October 2009
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Surana Telecom to offload 20% in solar power arm to FIIs

Surana Telecom and Power Limited, a city-based manufacturer of optical fibre, ethernet converters (modems), power cables and aluminium rods, will dilute 20 per cent of the equity in its solar power subsidiary – Surana Ventures Limited (SVL) – to foreign institutional investors (FIIs). The capital raised will be utilised to fuel SVL's expansion plans. Surana Telecom, on October 14, received in-principle approval from its board to demerge the solar business and consolidate it with group company Surana Ventures. At present, Surana Telecom and its publicly-listed group company Bhagyanagar India Limited hold 49 per cent each in Surana Ventures, while the rest is with the promoters. […]

Emerging mkts take lion's share in global PE activity in H1

Emerging markets, including India, accounted for a larger share in the global private equity (PE) activity in the first six months of this year, despite a decline in the funds raised compared to the year-ago period, a report has said. Emerging Asia continued to lead and raised $11 billion in the first half of 2009, representing 69 per cent of total new commitments during the period, but a 61 per cent decline from the $29 billion raised relative to the previous year, the report by Emerging Markets Private Equity Association (EMPEA) said. “Emerging markets continue to account for a larger share of the global PE market, consistent with their contribution to global GDP and GDP growth,” EMPEA President Sarah Alexander added. […]

Asklepios poised to launch $100-200 mn India fund

Leading international clinic chain Asklepios International is gearing up for a foray into the Indian healthcare market. As part of the 2.3 billion euro group’s strategy to enter the sub-continent, Asklepios is mulling the launch of a $100 to $200 million fund, according to a person familiar with the development. If this fund goes through, it would be the first German big-ticket investment in the $35-billion Indian healthcare segment. The Asklepios group has been scouting for anchor clients in India to firm up the venture, the source told ET on condition of anonymity. […]

PE investments set to flood power sector

India’s power sector will be a key destination for private equity (PE) players to park their money, with close to $1.64 billion worth of infrastructure funds, mainly in power, awaiting their launch. According to industry experts, once the liquidity situation improves globally, the sector will see good investment momentum. This is despite the fact that PE investment in the power generation sector dropped by around 80 per cent between April and September 2009, to $157 million (around Rs 770 crore) from $902 million (Rs 4,419 crore) a year earlier. The number of deals also dropped to six from 17. According to Venture Intelligence, a research service focused on PE and mergers and acquisitions, investments in this sector for a comparative period in 2006 were $122 million, which increased to $495 million in 2007. “For the first time in the last four years the sector witnessed a negative growth”. […]

UBS Sells India Service Center

Outsourcing provider Cognizant plans to acquire UBS India Service Center Private Ltd. (UBS ISC), a Hyderabad, India-based captive service provider to UBS Group. No price tag for the deal was made public. As part of the transaction, UBS and Cognizant have entered into a multi-year agreement under which Cognizant will provide a range of business process outsourcing (BPO), knowledge process outsourcing (KPO), IT, and remote infrastructure management services to UBS divisions around the globe. […]

Tata Motors Buys Remaining 79% Stake In Spanish Company

Tata Motors Ltd.(TTM), India's largest auto maker by sales, said Tuesday it has acquired the remaining 79% stake in Spanish bus maker Hispano Carrocera S.A. Tata Motors bought the additional stake by exercising an existing call option with the other shareholder, Spain's Investalia S.A., the Mumbai-based auto maker said. Tata Motors had purchased a 21% stake in Hispano in February 2005. […]