January 2008
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Goldman, Macquaire to buy 20% each in PTC Financial

Goldman Sachs Strategic Investments and Macquarie India Holdings have signed an agreement to acquire 20 per cent stake each in PTC India Financial services (PFS), the recently incorporated subsidiary of power trader PTC India, for about $40 million. The two “strategic” investors will acquire the stakes through a fresh issue of shares by the subsidiary, set up to invest across the Indian energy value chain, a statement from PTC said. The Foreign Investment Promotion Board (FIPB) had earlier approved the equity partnership in PFS. This will be a non-banking finance company, which will extend equity and debt financing to power projects. “The two companies will pay a premium of Rs 6 on each share of Rs 10,” an official informed. [...]

Kotak Venture buys into Heritage Foods

A private equity fund managed by Kotak Venture Funds would invest around $10 million in Chandrababu Naidu promoted Heritage Foods. The deal was signed on Monday evening. Sources familiar with the development said that the board of directors of Heritage would meet on January 4 to ratify the placement to Kotak VC on a preferential basis. The monies raised from this exercise would be used to expand the ‘Fresh@' stores from the present 50 to 100. “The Fresh@ stores which Heritage Foods started last year to jump into the retail bandwagon has met with considerable success. The business needs more funds to expand and therefore this placement,” sources said. Heritage started to roll out its retail format under brand name ‘Fresh @'. All the stores are only in South India and the strategy is to remain in South for the time being, expand the footprint and then look at other markets. [...]