July 2010
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Tata Cap healthcare fund eyes Rs 600 cr investments

Tata Capital, the private equity and financial services arm of the Tata group, is looking at over Rs 600 crore investments for its standalone healthcare fund. The Tata Healthcare Fund will look at taking minority stakes in fast-growing healthcare and pharma companies in India. This fund, which is starting to find its feet, is spearheaded by Visalakshi Chandramouli, who was with Merrill Lynch and Cipla Pharmaceuticals earlier. The domestic component of the fund is understood to have been assigned a target size of up to Rs 200 crore. The offshore component of the fund is being co-partnered by Tata PE along with HBM Partners, a Switzerland-based global investor in early-stage life sciences and healthcare companies. This offshore fund is expected to mop up $70-100 million (Rs 325-465 crore), according to investment bankers. […]

Milestone, private equity player to list on stock exchanges

Yet another pure private equity player is looking to list on stock exchanges. Milestone Capital Advisors has filed a draft-red-herring prospectus with the Securities and Exchange Board of India for an initial public offering (IPO). It would be the first private equity (PE) fund since IL&FS Investment Managers to raise capital through this route. Two other entities listed on the stock exchanges — IndiaCo Ventures and Future Capital Holdings — also have private equity businesses, though both are also involved in investment advisory. The latest move raises questions on the valuation of such companies and whether Indian investors are ready for them, considering the business model is completely different. […]

Fortis makes counter bid of $3.1 billion for Parkway

Healthcare major Fortis, along with the family of promoters including Malvinder Singh, has made a counter bid for Parkway Holdings, valuing it at $3.1 billion. This has been done so that they can stop the bid process of their Malaysian competitor, Khazanah for the Singaporean hospital chain. The step comes after Fortis was surprised by Khazanah bidding for the chain for $835 million as initial offer during May. Fortis is a stakeholder in Parkway and holds 25 per cent stake. Khazanah, on the other hand, is a majority stakeholder and owns 51.5 per cent in it. Some analysts believe Fortis is trying to test the market and that is why it waited for so long before making its own bid. […]

Blackstone to invest Rs 2.75 bn in Monnet Power

The Blackstone Group announced that it will be investing Rs 2750 million (approximately USD 60 million) for 12.5% equity stake in Monnet Power Company (MPCL), an independent power producer (IPP). Monnet Power Company (MPCL) is a wholly owned subsidiary of Monnet Ispat and Energy. MPCL is developing a 1,050 MW coal fired power plant in Orissa backed by pit-head captive coal mines, and has a pipeline of a further 2000 MW under development. MPCL is a 100% subsidiary of Monnet Ispat & Energy (MIEL), which is India`s second largest manufacturer of integrated coal-based sponge iron. Commenting on the association, Sandeep Jajodia, executive vice chairman and managing director of MIEL and director of MPCL, said, “I am glad to partner with one of the largest private equity investors in the world. Their interest in sharing knowledge with management and their deep understanding of the power industry globally and in India, will add value to MPCL in several ways for the benefit of its shareholders. We will be able to utilize our experience in setting up power plants and developing mines, while leveraging Blackstone`s global linkages and knowledge base“. […]

RCom Acquires Digicable In All-Stock Deal

Anil Ambani group firm Reliance Communications Ltd., or RCom, announced the acquisition of Digicable, the country's largest cable TV service-provider, in an all-stock deal. RCom board approved the proposal on Thursday, but did not state the value of the deal. The fresh acquisition came on the heels of the recent merging of its telecom tower business with GTL infrastructure Ltd., in a Rs.50,000-crore deal. The new entity, “Reliance DigiCom”, will integrate RCom's DTH, IPTV and Retail broadband operations, with Digicable. It will have a combined subscriber base of 11 million homes, the company said. The deal will create India's largest and the world's fifth largest entity offering full-full-suite of Triple Play services–Digital TV, Ultra High-Speed Broadband and Voice services. […]

Redington promoters sell 14% to foreign funds

The Singapore-based promoters of Redington (India), one of the largest distributors of IT hardware and software products, have sold close to 14% in the company to a clutch of foreign funds, including Goldman Sachs, Morgan Stanley and Blackstone, in a Rs 391-crore deal. The 30-year-old IT firm competes with multinationals like Ingram Micro in distributing printers, networking products and software. Apart from the three large foreign investors, the list of buyers also includes IDFC, Universities Superannuation Scheme and Payash Securities. The six investors bought 61 lakh shares, or 7.8% of the 13.99% equity sold by the promoter. The identity of the buyers of the remaining shares could not be ascertained. Redington India shares slipped 5% to Rs 360 on BSE on Thursday. […]