in the United States, with over 20 years of experience in the industry. The investment in CMS will augment the Company’s presence in the nursing vertical and provide access to leading hospitals and other healthcare facilities in the US for rolling out the Company’s products and services. CMS has a strong management team, client base, and client relations, which will provide numerous synergistic opportunities both for the Indian capabilities and address the increasing demand in the US healthcare market. [...]

Satyam to acquire 100% stake in Nitor Global Solutions

Satyam Computer Services Ltd on Tuesday has entered into a definitive agreement to acquire 100% stake of UK-based Nitor Global Solutions Ltd (NITOR), a niche consulting firm providing Infrastructure Management Services (IMS), for up to GBP 2.76mn (US$5.5mn) in cash. The deal marks the second acquisition in Europe by the Indian software giant which recorded revenues of US$1.46bn in the fiscal year ended March 31, 2007. NITOR, which was founded in 2002, posted revenues of US$3mn for year ended September 2007. NITOR has rich expertise in end-to-end solution implementation and program / project management in the IMS space. NITOR brings to Satyam new relationships with some of the dominant players in Banking, Pharma, and Telecom & Media industry in Europe. [...]