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JM Financial Services announced on Wednesday that it has entered in to a joint venture with ASK Securities. It has agreed to pick up 60% stake in the company for 58.14 crore. The 60% stake in ASK Securities would be picked either by the company itself or through any of its subsidiaries. […] Patni Computer Systems, a Mumbai-based IT services provider, today announced the acquisition of Europe-based Logan-Orviss International (LOI), a leading independent specialist telecommunications consulting services company. The acquisition includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended 2006 with revenues of ¤11.8 million. […] In what may be the largest private equity deal in the country, Singapore government’s investment arm Temasek Holdings will acquire 4.99% stake in the country’s largest private telecom company, Bharti Airtel, as part of separate but possibly back-to-back transactions that will also see Vodafone selling 5.6% in the company. The net impact of these transactions will be that the shareholding of Bharti Enterprises, the holding company of India’s largest private telco, will rise marginally from its current 45% and the Temasek-Singapore Telecom combine’s holding (Temasek is the largest shareholder in Singtel) will go up to 36%. […] Textile design and manufacturing company Himatsingka Seide today said it has acquired 80 per cent stake in the US-based Divatex Home Fashions Inc, a distributor of bed linen products, for $53 million). The acquisition was carried out through Himatsingka Seide’s wholly-owned subsidiary Himatsingka America Inc. The enterprise value for the transaction was $75 million. “Himatsingka will continue to create and strengthen its manufacturing capabilities in India while enhancing its global distribution strengths through acquisitions,” Himatsingka Seide managing director, Mr Dinesh Himatsingka said. […] Sasken Communication Technologies Ltd. (Sasken), India's leading embedded communications solutions Company and IDG Ventures India, a $150 million technology venture capital fund, today announced the launch of Con-nectM Technology Solutions Pvt Ltd (ConnectM) for providing Machine 2 Machine (M2M) enabled solutions to global markets. Commenting on the Sasken – IDG Ventures Company, Mr. Rajiv Mody, Chairman and CEO, Sasken Communication Technologies Limited, said, “Sasken has been focused on embedded communication solutions with significant expertise in mobile devices/ handsets. Through ConnectM, we will leverage our expertise to address corporate customers in Transportation, Utilities, Industrial, Enterprise markets. ConnectM will provide one more axis of growth for Sasken” […] Future Capital Holdings’ private equity arm, Indivision India Partners, is buying just over 25% in the Hyderabad-based Global Hospitals for an undisclosed amount. The deal is estimated to be the largest private equity transaction in the Indian healthcare space. Global Hospitals, which is understood to be valued around Rs 500 crore, will use the capital to expand its super speciality hospitals at Bangalore, Mumbai and Kolkata. […] There is a likelihood that only 10-12% stake will be made available to private equity and strategic investors eyeing for Patni Computer Systems stake as against 44% earlier, reports Economic Times. It is said that promoters Ashok and Gajendra Patni, who were reportedly looking to completely exit the company by selling the 14% stake held by each of them, are now looking to sell only 5-6% each. Moreover, private equity investor, General Atlantic Partners, which earlier wanted to sell its entire 16% stake is rethinking on the issue. […] With global investors buying into the India growth story, the size of private equity deals in the country has doubled in the last two years. While the average private equity deal size was $15-16 million in 2005, it jumped to $25 million in 2006 and $30.8 million in the first six months of 2007, according to data from research outfit Evalueserve and professional services firm Ernst & Young. Experts say this is because of a larger number of players entering the Indian market. There are 461 funds operating in India now, against less than a hundred two years ago. […] Financial services boutique firm Atherstone Group will float a $75 million (Rs307.5 crore) fund raised from European investors to make early-stage investments of $1-4 million apiece in Indian companies. “This fund is being raised by us from European investors, leveraging the networks of our partners in Switzerland, Poland and the United Kingdom,” said Gurunath Mudlapur, a co-promoter of the Atherstone Group. The fund will concentrate on making investments in small- and medium-sized enterprises (SMEs), which require funding to take their business to the next level. The firm hopes to make multi-bagger returns by focusing on a market segment that has significantly less competition than bigger deals running into tens or hundreds of million dollars. Currently, firms such as Swiss BTS Investment Advisors and Clearstone Venture Partners focus on these kind of early-stage investments in India. […] The country’s two largest home-bred private equity (PE) firms, ICICI Venture Funds Management Co. (ICICI Venture) and IL&FS Investment Managers Ltd (IIML), are in the middle of a major reinvention exercise. While ICICI Venture, which manages over $2 billion in capital at present, is preparing to become a limited partner (an investor in other private equity funds), IIML, with about $1.5 billion under management, is looking overseas, especially the West Asian region, to expand its investment activities. The independent moves by the firms come at a time when the Indian private equity market is seeing an unprecedented inflow from big-ticket global PE firms. […] |