November 2009
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GVK Power acquires 12% stake in BIAL

Hyderbad-based Rs2,000 crore company GVK Power & Infrastructure Ltd (GVKPIL), has acquired a 12% stake in Bangalore International Airport Ltd (BIAL) for Rs485 crore from Flughafen Zurich AG through GVK Airport Developers Pvt Ltd (GVKADPL), a wholly-owned subsidiary of GVKPIL. The move also signals GVK’s second foray into the airport projects space in the country, after being involved in the modernisation of the Mumbai airport. According to company sources, the acquisition will be completed on obtaining all the required approvals. [...]

Soaring microfinance lures PE investors

The microfinance sector, which has doubled its outreach every year over the last five years, is seeing bigger private equity (PE) investments, as risk-wary investors rely more on rural demand than export-oriented markets. Close on the heels of Hyderabad-based Spandana Sphoorty Financial Ltd’s deal with PE major Temasek for raising about Rs 300 crore, another firm from Hyderbad, Share Microfinance Ltd, is set to close a deal for raising about Rs 200 crore. This year, Jan-Oct, saw about 11 PE deals worth $143 million in the microfinance institution (MFI) sector against eight deals worth $61 million in the same period last year. [...]

Motilal, Beacon India eye 15% stake in Pepsi bottler

Motilal Oswal Private Equity Advisors and Beacon India Private Equity Fund are close to picking up around 15% stake in the Delhi-based CK Jaipuria Group, one of the bottling companies for PepsiCo’s products in India, said two persons familiar with the matter. The first person, a senior executive in the PE industry, said the two firms are collectively looking to infuse about Rs 100-125 crore. This puts the valuation of the company at Rs 650-850 crore. Investments by the two firms separately could not be ascertained. When contacted by ET, CK Jaipuria, the CMD of the bottling company, declined comment. [...]

PE firms seek govt help to recover Maytas dues

Private equity investors JM Financial and the Mauritius-based SRS Orion Investments, which invested Rs 600 crore in Maytas Properties early 2008, are seeking government intervention to recover their investment after the property firm failed to return the funds despite an arbitration award in favour of the investors. In a letter dated November 4 to the Company Law Board, ministries of finance, corporate affairs and commerce and industry, the PE investors have requested the government to assist them in the recovery of over Rs 900 crore, including the principal and the interest as directed by the arbitrator, due to them from Maytas Properties. [...]