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The petroleum ministry said on Wednesday that it has recommended the $7.2 billion (Rs 32,400 crore) Reliance-BP deal to the Cabinet Committee on Economic Affairs (CCEA) for an “unconditional approval”. The deal gives the British energy major a 30% stake in 23 oil and gas fields in India including RIL’s gas-producing KG-D6. A senior petroleum ministry official said that the petroleum ministry has the authority to decide on the RIL-BP deal, but it was referred to the Cabinet as it is one of the single largest foreign direct investments. The Cabinet will take up the issue for a decision next week. […]
WPP PLC said that its wholly-owned operating company JWT, the global advertising network, has agreed to acquire a majority stake in Mindset Advertising Private Ltd. for an undisclosed sum. Mindset Advertising is an advertising agency in India offering creative services, strategic planning and campaign execution in digital, print and television. […]
Private equity investors Franklin Templeton Private Equity Strategy, a fund managed by Franklin Templeton Asset Management (India) Pvt Ltd; Aureos South Asia Fund and ePlanet Capital have taken up a majority stake in Newgen Imaging Systems Pvt Ltd, a Chennai-based unlisted e-publishing outsourcing firm, according to two people with knowledge of the matter. According to Balaji Srinivas, managing director, Aureos India Advisors Pvt Ltd, the company was convinced about the opportunity in the outsourced publishing space, specifically in the opportunity that presented itself in the digitisation of books. […]
Standard Chartered Private Equity has bought a 10 per cent stake in Chennai-based supply chain management firm Redington India from two of the latter’s major shareholders, Taiwan-based Synnex and Redington Mauritius, for nearly $100 million. The transaction of 47.63 million shares took place via a block deal on the BSE at Rs 91.9 a share on Monday, and represented a 3.5 per cent premium to Redington India’s Friday closing price of Rs 88.85. Shares of Redington India touched a high of Rs 93.50 on the BSE during intra-day trade on Monday, but closed at Rs 88.50, marginally below Friday’s closing. […]
IDBI Bank has bought 10% stake in Universal Commodity Exchange (UCX), which is yet to start operations, for Rs 10 crore, a newspaper reported. The commodity exchange is promoted by IT People, a company that provides software solutions to capital and commodity markets. “The idea behind acquiring equity is to push agricultural loan through this venture,” said the bank's Chairman and Managing Director RM Malla, confirming the development to the newspaper. Moreover, IDBI will be the only bank among promoters and therefore all transactions of the exchange will be routed through IDBI, he said. UCX officials were not immediately available for a comment for this report. […]
Jaipur-based Rajasthan Venture Capital Fund (RVCF) has invested INR 15 crore in Leeway Logistics for an undisclosed stake. The investment made is through SME Tech Fund and will be used for the expansion of its current business and widening its customer base. Girish Gupta, CEO of RVCF, will join the company's board as a part of the deal. Horizon Global Research, which is a financial services company, was the key investment banker for the deal. Leeway Logistics currently serves domestic and international operations of more than 170 Fortune 500 companies. Till date, they have undertaken more than 400 contracts and have General Motors, GSK, HUL, Coca Cola and many more in their portfolio. They operate as a Third Party Logistics (3PL) player following an Asset Light Business Model. […]
The value of India Inc's merger and acquisition (M&A) and private equity (PE) transactions in the first half of this year touched nearly USD 32 billion, says a report by global consultancy firm Grant Thornton. “There has been a significant level of activity in M&A and PE transactions during the first half of 2011,” Grant Thornton India Partner and National Leader – Valuation Services Srividya C G said, adding that PE investments witnessed a substantial upsurge in comparison to the previous year. While the M&A deal value so far this year is 7% lower in comparison to the same period last year, PE investments have risen by over 70%. The first six months of this year saw M&A deals worth USD 26,743 million, while in the corresponding period last year, the deal value amounted to USD 28,892 million. A notable trend in M&A in 2011 has been the shift from outbound deals to inbound deals. […]
Zovi, an online clothing brand in India, has raised $5.5 million from PE firm SAIF Partners and angel investors like MakeMyTrip founder Deep Kalra. Kalra has also joined the board of the company. The fund will be utilized for the expansion of its supply chain, inventory and product range. Satish Mani, former senior vice-president of Cleartrip, founded Zovi. Its senior management includes Kavindra Mishra and Sartaj Mehta, both from Benetton India. Setup as an entrepreneur-inresidence project (EIR) where the venture fund picks an entrepreneur to execute a pre-conceived idea, the company will showcase men’s apparel designed in-house, such as formal shirts and belts. Mani will drive operations at the company aiming at broadening its product range to club in women’s apparel by end of this year. […]
Saregama India Ltd has purchased 10% stake in Timbre Media Pvt Ltd, a company set up by ex-Worldspace Satellite Radio employees, to bring back its genre-based programming through direct-to-home TV channels as well as mobile phone radio, it was announced here today. Both the companies are already in talks with leading mobile phone service providers as well as DTH TV service providers to launch the service. Various mobile phone service providers as well as DTH TV service providers are expected to launch their own respective packages separately, with their own pricing in few months. Timbre Media was formed in 2010 and has drawn experience from professionals involved with Worldspace Satellite Radio service earlier, which had a listenership of 1.50 lakh satellite radio sets. […]
Bollywood star Shah Rukh Khan has acquired 26% strategic stake in the Indian franchise of KidZania, an international chain of family entertainment centres. The $3.5-billion Comcraft Group, which holds the franchise for Kidzania in India, had been scouting for a significant minority investor to add value to the Indian project and decided to bring the Bollywood star on board, said people familiar with the development. “He brings strategic value to the deal in that he is a brand himself,” said an official with knowledge of the deal. The Comcraft Group is owned by NRI Chandaria family with diverse interests in about 40 countries across the globe. Mexico-based KidZania is an interactive family entertainment centre or indoor park that allows children between 5 and 13 age group to role-play adult occupations in a miniature city. […]
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