Citigroup is planning to sell its 5 per cent stake in India’s largest commodities exchange group for about $40m to Ashmore, the emerging markets specialised asset manager, people close to the matter said. The move to leave the Multi Commodity Exchange of India comes at a 10 per cent loss for the US bank that acquired its stake two years ago during a period of boom at $50m from Financial Technologies India, which controls the exchange. A person close to the US bank said the move is in line with Citigroup’s broader strategy to divest non-core assets and not a sign that the group is retreating from India. Another person close to the exchange confirmed that Citigroup was planning to leave.   more »

Ascent Capital, an established Indian private equity firm focused on growth capital, has closed its Ascent India Fund III with commitments of $350 million. In an extremely challenging year for private equity fund raising where many funds announced fund-raising plans, Ascent Capital is one of the few that have succeeded in closing a fund on schedule. Ascent Capital has an association with UTI Ventures and the present assets under management by Ascent Capital are about $600 million. It is learnt that Ascent India Fund III was over-subscribed, but the limited partners were not in favour of increasing the hard cap beyond what they believed to be the optimal fund size. Industry sources attribute the success of Ascent Capital in raising funds to their relatively better track record in their previous funds.   more »

Dalmia Cement (Bharat) Ltd will raise $100 million by March through stake sale in subsidiary Dalmia Cement Ventures Ltd, its managing director said on Thursday. "We have been talking to private equity players and we think we can make an announcement this quarter," Puneet Dalmia told Reuters in an interview, adding the fund will be used to set up 5 million tonnes cement plant.   more »

Quadrangle Capital Partners and a consortium of investors have acquired stakes in Tower Vision India. The equity capital and some additional debt financing will offer the wireless towers manager $300 million to boost its portfolio of transmission sites. The New York-based private equity fund, which has $3 billion in assets under management, will assume a “significant minority” share of Tower Vision. The fund’s investments in the region will concentrate on telecommunications, media and technology in India, China and Australia.   more »

Advanta India Ltd today said its US subsidiary has acquired the assets and business of Texas-based Crosbyton Seed Company (CSC). CSC is a leading breeder, producer and conditioner of hybrid sorghum planting seed products including grain sorghum, forage sorghum, millet and sunflower, a company statement said. However, no financial details of the deal were divulged. In 2008, the company had acquired the business of US-based Garrison and Townsend Seed Company, it added.   more »