September 2008
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Financial sector's loss is PE firms' gain

The collapse of the big guns of global financial services sector could well turn out to be a gain for the private equity (PE) industry in India. Thousands of professionals who were employed by these firms will now be chased by the PE firms, which are already facing an acute shortage of skilled professionals. At present there are over 366 PE firms in India while three years ago the number stood at around 100. The industry witnessed a robust growth in the last few years with investments going up from $2 billion in 2005 to close to $17 billion in 2008. [...]

WL Ross pitches merger with SpiceJet to rival airlines

New York-based private equity fund WL Ross and Co. Llc., which in August agreed to invest $80 million (about Rs370 crore at the current exchange rate) in low-fare airline SpiceJet Ltd, has, on its own, started talks with Jet Airways India Ltd and Kingfisher Airlines Ltd for a possible merger with the Delhi-based carrier. Ross, part of investment management firm Invesco Ltd, has also started discussions with other low-fare carriers for a possible merger in an attempt to create a larger airline, said a person familiar with the development. “The idea is to increase the valuation of SpiceJet or the money invested by WL Ross before the firm exits,” this person added, asking not to be named. WL Ross has also suggested strict cost controls and tighter management to turn around SpiceJet, he added. [...]

Mukta Arts acquires majority stake in Coruscant Tec

Media and entertainment company Mukta Arts has announced the acquisition of mobile content and application company, Coruscant Tec. The entertainment marque acquired a 51-per cent stake in Coruscant Tec in an all cash deal for an unspecified amount. Mukta Arts is promoted by filmmaker Subhash Ghai. Mukta Arts is a well known name in the Indian entertainment industry, and has outlined plans to further consolidate its position with the acquisition of Coruscant Tec by adding another dimension to its entertainment portfolio. [...]