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PE firm JC Flowers buys 36% in Sicom

The Specified Undertaking of the Unit Trust of India (Suuti) has sold 36.58% stake in Mumbai-based NBFC Sicom for $100 million to US-based private equity fund JC Flowers. JC Flowers invests mainly in the financial services sector and distressed assets. ICICI Securities was the sole advisor for the transaction. Suuti had earlier shortlisted JC Flowers, US-based SCSI and L&T Infrastructure before striking the deal. Sicom offers fund-based and non-fund based products and services to Companies in the private and public sector and government bodies. Besides, Sicom has separate arms for mezzanine funding and private equities. It also has been providing techno-economic viability studies, detail project appraisals for both small and large projects and in some cases acquiring land on behalf of corporates to set up large projects. Sicom’s main thrust is lending, asset management, and advisory services. [...]

ICICI venture firm acquires Alved Pharma

ICICI venture firm, RFCL Ltd, on Friday said it will acquire Chennai-based veterinary healthcare firm Alved Pharma and Foods Pvt Ltd for an undisclosed amount. RFCL has signed a definitive share purchase agreement to acquire Alved Pharma, which would see transfer all key people, assets, all contracts including exports and the brand name, the ICICI Venture firm said in a statement. “Alved is a market leader in South India with significant export business to Middle East and Africa and is expecting to close FY08 with Rs 18 crore sales revenue,” RFCL said. The company said that this acquisition complements the animal healthcare business of Vetnex, the veterinary wing of RFCL, in terms of product profile and distribution network. [...]

Essar Power may sell 10% to PE co General Atlantic

Global private equity firm General Atlantic is close to buying 10% stake in Essar Power (EPL) for around $600 million. EPL plans to head to Dalal Street after the placement. Talks between General Atlantic and EPL are in an advanced stage and a deal is likely soon, sources said. “EPL, which has a generation capacity of 1,200 mw, is valued at around $6 billion. The company plans to invest $4 billion to set up three power plants with a cumulative capacity of 3,600 mw. The projects will be funded on a 3:1 debt-equity ratio. The fresh funds raised through private equity will be used for the new projects,” said company sources. When contacted by ET, company officials declined comment on the stake sale and IPO. “Two private equity majors were in the race, but now General Atlantic has moved in,” sources said. [...]

BCCL picks up stake in Airex Logistics & Express

Bennett, Coleman & Co Ltd (BCCL) has picked up stake in a private company, Airex Logistics & Express Services. Airex specializes in serving courier, cargo, warehousing & distribution and other express logistics needs of banking, financial institutions, pharmaceuticals that includes cold chain products, electronic manufacturers and insurance companies across India. Airex Logistics offers express courier services and cash management services for various leading multinational and locals banks and insurance companies of companies which lay a lot of stress on safe, guaranteed and timely delivery of documents. Highlighting its presence in the retail industry, Airex has tied up with a renowned chain of retail stores to provide facility counters across outlets where customers can send and receive couriers at competitive rates. Airex has also taken up distribution of merchandise for leading brands. [...]

Dish TV sells 4.9% stake to Indivision

Subhash Chandra's direct-to-home venture Dish TV has announced that it has sold 4.9% stake in the company to Indivision India Partners, a Mauritius-based private equity firm promoted by Kishore Biyani's Future Capital Holdings, for Rs 250 crore. Dish TV will raise the money in two tranches. It will do a preferntial allotment of 12.5 million equity shares of Rs 1 each at a price of Rs 100 to raise Rs 125 crore. Indivision will also subscribe to 96,15,385 warrants, which will be converted into equity at Rs 130 a share, 18 months later. [...]

VC/PE funding doubles in 2007, touches $14 bn

The Indian VC/PE juggernaut keeps rolling. VC/PE investments into the country in 2007 have touched $14.2 billion, almost double of what it clocked in 2006 at $7.5 billion. The number of deals stood at 390 compared to 299 deals in 2006. The figure of $14.2 billion does not include Temasek’s investment of $1 billion in Bharti Infratel announced late in December 2007. It also excludes real estate investments. According to Venture Intelligence India, which tracks VC/PE investments in India and compiles the data for Indian Venture Capital Association, VC investments (seed, early stage and growth capital) accounted for $560 million across 100 deals in 2007. [...]