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ICICI Venture acquires 10% in RJ Corp's Devyani International for Rs 250 crore

ICICI Venture has bought a 10% stake in RJ Corp's Devyani International, which runs KFC, Pizza Hut and Costa Coffee chains in India, for about Rs 250 crore, two people familiar with the development said. Ravi Jaipuria, founder of the Rs 3,000-crore RJ Corp, confirmed the investment deal, but declined to comment on its size. “The deal was signed on Wednesday. It will support expansion of our foods business in India and in global markets,” he told ET on Wednesday. […]

Tata Capital raises $800m for PE funds

Tata Capital, a unit of India's diversified Tata group, has received commitments for USD 800 million by the end of March, for its private equity funds, its chief executive said. “Despite the difficult fund raising environment, we have been able to successfully build assets of USD 800 million and are optimistic to achieve the target well before the earlier announced deadline of December 2011,” Praveen Kadle said. Last year, Tata Capital set up a private equity fund jointly with Japan's Mizuho Securities to invest in unlisted Indian companies, with a target of raising USD 1 billion by December 2011. […]

Warbug Pincus acquires stake in Diligent Power

Warburg Pincus India Pvt. Ltd has bought a stake in Diligent Power Pvt. Ltd to enable the Dainik Bhaskar Group company to accelerate its plans to construct power plants, the company said in a statement. Diligent Power didn't disclose the investment amount or the stake sold in the statement on Wednesday. Diligent Power is in the process of setting up power projects with a capacity to generate 6,400 megawatts (MW). These power projects include a 1,200MW coal-based thermal power plant in Chhattisgarh and a 1,320MW thermal power plant in Madhya Pradesh. “Diligent Power has planned significant long-term initiatives to capitalize on the huge potential presented by the sector,” R.K. Gupta, chief executive of Diligent Power said in the statement. […]

Delta Corp buys 51% stake in 5-star hotel Daman Hospitality

Delta Corp has bought 51% stake in under construction five-star deluxe hotel, Daman Hospitality, for Rs 50 crore, the company said in a press release Friday. The company said it will further infuse Rs 40 crore to complete the project, which it terms as strategic for its pan-India presence in the gaming and hospitality industry. The five-start deluxe hotel is expected to be completed in six to eight month's time. The hotel consisting of 176 rooms will also have outdoor pools, three bars and four restaurants including spa and health clubs and a high-end shopping arcade, the release said. Delta's recently bought ship, MV Horeshoe Casino, from US-based Harrah's Corp is expected to arrive in India by end of June. […]

At $27 bn, FDI hits 4-year low & trails portfolio inflows

Foreign direct investments (FDI) last fiscal fell 28% to a four-year low, data showed on Thursday, raising concerns over stability of capital flows. This is also the first time in five years that FDI is lower than portfolio flows. A slowdown in FDI means the economy is not getting enough long-term foreign funds to invest in projects and add physical assets, such as plants and machinery. Provisional data released by the Reserve Bank of India (RBI) pegged total FDI at $27.024 billion as of end March. This included fresh equity in green-field projects, reinvested earnings as well as change in ownership of existing equity by new investors. Investments in new projects stood at $20.09 billion, the lowest that the country has received in the last four years. […]

PE firm TA Associates invested $40 million in Tega Industries

Private equity firm TA Associates today invested $40 million (Rs 180 crore) to acquire a minority stake in city-based Tega Industries, a mining sector firm. Tega Industries, which clocked a turnover of Rs 650 crore, did not reveal how much stake it parted with but admitted it would be less than 15 per cent. The fund will be used mainly to finance acquisitions, while some money will be spent on expansion of existing plants. “TA Associates’ investment will help us drive Tega to the next level,” Mehul Mohanka, executive director of Tega Industries, said. […]