September 2008
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ChrysCap raises equity exposure in Amtek group

The private equity fund, ChrysCapital, has increased its equity exposure in the Amtek group, which has a major presence in the auto component industry. The PE fund has bought 7% in Amtek Auto, 4% additional stake in Amtek India and fresh equity of 7.6% in Ahmednagar Forgings. Confirming the fund’s acquisitions, Amtek group CFO S Singhi said, “ChrysCapital has been buying stake in our group companies from the long-term point of view, with a time horizon of about 2-3 years. The fund appears to be bullish on the auto sector.” The PE fund’s investments have come at a time when the auto and auto ancillary sectors are passing through a rough patch following the rising interest rates and a slowdown in demand. [...]

PFC to wire up with PE firms to finance power plants

Major financial institutions and private equity firms such as Cornell Capital and Actis are likely to join hands with leading domestic power sector financing company Power Finance Corporation (PFC) to set up an equity consortia for funding power projects in the country. The state-owned institution would identify power projects needing equity support and provide lucrative investment opportunity to consortia partners. The new initiative would be run by the newly set up arm of PFC, Power Equity Capital Advisors Pvt Ltd (PE-CAP). Other institutions and PE firms that may become part of the consortia include Sansar Capital Asia, Nexent Ventures, Capital Management Advisors and Highfield Capital Management. [...]

Funds see gain in India

The credit crunch in the wake of the global financial crisis has thrown up fresh opportunities for private equity (PE) players and sovereign wealth funds (SWF) to invest in India in a big way. With traditional sources of cheaper credit drying up, corporates are increasingly looking at raising funds from PEs and SWFs. Sources said that companies, like infrastructure, which are yet to tie up funds for their expansion plans, are in talks with PEs and SWFs to meet their requirements — be it long-term debt, working capital or equity infusions. One such company is JSW Energy, which is pursuing a major investment programme of Rs 11,000 crore for its power business. JSW Energy was earlier planning to raise up to $1 billion through an IPO, it did not materialize due to sluggish market conditions. [...]