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Bangalore's new found entrepreneurial affair with product-led start-ups is on a roll. Medical devices start-up Perfint Engineering Services, founded by six former GE Medical Systems professionals, seems to have grabbed the attention of Silicon Valley-based VCs as well as global industry biggies. Informed sources said US-based $280 million Artiman Ventures, along with Erasmic Investments, is circling over Perfint for pre-revenue stage investments estimated at $4-5 million. It is believed that more funds may be in the picture even as unconfirmed information suggested that PE arms of Seimens and Philips had also shown interest in the new entity. The start-up, which will focus on the imaging and CT scan medical devices, is close to launching its first product which will be specific to the Indian market. Besides these, Perfint also offers engineering services like product development, verification & validation and consulting. “Perfint is amongst many other companies under consideration. We are still quite a distance away from a decision,” M J Aravind of Artiman Ventures, told ET, when contacted. This could probably be amongst Artiman’s initial investments in India. […]
Old Lane Mauritius IV Ltd, a vehicle of Old Lane Opportunities Funds, has invested $26 million (Rs107 crore) for a 26% stake in a new unit of Chennai-based logistics firm Sical Logistics Ltd. Sical Infra Assets Ltd has been formed to park the company’s asset-heavy, capital-intensive, longer gestation infrastructure-based business such as the logistics hub at Nagpur, the iron ore terminal at Ennore port, a container rail project, Sical Distriparks and the container terminals at Tuticorn and Chennai ports. The Old Lane investment will be subject to approval by the Foreign Investment Promotion Board. The decision to segregate the short-cycle service oriented business from the longer duration build, operate and transfer type assets was to crystallize the value of investments made by Sical into its special purpose vehicles and then invite equity participation as was done in the case of the Old Lane investment. Sical Logistics would in future look after only the bulk logistics business of the group as well as its services business such as stevedoring, ship chartering, shipping agency, trucking, warehousing and offshore logistics. Sical Logistics also plans to list its new subsidiary on the stock exchanges to raise funds to finance the company’s growing infrastructure business, a company spokesperson said. […]
Private equity funds General Atlantic, Blackstone and Warburg Pincus have shown interest in ICICI Venture’ 63% stake in Infomedia (formerly Tata Infomedia), the publisher of business directory Yellow Pages and some well-known niche magazines. Given the fact that whoever buys the stake will have to make an open offer and also pay a controlling premium, the buyer should sell out upwards of Rs 400 crore. Infomedia’s market capitalisation is Rs 474 crore and its shares closed at Rs 240 at the BSE on Wednesday. When contacted, the ICICI Venture spokesperson said, “We don’t comment on market speculation.” Infomedia India CEO Prakash Iyer could not be reached despite repeated attempts. ICICI Venture acquired Tata’s 50% stake in Infomedia India in 2003 for Rs 123 core. It later acquired an additional 13% through an open offer. […]
Gaja Capital Partners, an India-focused private equity firm, is in talks with the Mumbai-based Kaycee Group to pick up a 49% stake in Kantilal Chhaganlal (KC) Securities, according to a source familiar with the development. The deal size for the the Mumbai-based broking house is pegged at roughly $40 million (around Rs 160 crore). Kantilal Chhaganlal Securities managing director Jayesh Sheth confirmed that he is in talks with more than one prospective investor. However, he refused to divulge more details “We have been looking for a partner and have kept all options open. We are looking at strategic business in all segments. We are talking to private equity players, domestic and foreign broking houses and also our close associates,” he said. Gaja Capital Partners, too, refused to comment on the issue. Gaja has investments in companies Educomp and Vishal Retail. Sources involved with the deal process said KC Securities had been in talks with a UK-based firm. However, the deal fell through as both parties could not reach an agreement over valuation. […]
Satyam Computers is on the prowl in the global market. The Nasdaq-listed IT services major is scouting for a third acquisition in the consulting space in the US and Europe, in line with its commitment to strengthen this vertical. It is looking at spending anywhere between $50 million and $100 million for this buy. Satyam had flagged off acquisitions in the consulting space in April 2005 when it took over business consulting firm Citisoft with presence in London, Boston and New York. The deal was valued at around $38.7 million. This was followed up with the company buying Singapore-based Knowledge Dynamics, a consulting solutions provider in the business intelligence space, in July 2005. That was an all-cash deal involving a consideration of $3.3 million. “We are constantly looking at different opportunities for our inorganic growth. Companies in the enterprise business consulting space are on our radar as it will help strengthen our consulting vertical,” Satyam head (global marketing & communications) Hari Thalapalli told ET. Satyam, which the fourth largest software exporter from India, is currently evaluating half a dozen niche players in this segment. The proposed move ties up with its strategy to offer integrated business solutions to customers. It is specifically looking at companies that will add value in expanding its expertise in enterprise resource planning (ERP) business solutions. […]
Shreyas Shipping & Logistics Ltd has announced that the Company has acquired a stake of 51% in Haytrans (India) Ltd making Haytrans a subsidiary of the Company. Haytrans’ thriving presence in international freight forwarding, worldwide network of 17 offices, established global reach, industry competence and strategically developed worldwide air freight and ocean freight network would effectively compliment Shreyas’ logistics business resulting in synergy in operations and increase in the geographical spread.(Equity Bulls) […]
If more and more private equity (PE) firms are refraining from investing in tobacco, liquor and gambling companies, it shows the growing Arab interest in India. As the oil sheikhs find alternative investment avenues like rupee-backed assets an attractive proposition, PE firms are undergoing a 'purge'. Alok Sama, founder and president of Baer Capital Partners, which recently raised a $250 million PE fund for India, says one-third of the money was from the Gulf region. Sama said the $250 million fund will not invest in alcohol and gambling companies – sin businesses for Gulf investors. “If you examine the books of funds like Carlyle and New Vernon, they raise a chunk of their capital from the Gulf region,” said a PE investor who did not wish to be named. The trend started after 9/11, when a lot of Middle East investors started withdrawing money from the West and looking for safer avenues. Its traditional ties with the Gulf countries and success story among emerging markets made India an obvious destination. […]
Largest private sector company Reliance Industries Ltd said it has acquired a majority stake and management control of east Africa-based Gulf Africa Petroleum Corp (GAPCO), through its wholly-owned unit Reliance Industries Middle East Dmcc. The company did not specify its exact stake in GAPCO nor the financial details of the deal. GAPCO, headquartered in Mauritius, owns and operates large storage terminal facilities and a retail distribution network in several countries in central and east Africa like Tanzania, Uganda and Kenya. It owns and operates large storage terminals at Dar Es Salaam, Mombassa and Kampala, depots in east & central Africa and over 250 outlets covering retail and industrial segments, a release from Reliance said. The demand for petroleum products in the east African countries where GAPCO operates is rising steadily and has mirrored the rapid GDP growth in these nations, Reliance added. The company expects import of petroleum products in these countries to rise in the near future and added that these markets provide a strategic fit for Indian exporters as they are easily accessible from India.( ABC Money) […]
Private equity fund investment in India has risen to $2.48 billion till July driven by the country's robust economic growth and investors are now likely to target opportunities in the core sector in the days ahead, a latest report says. The India fund pool, referring to the investments made by PE funds in the country, has already crossed USD 2.48-billion mark in the first seven months this year, compared to a total of $3.28 billion in 2006, data complied by Asia Private Equity Review (APER) shows. “In recent weeks, the closing of a number of funds brought in an additional $1.62 billion of fresh capital. With the additional $1.16 billion also currently being raised, the PE funds pool in India is set to swell to a new level during the year,” a report by UK-based global PE advisor Almeida Capital based on the APER data said. […]
Origo Sino-India PLC said it taken a 20 pct stake in India's Roshini International Bio Energy Corp Ltd (RIBEC), extending a convertible note of up to 2 mln usd and retaining the right to invest an additional 6 mln usd in a pre-IPO private placement. The private equity adviser also said it has entered into definitive agreements with RIBEC to create an international joint venture focused on the renewable bio-energy sector. RIBEC reported earnings before interest, taxes, depreciation and amortisation of 4.4 mln usd for the year to end March on revenue of 5.87 mln usd, the company said in a statement.(ABC Money) […]
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