Brushman India is in active discussions with Snowcem Paint (SPPL) to acquire a strategic stake in SPPL subject to completion of due diligence and after obtaining regulatory approval(s) as may be necessary. Recently, the board of directors of Brushman India has recommended maiden dividend of 5% for the year ended Mar. 31, 2008, subject to the approval of the shareholders at its meeting held on Sep. 01, 2008.(My Iris)   more »

Smart private equity money is showing a clear bias for healthcare providers rather than drug manufacturers. Despite the slowdown in the equity markets, over half a dozen private equity investments have come into the hospitals and healthcare segment in the recent months. Over the same period, the biggest news in the pharmaceutical industry has been the sell out by the promoters of Ranbaxy to Japanese major Daiichi Sankyo. Tellingly, one of the businesses they have retained is Fortis, the hospital chain. There are also rumours of another Hyderabad-based pharmaceutical company scouting for a buyer to come to its rescue. This is in stark contrast to the trend between 2004 and 2006, when Indian drug majors were sewing up big-ticket acquisitions abroad.   more »

The country’s largest private equity fund, ICICI Venture, is teaming up with US-based PE fund Providence to put in a joint bid for BPO firm Firstsource Solutions. ICICI Venture is also wooing Kohlberg Kravis Roberts & Co (KKR), one of the world’s biggest buyout funds, to join the consortium, said a banker. If the funds eventually join hands to bid for Firstsource, it would be the first time in India that three large PE players come together for an acquisition. Both Firstsource and I-Venture are promoted by the ICICI group. It’s perceived that any deal could be partly driven by ICICI Bank, the biggest shareholders in Firstsource.   more »

Leading global private equity TPG Capital will invest $120 mn (Rs 530 crore) in Shriram City Union Finance, the consumer finance vertical of the Chennai-based Shiram Group. On Friday, Shriram Group and TPG Capital announced a definitive agreement under which the buyout firm would make the investment for acquiring up to 49% stake in Shriram Retail Holdings (SRHPL), the holding company of Shriram City Union (SCUFL). The transaction would necessitate an open offer for SCUFL in compliance with SEBI’s takeover regulations. TPG would own up to 26.7% of SCUFL, excluding shares that might be tendered in the open offer. The investment is subject to regulatory approvals, according to a statement released on Friday.   more »

EVERTON have become the latest Premier League team to be courted by billionaire Indian businessman Anil Ambani. Intermediates representing Ambani have been in contact with Goodison owner Bill Kenwright, intent on arranging a meeting between the two parties. Ambani, said to be the sixth richest man in the world with a fortune of £24bn, has targeted Everton after failing in an attempt to take control at Newcastle United. Ambani’s son, Jai Anmol, is thought to have attended Everton’s pre-season friendly against PSV Eindhoven at Goodison for informal talks with Kenwright and club director Robert Earl.   more »