August 2008
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Aditya Birla Nuvo to acquire 56% in ASCIL

Diversified conglomerate Aditya Birla Nuvo will acquire 56 per cent stake in retail broking firm Apollo Sindhoori Capital Investments for a consideration of Rs 198.8 crore, a move that will strengthen the financial services segment of the group. “The strategic intent of this agreement is to position Aditya Birla Financial Services group as a broad-based and integrated player in the financial services business,” Aditya Birla Group Chief Executive, Financial Services, Ajay Srinivasan said. Aditya Birla Nuvo today entered into an agreement in this regard with Apollo Sindhoori Capital Investments Ltd (ASCIL), the company said in a filing to the Bombay Stock Exchange, adding that the move will further strengthen the position of the financial services group as a manufacturer and distributor of value added financial products. […]

INX Media in talks to raise up to $150 million

The broadcaster of general entertainment channel 9X and music channel 9XM, INX Media Pvt. Ltd is in talks with potential investors to raise $100-150 million (Rs437-635.5 crore) in a second round of funding to finance expansion plans. INX Media, which also broadcasts English news channel NewsX through subsidiary INX News Pvt. Ltd, had raised $170 million in the first round of funding completed in February 2007. “We are talking to investors and are hoping to complete this round by December,” said Peter Mukerjea, chairman of INX Media. Mukerjea, formerly chief executive officer of News Corp.-owned Star India Pvt. Ltd, and his wife Indrani control a 45% stake in INX Media. Private equity investors, who together hold 50% of the company, include the Indian unit of the Singapore government’s investment arm Temasek Holdings Pte. Ltd (19.99%) and private equity fund New Silk Route Advisors (20%). Two investment units of Kotak Mahindra Bank Ltd and New Vernon Private Equity Ltd together hold 10.01%. Employees hold the rest of equity. The firm plans to launch 11 more channels: two national, the others targeted at regional markets […]

Actis in race to invest Rs 300 cr in Ind-Bharat

The Indian power sector has emerged as the new darling of global private equity players. Following in the footsteps of Farallon Capital, L N Mittal Group, Lehman Brothers and TPG Growth, Actis and New Silk Route are in the race to invest around Rs 300 crore in Hyderabad-based Ind-Bharat Power. This investment comes close on the heels of the Rs 300 crore that Ind-Bharat raised from Citigroup Ventures and UTI Ventures. According to the information available, Motilal Oswal is running the mandate to secure this round of investment. Ind-Bharat Power focuses on the development of power projects of various capacities using different kinds of fuel and technology. The rush to invest in the power sector stems from the fact that the country needs to generate an additional 70,000 mw to meet its growing power requirements. […]

Videocon Energy Ventures to acquire 10% stake in Mozambique based Petroleum Company

Videocon Industries Ltd has announced that on August 26, 2008 Videocon Energy Ventures Ltd (“Videocon”) an overseas wholly owned subsidiary of Videocon Industries Ltd (the “Company”) executed a Participation Agreement (the “Agreement”) with Anadarko Mozambique Area I Limitada (“Anadarko”), a Mozambique based indirectly wholly owned subsidiary of Anadarko Petroleum Corporation, U.S.A., pursuant to which Videocon is to acquire a 10% Participating Interest in art Exploration and Production Concession Contract dated December 20, 2006, and effective February 01, 2007. covering Area I 'Offshore' of the Rovuma Block, Republic of Mozambicjue amongst Anadarko, Empressa Nacional de Hidrocarbonetos E.P., a company established in Mozambique ('ENH') and the Government of the Republic of Mozamibique (the 'Government') (the EPC) and the related Joint Operating Agreement originally amongst Anadarko and ENH (the 'JOA'). […]

Sequoia Capital raises $725 mn growth fund, will manage total capital of $1.8bn

After six successful exits in the past year, venture capital firm Sequoia Capital India has raised its second growth fund of $725 million (Rs3,168 crore). The firm, that now has two growth and three venture funds in India, will manage a total capital of $1.8 billion. It has at least five more exits lined up through public listing of its portfolio companies. “We expect multiple initial public offerings (IPOs) in the next 12-18 months,” says Sumir Chadha, managing director at Sequoia Capital India. “There is a lot of investor interest and we are not too worried about (market) cycles.” According to the firm, the companies likely to go public are Bharti Telesoft Ltd, AppLabs Technologies Pvt. Ltd, SKS Microfinance Pvt. Ltd, GlobalLogic Inc. and Indecomm Global Services. […]

ECL Fin buys 5% stake in Max India

ECL Finance, a subsidiary of Edelweiss Capital, has acquired a 5.18% stake in Max India following pledge of shares against loans to some firms belonging to the promoters of Max India. In a statement to the stock exchange, ECL Finance said that it had lent Rs 15 crore and Rs 75 crore to Trophy Estate and Gaylord Impex respectively. When asked whether there was a default on the loan, Max as well as Edelweise denied any such development. “As security for the said loans, Liquid Investments, Maxopp Investment and Medicare Investments have collectively created pledge on 11,490,000 shares of Max India.” […]