Bennett, Coleman & Co Ltd (BCCL) has acquired a stake in G J Freedom Fashions (GJFFL), a subsidiary of Gini & Jony - one of India's leading garment manufacturers, retailers & distributors of premium lifestyle kidswear. "Gini & Jony'' business activities primarily includes designing, manufacturing, branding and distribution of garments and lifestyle accessories for kids, under various brands through exclusive brand outlets (EBOs), large format stores (LFS), dealer distributor network (MBOs) and factory sales outlets (FSO). Brand "Gini & Jony'' is one of the leading kidswear brands in the country.   more »

State-owned mining giant NMDC is all set to pick up majority stake in Kudremukh Iron Ore Company (KIOCL ), the plan for which figures prominently in the 100-day agenda of the Steel Ministry. Outlining the ministry's 20-point agenda for the next 100 days, Steel Minister Virbhadra Singh said, "It is proposed that NMDC, a Navratna company under the Steel Ministry, will acquire majority stake in Kudremukh Iron Ore Company (KIOCL) and KIOCL will acquire stake in NMDC (in return)." Throwing some light to the proposed deal, NMDC Chairman and Managing Director Rana Som said the company will pick 51 per cent stake in KIOCL, which would be most likely through share swapping between the two PSUs and a cash component may not be involved.   more »

ING Groep NV remains committed to its India operations and continues to have long-term business prospects in the country, a senior executive of the Netherlands-based financial services firm said today. Refuting reports in the media that the group plans to divest its holding in ING Vysya Bank and is seeking buyers for the same, Eli Leenaars, executive board member of ING Group said, “ING remains committed to ING Vysya Bank and considers it as one of the selective growth options as described in ING Groups strategy update. ING would like to put to rest any market speculation to the contrary.”   more »

Axis Private Equity, a division of the Indian private bank, has invested INR540m ($11.4m) in Shalivahana Green Energy Limited (SGEL), a renewables company which focuses on the biomass and small hydro power projects. The private equity firm made the investment alongside IL&FS Financial Services, which together have committed INR900m ($18.9m). SGEL has four projects with a combined capacity of 35MW. SGEL will reportedly be able to expand its capacity to 250MW with this fresh capital injection by developing further projects throughout India.   more »

Citigroup may soon sell off part or all of its 11.73% stake in India's largest mortgage lender, HDFC Bank Ltd. , according to a report Monday in India's Economic Times. Citi's stake in the bank is currently worth 80 billion rupees ($1.7 billion), the report said. Citigroup has hired James von Moltke, a Morgan Stanley banker, to take charge of the sale of businesses the bank plans to exit.   more »

A couple of years ago, private equity, or PE, players were spoilt for choice in terms of investing opportunities. Funds were flowing in and there was room for everyone, as evidenced by the frenetic pace of deals and the ever expanding competitive landscape, even in the face of increasing valuations. Today, in comparison, opportunities still exist, but discussions are subdued, tinged with a sense of caution. Transaction levels are low since the bid-ask spread continues to remain high. Education, with its opportunity for scalability, huge mismatch in supply and demand, and high returns is a current favourite. PE and venture capital, or VC, funds have already made at least 30 investments worth $300 million in education-related companies in the past 24 months. Some funds have been forward-looking and already have portfolios in these sectors. For example, PE players invested $250 million in microfinance in the last two years, most of which was focused on rural areas, which have been rather insulated from the downturn.   more »

Network equipment provider Cisco Systems is planning to invest $2 billion in the $16 billion Gujarat International Finance Tec-City, GIFT, project in Gujarat state of India, according to sources close to the deal. According to a state government release, Cisco's chief globalization officer and executive vice president Win Elfrink has already signed an MoU with the government for a project partnership.   more »

US-based consumer credit reporting agency TransUnion is close to buying a 27.51% stake in Credit Information Bureau India (CIBIL) from its existing shareholders including HDFC, ICICI and Indian Overseas Bank (IOB) for Rs 96.28 crore, a person with direct knowledge of the development said. TransUnion already owns around 20% in CIBIL and the stake purchase will hike its holding to 47.5%. The transaction will value CIBIL at Rs 350 crore. The person who is intermediating the deal added that TransUnion would be acquiring the stake from a clutch of CIBIL’s existing shareholders. It would acquire 5% each from HDFC, SBI, ICICI, Punjab National Bank and IOB, besides buying out 2.5% from GE Strategic Investments (GE) and 0.01% from Dun & Bradstreet Information Services (D&B).   more »