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Entertainment Network sells stake to BCCL for Rs 450 mn

Entertainment Network (India) Ltd said on Friday its board has approved selling its entire stake in Times Innovative Media Ltd to Bennett, Coleman & Co Ltd for Rs 450 million.(Economic Times) […]

Norwest invests $7.2 mn in Perfint

Norwest Venture Partners (NVP) has invested $7.2 million in Chennai-based Perfint Healthcare, a medical equipment firm set up in 2005. This is the first healthcare investment in India for the global venture and growth equity investment firm that manages over $ 3.7 billion capital. Perfint is a technology product company founded by entrepreneurs — S Nandakumar, CEO, K Guruswamy, sales director, and K Puhazhendi, new product development director. The trio, with decade-plus experience in GE, started it with initial funding from IDG Ventures and Accel Partners. IDG Ventures is a $150-million VC fund while Accel manages $6 billion funds to incubate entrepreneurs globally. With the latest funding by NVP, Perfint has received $11 million so far. The consumption of equipment and consumables for oncology is $5 billion market, Mr Nandakumar said. Perfint has so far installed 40 of its indigenously-developed Piga CTs (priced at $30,000 for India market) at various locations in the country, including the All India Institute of Medical Sciences, Jaslok Hospital, Lilavati and Sri Ramachandra Medical. […]

Promoters, PE funds fight it out at CLB

Barely weeks after the original promoters of supermarket chain Nilgiri Dairy Farm and PE firm Actis decided to resolve their differences, another dispute involving a PE firm and founder promoters has come to the fore. The original promoters of JRG Securities, the Kochi-based broking firm where Barings PE Partners (BPEP) India has a 49.22% stake, have moved the CLB seeking to stop the proposed rights issue. Retail chain Subhiksha had serious differences with its investors including Azim Premji-owned Zash Investments after it ran into trouble, or vice versa. A host of factors including the differences over the pace of growth and options the company needs to take to expand, management style and lack of detailed agreement in likely areas of conflict is leading to disputes and litigation, say observers. “In 90% of the cases problems arise because of the lack of a detailed agreement.” […]

Tata Capital to raise $1 billion for PE biz by December 2011

Tata Capital, a subsidiary of Tata Sons, is planning to raise $1 billion for its private equity business by December 2011, said Praveen P Kadle, managing director and chief executive officer said on Wednesday. The company has already closed the first tranche worth $200 million on the domestic side. “We have started the international fundraising process this month. In due course, we will talk more about this. Going by the initial feedback, we have got a good response from international investors,” Kadle said. The company has tied-up with Mizuho Bank of Japan for its growth fund. Tata Capital also has a healthcare fund for which they have tied up with Swiss firm HBM Partners. Besides these, the company also has a special situation fund, which helps to meet capital requirements of some stressed companies and an innovation fund to finance new technology ideas which can become big success, Kadle said. […]

CX Partners may buy 20% in NTL Electronics

Private equity (PE) firm CX Partners is close to buying 20% stake in electrical products company NTL Electronics India for around Rs 120 crore, said two persons familiar with the matter. Promoted by Arun and Praveen Gupta, NTL Electronics manufactures electronic ballasts used to make energy-efficient CFLs. The Noida-based privately held firm supplies to companies such as Osram, Philips, Surya Roshni, Crompton Greaves among others. When contacted CX Partners’ chief Ajay Relan declined to comment on the development. NTL Electronics managing director Arun Gupta confirmed the firm is raising money from CX Partners but declined to divulge details of the transaction. “We will use the funds to expand our existing production facilities and R&D capabilities besides financing plans to foray into another energy-efficient lighting range of LEDs,” he said. The company plans to launch the initial public offer by 2013, Mr Gupta said. […]

Ruia Group may acquire European auto-component company

The Ruia Group, known for its buying spree, could acquire a European auto component company soon, chairman Pawan Kumar Ruia said. “We are trying to close a deal very soon in one of the auto component companies in Europe. In Europe, a lot of companies are up for sale. We are working on some projects,” Ruia told IANS in an interview here. The company, which is looking at two-three European companies, has acquired British auto component company Schlegel Automotive Europe Ltd and Germany's leading automotive sealing systems company, Henniges Automotive Grefarth GmbH, in 2009. “Both the companies in the UK and Germany are doing very well right now. Fortunately they are getting orders from the OEMs (original equipment manufacturers).” […]

Perfint Healthcare receives $7.2 million VC funding

Venture capital fund Norwest Venture Partners, Accel Partners and IDG Ventures have invested $7.2 million in Chennai-based medical technology company, Perfint Healthcare. While a large share of the investment has come from the $3.7-billion Norwest, this is the second round of funding for both IDG and Accel. They had invested $3.5 million in Perfint four years ago, when it was just a startup. Perfint, an emerging company in the interventional oncology space, is the maker of PIGA CT, an image-guided minimal invasive diagnostic equipment. The equipment assists biopsy, drug delivery and ablation of small tumours. Perfint has made 40 installations within a year of its launch in healthcare institutions, including All India Institute of Medical Sciences, Jaslok Hospital, Mumbai, and Sri Ramachandra Medical College in Chennai. With the second round of funding, the company will scale up its operations by launching the product in West Asia, southeast Asia, eastern Europe and Latin America this year, said S Nandakumar, CEO of Perfint. […]

SBI and Oman's SGRF to set up US$100 Million Fund

India's largest lender the State Bank of India (SBI, BSE:500112) and State General Reserve Fund of Oman on Wednesday said they will jointly set up a fund with an initial corpus of US$100 million (about Rs 450 crore) for making equity investments in India. SBI and State General Reserve Fund (SGRF) inked a joint venture agreement to establish a fund, which will be expanded to US$1.5 billion in due course. The fund will explore opportunities in all sectors, according to the agreement. The initial corpus will be contributed equally by SBI and SGRF and both sides will manage the fund jointly. […]

VC Industry to grow in India: Deloitte

With the improving domestic entrepreneurial environment and favourable investment scenario, the venture capital industry in India and other emerging markets is expected to expand in the next five years, while it may shrink in developed nations, says a survey. According to Deloitte's 2010 Global Venture Capital Survey, the majority of venture capitalists in China, India and Brazil expect the number of venture firms to increase between now and 2015, while 62 per cent of respondents globally expect the number of venture firms to decrease during the same timeframe. The report said that 99 per cent of respondents in China expect the number of venture capital firms to increase in their country in the period under review, followed by Brazil (97 per cent) and India (85 per cent). […]

Fortis makes open offer, enters race for Parkway

Brothers Malvinder and Shivinder Mohan Singh on Thursday launched their open offer for Singapore-based hospital operator Parkway Holdings Ltd—marking the beginning of a share acquisition race between their Fortis Healthcare Ltd and Malaysia’s state investment firm Khazanah Nasional Bhd. The open offer was made through RHC Healthcare Pte Ltd, an investment vehicle that’s 49% owned by Fortis and 51% by the Singhs. On 1 July, RHC said it would offer to acquire all of Parkway’s shares for $3.2 billion (Rs10,624 crore), or at S$3.80 a share, marginally higher than Khazanah’s offer of S$3.78. RHC’s price is also a 25.8% premium over Parkway’s closing price a day prior to Khazanah’s offer for a partial stake purchase. […]