February 2009
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IFC invests $15M in WaterHealth for filtration in rural India

Irvine, Calif.-based Waterhealth International is planning to install water purification and disinfection systems for 600 communities across India, funded by a $15 million project finance round from International Finance Corp this week. IFC, a division of the World Bank, has previously invested equity in WaterHealth International to grow the business. But this new cash infusion will allow WaterHealth to quadruple the number of decentralized units up and running in Indian communities, said Tralance Addy, CEO of WaterHealth International. “India has 600,000 villages that would fall into this category where we would want to improve the water conditions,” Addy told the Cleantech Group today. “So 600 is a drop in the bucket.” [...]

Nine Rivers Capital invests $10m in engineering company

Nine Rivers Capital, a Mauritius-based private equity firm focused on India-centric opportunities, has invested INR500m ($10m) for a minority stake in Pranav Construction Systems, an Indian formwork engineering company. The funds will be used to set up a manufacturing facility that will see a capacity expansion of nearly 400 per cent, from 9,600 metric tons per annum to 45,600 metric tons per annum; to augment its long-term working capital needs to fuel future growth; and to create rental fleets for the Middle East markets, the firm said. Pranav’s products have been used by its customers in infrastructure projects in India and the Middle East, such as the Delhi Metro, the Mumbai Metro, the Dubai Metro and the New Doha International Airport. [...]

DLF founders in unit stake sale talks – report

The founders of India's top-listed realty, DLF Ltd, are in talks with private equity funds such as Blackstone Group and Bahrain-based Taib Bank to sell a majority stake in an affiliate, the Economic Times said. The deal, if finalised, would fetch DLF Assets around $450-$500 million, the newspaper said on Wednesday, adding the private equity arm of JPMorgan was also in talks. A senior team from Taib Bank was in New Delhi last week holding talks with DLF Assets, the paper said, citing an unnamed person involved in the development. “The deal would see a consortium of PE firms investing in DLF Assets,” the paper quoted an investment banker close to the development as saying. [...]

River Valley close to picking 75% stake in Amritjal Venture

Singapore-based River Valley Hydro Ventures is close to picking 75% stake in Secunderabad-based power firm Amritjal Venture for Rs 300 crore. River Valley Ventures is looking to invest in hydro power projects in India and other countries. The deal would value Amritjal Venture at Rs 400 crore. The proceeds of the stake sale will be invested by the Indian firm in setting up hydro power projects in Sikkim, said a person with direct knowledge of the transaction . As per the plan, Amritjal Venture is going to float three special purpose vehicles (SPVs)- Gati Infrastructure, Gati Infrastructure Bhasmey Power and Gati Infrastructure Sada-Mangder Power. These SPVs will inturn set up the proposed power projects. [...]

PE investment in India to fall by a third in 2009

Private equity investment in India in 2009 is expected to tumble by more than a third to $5 billion to $7 billion, similar to the fall in 2008, as investor aversion rises and asset owners stick to high price expectations, industry players said. PE firms will also be busy tending to Indian portfolios battered in the stock market meltdown, speakers at a private equity conference in Mumbai said on Thursday. “The sustainable private equity deal volumes in this market would be just about 50 percent of the last couple of years,” Puneet Bhatia, managing director at PE firm TPG, said at the conference. “The price of being prudent and diversified has just not delivered,” he said, referring to the sharper fall in developing market indices than in major industrial markets. [...]

Panoramic eyeing PE funding to fuel pan-India expansion

With a view to have a pan-India footprint, hospitality major Panoramic Universal is planning to develop two exclusive properties in Hyderabad and Jaipur and is in talks with private equity players for raising Rs 50 crore. “We plan to raise Rs 50 crore and are in talks with private equity players and institutional investors. The deal should be sealed soon,” Panoramic Universal's Senior Vice President (Finance & Operations) Utpal Parekh told PTI here. Initial discussions with several investors have already been done, he said, adding, “We will dilute at the right valuation.” Panoramic Universal has adopted the inorganic route for expansion and recently acquired three hotels in the country taking its total chain to 11 across India, US and New Zealand. The company acquired a controlling stake of a semi-finished hotel in Hyderabad called Sri Vatsa Hotels for Rs 20 crore last year. It intends to convert this property into a 90-room four star hotel. [...]