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Leading private equity players Baring and CVC are picking up 7.5% equity each in Madhya Pradesh-based KS Oils. At a price of Rs 419 per share, each would be investing Rs 90 crore in the company. While KS Oils has roped in Baring Private Equity Asia to directly acquire 7.5% in the company, CVC would be investing by way of private placement of GDRs, or Global Depository Receipts. CVC already holds 14.9% equity in the company. This is part of KS Oils’ drive to raise Rs 400 crore for its expansion plans. The company board has also approved Rs 120 crore to be raised through foreign currency convertible bonds and Rs 100 crore from the promoters’ by way of subscription of convertible warrants. […]
JM Financial is planning to launch a $400-$500 million second private equity (PE) fund. The first PE fund, which is worth $200 million, has invested in Genesis Colors, International Tractors and the Sona group. Kampani said, “Talks for the PE fund is in its final stages.”
In retail broking space, the company is planning to open more branches by scaling them up from the present 16 to 30. “This year, about 70% of the business for investment banking will come […]
Red Fort Capital, a Cayman Islands-based private equity fund, is planning to raise $875 million (Rs 3,500 crore) fund to invest in Indian properties. The fund has committed $100 million in projects of the Bangalore-based Prestige Group. “We have invested in land, residential and commercial projects in Bangalore, Chennai, Hyderabad, and Kochi. We are also planning to invest in Goa, Mumbai, and the NCR (national capital region) in future,'' said Subhash Bedi, partner, Red Fort Capital. Bedi said the realty sector in the country presented a good investment opportunity. “Despite the Reserve Bank of India's (RBI) curbs on lending to the real estate, it remains a lucrative investment,” he said. […]
Credit Suisse is buying up to 15 percent in Park Hotels for $50-$55 million, two newspapers reported on Monday. Credit Suisse's real estate fund will acquire 10-15 percent in the hotel chain in a structured deal, a business daily said, citing sources close to the development. The deal is expected to be announced on Monday, another paper said, also citing sources close to the development. A spokeswoman for Park said she had no information at this point. A spokeswoman for Credit Suisse declined comment. […]
Reliance Communications Ltd., India's second-largest wireless company, acquired all of U.S.- based Yipes Communications Inc. for about $300 million, adding customers and markets to its enterprise-data services business. FLAG Telecom Group Ltd., the undersea-cable unit of Reliance Communications, bought the stake from Norwest Venture Partners, JPMorgan Partners LLC, Crosslink Capital and Sprout Group, Chairman Anil Ambani said in Mumbai today. Yipes, which provides a high-speed data services to about 1,000 customers in 14 U.S. cities, runs an optic fiber network of more than 22,000 kilometers (13,670 miles), he said. Yipes will accelerate Reliance Communications' entry into the $90 billion global market for enterprise and institutional data services, Ambani said. Bandwidth demand is rising in India as software companies such as Infosys Technologies Ltd. and Tata Consultancy Services Ltd. win orders from overseas clients. […]
Indian companies have already seen a considerable number of mergers and acquisitions in 2007. Here are some highlights from the latest study on the mergers and acquisitions in India in the first half of this year. According to the Grant Thornton half-yearly tracker, one of India's traditional sector, textiles, has started seeing several outbound cross border deals. Some of the larger acquisitions in this segment have been made by companies such as Spentex Industries, Himatsingka Seide, and GHCL. The first half of 2007 has been another milestone in the M&A and private equity space in India. Both M&A and private equities have touched unprecedented deal values. […]
Nexus India Capital has closed a $100-million venture capital fund to invest in opportunities across sectors in India. Nexus plans to invest in both technology start-ups as well as companies with business models not driven by technology. The funds investors include top tier institutions and strategic family offices from North America, Europe and Asia. The fund and its portfolio companies will be advised by successful entrepreneurs and investors in the technology, media, outsourced services, retail and consumer sectors. […]
Baer Capital Partners, the newest private-equity firm to enter the country, has just sprung out of the starting blocks but plans to invest $1 billion in Indian firms in the next one year. “Our target is to invest one billion dollars in India by 2008. Baer has three deals in the pipeline,” says Alok Sama, founder and president of Baer Capital Partners. While the buzz is that the private-equity firm has already struck a deal, picking up a stake in Saffron Art, Sama declined to comment. “It’s still early days,” said Sama who’s not fazed by the incumbent private-equity players. […]
Will Genpact's Pramod Bhasin be the last man standing in race to buy Citigroup's captive BPO-Citigroup Global Services? NDTV has learned that the deal is almost through and a final announcement is due soon. According to sources Genpact is likely to pick up 80 per cent in Citigroup Global Services. With revenues of around $400 million Citigroup Global Services (CGS) is valued at over a billion dollars. Genpact is reportedly paying around $750-800 million while a consortium of WNS and Warburg Pincus were also in race. The Citi acquisition will give Genpact more exposure in the banking space. […]
IL&FS is set to acquire a 15% stake in the 750-MW West Seti hydro power project in Nepal. The project, developed by Australian hydroelectric company Snowy Mountain Engineering Corporation (SMEC), will supply the entire electricity produced from the plant to India. “IL&FS has shown keen interest to join the project as equity partner. They have already attended our first shareholders’ meeting and are conducting due diligence of the project. […]
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