August 2008
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New Silk Route may acquire Dawnay Day's 50% stake in India Venture

Beleaguered UK investment group Dawnay Day's stakes in its Indian businesses are on the verge of being sold. Five to six potential buyers have shown interest in the UK firm's stake in financial services, hotels and real estate ventures here. New Silk Route, the fund promoted by ex-McKinsey chairman Rajat Gupta, is said to be ahead in the race for acquiring the UK firm's 50% stake in financial services joint venture – Dawnay Day AV India. Dawnay Day AV India is a joint venture between Alok Vajpeyi, ex-DSP Merrill Lynch official, and Dawnay Day International, the financial services arm of the UK-based Dawnay Day Group. Mr Vajpeyi holds 25% stake and the remaining 25% stake is held in a trust for the management. Other than the financial services subsidiary, Dawnay Day has two other subsidiaries in India – Dawnay Day Hotels India and Dawnay Day India Land […]

Parsvnath to sell SEZ stake to PE Funds

Parsvnath Developers Ltd, the New Delhi-based realtor, is in advanced talks to sell stake in its special economic zones (SEZ) projects to fund its developmental plans, its top official said. The realtor is in talks with at least five private equity funds, including Saffron India Real Estate Fund, which has taken a 15% stake in Parsvnath's subsidiary for the Rs 620 crore project near the Bandra Kurla complex in Mumbai. “Everything related to the stake dilution for the SEZ project is done, and we expect to make a formal announcement within a month,” Parsvnath chairman Pradeep Jain told DNA Money. However, Parsvnath neither provided the financial details of the stake sale nor did it give the names of the equity funds. […]

Unitech to raise USD 1 bn from PE Funds

Unitech Limited, the country’s second largest realty firm, plans to raise nearly US$1 billion (Rs 4,200 crore) in the current financial year from private equity (PE) players for expanding its hotel, commercial and retail business, across the country. The company intends to raise funds by floating special purpose vehicles (SPVs) in different projects. Under the proposed plan, the company will invest $300 million on hotel projects while $700 million on commercial and retail projects. The projects will be implemented in cities such as the National Capital Region and Mumbai among others. […]

Nomura to acquire stake in Indian digital media

Leading investment bank Nomura Holdings Inc. said Friday it has agreed to contribute USD 16 million to India's digital media and entertainment provider Real Image Media Technologies Pvt. Ltd. The financing deal will allow Nomura to support the booming consumer services and media entertainment industry in India and thus contribute to the country's economic growth, the bank said. Established in 1986, Real Image provides digital cinema technology solutions that address not just the needs of cinema houses for digital cinema equipment and content, but also encompass the needs of the media and in-cinema advertising industry in India, according to Nomura. […]

M&A activity losing steam in India

The mergers and acquisitions (M&A) activity by India Inc seems to be running out of steam. According to a study, M&A deals have declined by nearly 60% in the first half of 2008 compared to the same period last year. Experts say if global financial conditions continue to remain under pressure, M&A activity will take a back seat. According to a study by Grant Thorton, there were 335 M&A deals worth 43.97 billion dollars in first half of 2007. This year the value of M&A deals have declined to 17.4 billion dollars. Experts say it's lack of easy financing, that's creating a hindrance. Harish HV, Partner, Grant Thornton said, “We had seen some mega deals last year, which were missing this year. We are buffeted by a global financial crisis this year. If it continues the way it is going now, we will see some more slowdown. Making deals at the end of the day requires the market to be vibrant and capital to be raised in an efficient way. […]

Baring seeks to invest in Indian retail sector

Global private equity major Baring Private Equity Partners, which is looking to pump investments in the Indian retail sector on Friday said it is talking with some major players for partnerships. “We want to provide long-term value addition and expertise for high growth of retail players in the apparel, beauty, entertainment and health beauty segments,” Baring India Head (Retail Practice) Aakash Moondhra told the media. He said Baring India is in talks with some major players in the retail industry and some kind of partnership “is expected in the coming months”. […]