November 2007
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ICICI Ven to buy Karvy stake

ICICI Venture seems to have got a toehold in Karvy Stock Broking, which, sources said, is most likely to have parted with a chunk of its equity in favour of the domestic private equity (PE) fund. While neither the value of the deal nor the size of the stake could be officially ascertained, it is learnt that Hong Kong’s Century Pacific Group, which had invested in Karvy in mid-2005, wanted out. Century Pacific had picked up a 20% stake in Karvy Stock Broking for Rs 83 crore, which had valued Karvy at Rs 415 crore then. Sources indicated that Karvy now values itself at around Rs 1,000 crore, which is probably one of the reasons why others opted out of the race. [...]

Wexford Capital entered India with a $100 million PE fund

US-based investment firm Wexford Capital LLC has entered India with a $100 million private equity fund through Baseline Partners Ltd, a new private equity firm that is eying investments in the range of $10-25 million in medium-sized companies over the next one year. Howard Endelman, Partner, Baseline Partners said Wexford, which has assets worth $7 billion under its management across the globe, has committed to India for a minimum 12 years and is willing to increase the corpus from $100 million if there are good investments. Wexford manages four hedge funds with $4 billion in assets under management. It also manages a series of PE funds and has invested over $3 billion in private equity, focusing mainly on energy and natural resources, transportation and life sciences companies. It has been active in the Indian stock markets through the hedge funds, but this is the first time it is getting into the private equity area. [...]

Blackstone invested $65 mln in MTAR Technologies

Private equity firm Blackstone Group has invested $65 million for a stake in Indian engineering firm MTAR Technologies Pvt Ltd, the U.S. company said late on Wednesday. MTAR makes machined parts for nuclear, space and defense projects, as well as engine and structural components for aerospace and defense applications, it said. The funding is a mix of primary and secondary equity. The Economic Times newspaper said Blackstone had bought 26 percent in MTAR. “We are very enthusiastic about this investment as we foresee a huge growth opportunity for MTAR both in domestic and global markets,” said Akhil Gupta, chairman of Blackstone Advisors India Pvt Ltd. Blackstone has said it had a huge pipeline of deals in India, and has made a series of investments recently, including buying a majority stake in apparel firm Gokaldas Exports Ltd and $150 million in Nagarjuna Construction Co Ltd. First Securities was the advisor to the transaction.(Reuters) [...]

Usha Martin to sell cable subsidiary

Usha Martin Ltd. (UML) has decided to sell the entire equity in its subsidiary company, UM Cables, to the Manchester-based B3 Cable Solutions. A memorandum of understanding (MoU) to this effect has been signed and the ownership changeover is expected to take effect early next year, subject to due-diligence and necessary approvals. UM Cables, with its modern manufacturing facility at Silvassa near Mumbai, is among India’s leading manufacturers of optical fibre and copper telecom cables, with a strong domestic and international customer base. P. Bhattacharya, Joint Managing Director, UML, said the ownership change would allow the company to concentrate on its core business of minerals, speciality steel and wire rope, while creating good opportunity for the cable business. This acquisition will help B3 to strategically position itself in the resurgent optical fibre cable business and also in the fast growing Asian region. [...]