June 2011
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Tata Cap, Swiss Re may buy 27.3% stake in First Leasing

Singapore-based Temasek Holdings, Swiss Re and Tata Capital are in talks with financial services firm First Leasing for 27.3% stake, according to agencies. The deal is likely to be announced in a month. According to agency reports, the transaction could be at a substantial premium to the current market price. First Leasing shares closed up 5.45% at Rs 103.5 at the Bombay Stock Exchange in Friday's trade. Based on the closing price the deal is valued at approximately Rs 64 crore. First Leasing, Swiss Re and Temasek were not immediately available for comment. Tata Capital declined to comment. Bid prices were not immediately available, but the sources said the transaction could be at a substantial premium to the current market price. First Leasing provides corporate financing along with consumer credit and fixed deposits. Its clients include Citibank, Johnson & Johnson and Volvo. It reported FY11 revenues worth Rs 177 crore. […]

Infrastructure tops PE chart in May

In another month that saw more than $1 billion (around R4,500 crore) in private equity/venture capital (PE/VC) investments, May accounted for $1.14 billion of investments in Indian companies across 39 deals; around 180% increase over $408 million across 17 deals in the same period last year. The average deal size increased from $29.1 miliion to $33.6 million. 2011 has so far attracted investments worth $5.42 billion, compared with $3.53 billion in the first five months last year. The infrastructure (including power) sector topped the investment chart, accounting for 59%, with 12 deals worth $676.4 million. […]

Future Group's logistics arm plans to raise Rs 1,000 crore

Future Group's logistics arm is planning to raise Rs1,000 crore by selling stake either through an initial public offering or private equity placements in the next 15 months. “This is a capital intensive business and we will raise funds through a combination of debt and equity,” said Anshuman Singh, MD and CEO at Future Supply Chains . “It could be anything – private equity placements, IPO or even existing stakeholder Li & Fung increasing its stake. We will decide the route next year,” he added. In 2009, Hong Kong-based supply chain giant Li & Fung Group had bought 26% stake in the company for $30 million. At present, Future Supply Chain gets more than 70% of its Rs600-crore business from servicing retail operations of its parent company. However, the company is also de-risking its business model and tapping other opportunities by adding newer clients across consumer sectors. […]

IFC invests $4 million in India’s First Large-Scale Thin-Film Solar Plant to Promote Clean Energy

International Finance Corp. (IFC), a member of the World Bank Group, is investing $4 million in India’s Sapphire Industrial Infrastructures Private Limited to implement the country’s first large-scale grid-connected thin-film solar plant, which will help bolster clean energy locally and provide additional electricity to about 11,000 people. IFC’s investment in Sapphire Industrial Infrastructures, subsidiary of Moser Baer Clean Energy Limited, will support construction of the 5-megawatt solar plant at Sivaganga in Tamil Nadu, a southern state in India. The plant, with a capacity of 8 million units of power a year, is expected to avoid approximately 6,600 metric tons of greenhouse-gas emissions annually. Rajya Ghei, Country Head Solar Farms, Moser Baer Clean Energy Limited, said that as demonstrated through its support, IFC recognizes the potential of large-scale solar-power generation to help meet India’s enormous energy needs. The learning from this project will help the company replicate similar projects in other Indian states, said Ghei. […]