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Deutsche Bank arm makes $70 mn Indian real estate

RREEF, the global alternative investment management business of Deutsche Bank, advised by Deutsche Asset Management (India) Pvt Ltd, has made its first real estate investment in India. RREEF has substantially completed the purchase of an undisclosed stake in Bangalore and Hyderabad-based real estate development company, Golden Gate Properties Ltd, for US$ 70 mn (Rs. 2735 mn). Golden Gate Properties Ltd is an integrated real estate development company involved in primarily residential apartment projects in India. The company has been operating since 1997 and has to date a portfolio of 10 completed projects 8 residential apartment developments and 2 commercial projects in established neighbourhoods within Bangalore and Hyderabad. In addition, Golden Gate is in the process of building 20,000 units across 9 projects, with a built-up area totaling 23 million square feet. It also has plans to build mixed use developments and Special Economic Zones (SEZ) across South India. [...]

JM Financial India Fund invests Rs 72 crore in PreMedia Global

Chennai-based leading KPO firm, PreMedia Global ( PMG), a publishing and content services provider with facilities in Chennai and the US, has attracted Rs 72 crore private equity investment from JM Financial India fund. JM Financial, a $ 225 Million PE fund will pick up minority stake in PreMedia, with promoters holding the majority stake. PMG has raised the money through a holding firm and the funds will be used for overseas acquisitions and expansion. The JM Financial group teamed up with US-based Old Lane Partners to launch the JM Financial India Fund last year, to invest in unlisted domestic companies, seeking growth capital. So far, the fund has closed four investments in sectors such as auto-components, farm equipments, high-end fashion retail and financial services. This is its first investment in Chennai. [...]

India's Jet, Kingfisher eye SriLankan stake

India's top private carrier, Jet Airways Ltd , and Kingfisher Airlines are eyeing the stake held by Emirates [EMAIR.UL] in SriLankan Airlines, the Economic Times said, citing unnamed industry officials. Emirates, the largest Arab airline, said earlier this month it was interested in selling its 43.6 percent stake in SriLankan Airlines and wanted around $150 million for it. The Sri Lankan government already owns 51 percent of the airline and has said it may buy Emirates' stake. The management of SriLankan Airlines will revert to the government on April 1. [...]

Rolta India acquires US-based TUSC

The consideration for this transaction is about US$45mn, including escrows and earn-outs. Rolta expects this deal to be immediately accretive Rolta India Ltd. on Wednesday announced the acquisition of Broech Corporation, doing business as “TUSC”, an IT consulting company specialising in ERP applications as well as Database and Business Intelligence solutions based on Oracle technologies. The consideration for this transaction is about US$45mn, including escrows and earn-outs. Rolta expects this transaction to be immediately accretive to shareholder value in the current fiscal year ending in June 2008. As a part of its systematic and aggressive growth plans, the company has adopted a clear acquisition strategy of taking over companies that provide a synergetic mix of Technology and IPR, enabling it to move up the value chain for addressing complementary markets, Rolta said. This is the second acquisition by Rolta in a span of six months and will bring a strong portfolio of products and customers; improved access to complementary markets and industry service lines; and strengthen its global delivery mode; while continuing to leverage its existing core competencies in the GeoSpatial and Engineering domains. [...]