Reliance Communications Ltd is in talks with Malaysia's Maxis Communications to buy a controlling stake in its Indian unit Aircel Cellular Ltd, the Mint said on Monday, citing sources from the two firms. Reliance Communications is the number two mobile services firm in India, the world's fastest-growing mobile market with more than 6 million people signing up for mobile phones every month. Maxis is Malaysia's largest mobile operator. The newspaper quoted unidentified officials at Reliance Communications and Aircel as saying that the two firms were exploring options such as buyout or a joint venture. A Reliance Communications spokesman declined comment on the report, while Aircel could not be immediately reached.   more »

Private equity firms Texas Pacific Group and Apax Partners are close to buying some of the founders' stake in India's Patni Computer Systems Ltd , the Business Standard newspaper reported on Monday, citing unnamed sources.

Gajendra and Ashok Patni, two of the three brothers who founded the software services firm, are looking to sell their stake, local media had earlier reported. Their holding in the company total about 29 percent. The agreement between one of the private equity partners and the Patni brothers is likely to be signed next month, Business Standard said.

A spokeswoman for New York-listed Patni , which counts General Electric Co  and ABN AMRO  among its clients, said the company had no comment to make on the report.

Chairman and Chief Executive Narendra Patni, who holds about 15 percent of the company, will buy out a part of the stake on offer while the private equity firms will pick up the remaining, the daily said. ( Reuters)

Private equity and venture capital funds have exited from 160 companies through either IPOs or merger and acquisition routes between 2004 till the first half of 2007, according to a research firm. "From January 2004 to June 2007, PE and VC investors have made investments in 706 companies in India for an estimated $17 billion while they have made exit from 160 companies in the same period through IPO or merger and acquisition route so far," Arun Natarajan, Founder and CEO of Venture Intelligence, the research firm that tracks venture capital and private equity investment in the country said. Incidentally, a very large majority of the exits were successful, meaning they resulted in Private Equity investors and VCs making money on their original investment. Exiting from the investee company is an important feature of private equity and VC investment, as it not only determines the returns for the investors in that fund but also determines the ability of the fund managers to raise funds in future.   more »