February 2008
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AIG, JPMorgan buy 25% stake in Narayana Hrudayalaya

Global investment banks American International Group Inc. (AIG) and JPMorgan have taken a 25% stake in the Bangalore-based hospital group Narayana Hrudayalaya Pvt. Ltd (NHPL) for Rs400 crore. The two leading individual promoters of NHPL are Narayana Hrudayalaya founder Dr Devi Shetty and Biocon Ltd chairman and managing director Kiran Mazumdar-Shaw. Announcing the investment on Wednesday, Dr Shetty said the funds, Rs200 crore each from AIG and JPMorgan, would be used by NHPL to build a nationwide chain of so-called health cities in the state capitals. “We will create 5,000-bed hospitals in most state capitals, reaching 20,000 beds within five years,” said Dr Shetty, a cardiac surgeon himself at Narayana Hrudayalaya, the flagship hospital of the group which currently owns three hospitals across Bangalore and Kolkata with a total bed capacity of 2,500. [...]

Indiabulls Real Estate acquires realty firm

Indiabulls Real Estate, the realty arm of Indiabulls group, has said that Indiabulls Infrastructure (IIL), a subsidiary of the company, has acquired 100% shareholding of Catherine Builders and Developers (Catherine) from DLF Home Developers. Catherine owns 50% shareholding of Kenneth Builders & Developers (Kenneth) which had earlier won the auction by DDA to develop a residential project on 35.8 acres of land located at Tehkhand in South Delhi. [...]

Mindteck acquires US firm for $21 million

Mindteck India, a Bangalore-based publicly listed IT outsourcing firm, has acquired US-based Infotech Consulting for $21 million. Mindteck is paying cash of $1.5 million while the rest is in stock. Mindteck has issued stock for this acquisition at Rs 98.50 per share, a premium of Rs 88.50 per share on a stock swap basis on a base price of Rs 58 per share. Infotech Consulting founder Pankaj Agarwal is the current CEO of Mindteck. Infotech Consulting topline is $31 million and brings in 250 people to Mindteck along with presence in Business Application Consulting, infrastructure and managed services. According to Mindteck, it will acquire three more companies within the end of the current fiscal for a total of $30.6 million including the $21 million it paid out for Infotech. [...]

SBI enters PE space, buys 20% in Sage Capital Funds Management

State Bank of India, the country’s largest commercial bank, is entering the private equity sector by picking up close to 20% equity stake in Sage Capital Funds Management, an asset management company (AMC) floated by Sage Capital. The company has started a $200-million (about Rs 790 crore) fund, Sage Capital Value Fund, that will invest in Indian companies, as a volatile capital market pushes down valuations of firms prompting this class of investors to value-pick stocks in the world’s second-fastest growing economy. This is the first time that SBI has entered the private equity domain, though bank chairman OP Bhatt had hinted at it last year by saying that the bank is talking to strategic partners on a selective basis. SBI had been aiming to deploy about Rs 5,000 crore for private equity, Mr Bhatt had then said. Although SBI officials weren’t available for comment, Sage Capital founder and managing director Manish Kanchan confirmed the bank’s involvement in Sage Capital Funds. “The fund has received positive response from various institutional investors we’ve spoken with across the world. We are happy with SBI’s decision to acquire a stake and expect to leverage multiple synergies with the bank and our portfolio companies,” he added. [...]

Matrix Partners invests in classifieds website Kijiji India

Matrix Partners India has acquired a stake in Kijiji India and will be jointly owning it with shopping site eBay. The financial details of the transaction, however, were not disclosed. Kijiji India (www.kijiji.in) is an online classifieds-style website that allows local communities to meet, help one another and interact over shared interests. It is a platform that meets the personal needs of the local community in a city. Kijiji can help users to buy or sell a used car, look for an apartment on rent, buy or sell a house, look for a job or hire people, and much more. In India, Kijiji launched in November 2005 and is now present in 12 cities including Mumbai, Delhi,Bangalore and Chennai. [...]