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Dubai International Capital (DIC), the investment arm of Dubai Holding, has bought 2.87 per cent stake in ICICI, India's second largest bank. Dubai International Capital's investment in the Indian bank follows its recent purchase of 3.12 per cent stake in the European Aeronautic Defence and Space Company EADS, the parent company of aircraft manufacturer Airbus. ICICI Bank had assets of USD79 billion at the end of March 31. It raised USD4.9 billion in India's biggest share sale open to domestic and foreign investors in June. […]
New York-headquartered private equity (PE) firm Warburg Pincus, the largest PE investor in India by investments, has made its first buyout deal in the Indian market. This week, it joined hands with Indian tyre industry entrepreneur Yogesh Mahansaria to acquire Israel-based Alliance Tire Company Ltd for $150 million (Rs606 crore). This is the second India-centric buyout deal in less than a month—on 18 June, Blackstone Group, also based in New York, backed a $200 million management buyout of Mumbai-based Intelenet Global Services Pvt. Ltd. Warburg was not available for comment on the deal. […]
Private equity (PE) investor Baring Private Equity Partners India Ltd (BPEP India) is raising its third India-dedicated fund with an expected corpus at $400-500 million (Rs1,616-2,020 crore). The proposed fund will be launched early next year and will be more than twice the size of the PE firm’s current fund, the $177 million Baring India Private Equity Fund II. The expanded corpus for India follows BPEP’s spectacular $255 million exit from MphasisBFL Ltd, which was acquired by US-based EDS for $380 million last year—the PE firm had invested $16.6 million in 1998 and held a 35% stake in the company at the time of exit. […]
India Infoline, one of the leading retail brokerage houses, is venturing into the consumer finance business in a big way. The company is looking for private equity funding or a strategic partner for its new venture, India Infoline Finance Holding (IIFH). The newly formed holding company for retail financing business will be valued at Rs 800-1000 crore. India Infoline will infuse around Rs 200 crore into IIFH directly, and around $100 million would be raised either through private equity or stake dilution to the extent of 30-40 per cent. […]
Oberoi Hotels is fast expanding in India, Abu Dhabi, Maldives, Cambodia and Dubai, some through management contracts and some through its own equity worth about Rs 500 crore. With such expansion plans Oberoi's would need the extra cash. They have already hired Kotak Mahindra to help them raise Rs 400 crore via debt and fresh equity. But the company is also open to roping in a strategic financial investor like a private equity fund. […]
The total value of PE deals has exceeded that of mergers and acquisitions (M&As) in the month of June, according to global accountancy firm Grant Thornton’s Dealtracker report. The value of PE deals during the month went up by $0.25 billion to $1.81 billion from $1.56 billion in May 2007, that of M&A deals decreased by $2.65 billion to $1.72 billion from $4.37 billion in May 2007. There were 36 PE deals and 63 M&A deals during the period. The significant deals in the PE space included Avenue Capital group’s 26 per cent stake buy in SKIL Infrastructure for $500 million, Goldman Sachs $300 million investment in Century Group and BNP Paribas’s $180 million investment in SREI Infrastructure Finance for a 50 per cent stake. […]
Next month, 18-odd private equity (PE) professionals who make up Washington DC-headquartered Carlyle Group LLC’s Asia investment team will troop down to Kumarakom in Kerala for the firm’s annual brainstorming meet. This is the first time India will play host to the event and it underscores the importance the PE firm, which has $58.5 billion (Rs2.36 trillion) under management, attached to this market. India is one of the firm’s key markets for investments from its $680 million Asia Growth Partners III fund, which has done two deals since its launch in 2005—Claris Lifesciences Ltd and Elitecore Technologies Ltd, both based in Ahmedabad. The Asia growth fund invests primarily in four markets—China, India, Korea and Japan. […]
The mainland has suffered a spectacular collapse in the value of private equity deals, according to figures released for the first half of the year by Thomson Financial. The total value of deals made by buyout companies to June 30 was US$678.9 million, a decline of more than 83 per cent from the US$4.2 billion for the same period last year. The mainland's share of deals in Asia-Pacific, excluding Japan, fell from 33 per cent to just 3 per cent, placing it well behind India, Taiwan Province and Singapore. The mainland's disappointing performance is set to reignite concerns about protectionism in Asia's second-biggest economy. The Chinese government has announced plans to make foreign investors buying companies go through national security checks, while Carlyle Group's failure to take a controlling stake in State-owned Xugong Group Construction Machinery last year raised fears of an anti-foreigner backlash. […]
Private equity firm Baring Private Equity Partners will invest over Rs 100 crore for a significant stake in InfrasoftTech, a specialist banking and financial industry IT solutions company. This investment will be utilised for accelerating the company’s growth in both organic as well as inorganic manner, and to further build upon the strong platform and market presence which InfrasoftTech has developed. The core competence of InfrasoftTech include retail banking, investment banking, eChannels, trading, wealth management, Islamic finance and anti-money laundering. […]
Billing systems provider Boston Communications Group Inc. said it agreed to be acquired by India-based software services firm Megasoft Ltd. for about $65 million, or $3.60 a share, in cash.
The offer represents a premium of about 81 percent over Boston Communications' Tuesday closing price of $1.99.
The deal is expected to be completed in the third quarter. (Source : Reuters)
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