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Usha Martin Group, a $750 million conglomerate, has acquired UK-based outsourcer Converso Contact Centres for an undisclosed sum. The acquisition is aimed at spearheading the group's plans to accelerate its business process outsourcing (BPO) operations in India, South Africa and the UK. The investment is expected to create 1,400 new jobs in India and South Africa. Prashant Jhawar, vice chairman of the group said, “Our strategy is to continually develop and diversify our business operations globally and we see the BPO market as having high growth potential. To exploit this opportunity, we are investing in both new and existing international locations and plan to build facilities for a total of 2,000 contact centre seats globally – both on-shore and off-shore. This will meet the demands of major blue chip organisations and give them the choice of leveraging domestic and overseas BPO capabilities.” […]
Mobile retailing company UniverCell Telecommunications (India) is in parleys with private equity players to partly offload the company’s equity to help propel its next phase of growth. The Founder, Sathish Babu, said: “They were engaged in talks with several equity players and expect to close a deal very shortly.” Speaking to Business Line after launching five stores in Hyderabad, Babu said that this move would eventually lead to the company coming up with a public offer in 2009-2010, offering exit route to private equity. He said: “The company, which has about fully owned 75 stores, plans to set up 25 more by the end of this month and take this number to 170 before the fiscal end. We are in an accelerated expansion phase.” (Sify) […]
Reliance Telecommunications Infrastructure Limited (RTIL), the telecom infrastructure unit of Reliance Communications that manages the communication towers hived off by the parent, plans to invest Rs 8,000 crore by March 2008 and take its tower strength to 23,000 from the current 14,000. The company also has a target to erect 50,000 towers by 2010. RTIL also has plans to dilute equity in the company. “We are looking at the option of either an IPO or of selling an equity stake in a period of 6 months to one year,” says Gaurav Wahi, spokesman for Reliance Communications. A Reliance document, quoting some Mumbai brokerages analysts, sats RTIL’s equity valuation based on market value stands at Rs 27,000 crore, while the overall enterprise valuation based on assets stands at Rs 36,000 crore. Reliance officials say the equity valuation is based on a price of Rs. 135 per share of Reliance Communications, which has a market capitalisation of around Rs. 120,000 crore. […]
India-dedicated private equity funds raised $663 million in the first six months of 2007, a long way from the $16 billion targeted for the full year, according to recent research released by the Emerging Markets Private Equity Association. The association, which represents 167 private equity firms with more than $400 billion in assets under management, expects at least $12-15 billion to be raised for Asia in the remaining six months of the year and sees India and China accounting for a lion’s share. Out of the $21.7 billion raised in the first half of 2007, Asia, including China and India, accounted for $11.6 billion. Last year, India alone raked in 15% or $2.88 billion of the $19.4 billion raised for Asia.Meanwhile, India-related fund-raising, post-June, has received a boost with the $1.25 billion ChrysCapital Investment Advisors-backed ChrysCapital Fund V announced in July. And a slew of $1 billion funds are expected to hit the market by the close of the year, though growth and early-stage deals will dominate investment themes. Overall, 107 funds focused on emerging markets—Asia, Europe, Latin America, West Asia and Africa—raised $21.5 billion during the period under review. About 162 funds raised $33.2 billion for these markets in all of 2006. The association does not include Japan, Australia, New Zealand, Pakistan, Afghanistan in its definition of Asia. […]
Private sector lender IndusInd Bank is looking to acquire a bank in the next two years, a top official told NDTV Profit channel on Thursday. “We need to bulk up before the market is thrown open in 2009 or sometime beyond,” Bhaskar Ghose, managing director and CEO, told the television channel. India's central bank has said it would review foreign ownership in Indian banks after 2009. “We would typically look at banks with a relatively higher CASA (current account and savings accounts) ratio,” he said refering to higher low-cost deposits. (Sify) […]
Notz Stucki, one of the largest asset managers in Europe, has joined the race for ICICI Venture's 63% stake in Infomedia (formerly Tata Infomedia). Private equity funds such as General Atlantic, Blackstone and Warburg Pincus have also shown interest to buy out ICICI Venture's stake in the media firm. Infomedia publishes the popular business directory Yellow Pages and some well-known niche magazines. When contacted, Anil Singhvi, managing director Notz Stucki India, declined to comment. Sources said Yes Bank is advising Infomedia on the deal. The buyer of ICICI Venture's stake will have to make an open offer, and shell out upwards of Rs 400 crore. On Thursday, Infomedia’s shares closed at Rs 233.90 on BSE, taking the market capitalisation to Rs 461crore. […]
Domestic venture capital company – RE Capital India Fund has now identified resorts as part of its development ventures. Ishan Singh, managing director of the company informed Express Hospitality that the company has already invested in two properties and is looking to invest more in the future. He said, “We have zeroed in for a property in Sona, Haryana which will be operated as a resort property. The 15 acre resort property is within an IT SEZ zone and is going to have 60 rooms in all.” […]
Morepen Laboratories Ltd on September 20, 2007 has announced the signing of a deal with Avenue Capital Group through its subsidiary G L India Mauritius III Ltd for a 14.99% stake in the Company. As per Share Subscription Agreement signed on September 20, 2007, Avenue Capital is subscribing to 3.853 crore Equity Shares of Rs 2/- each at premium of Rs 18/- per share and will be infusing Rs 77.06 crores in the Company. In addition to this, Avenue Capital is also subscribing to Naked Warrants to the extent of 5% of the enhanced capital base and will be infusing a total of Rs 27.04 crores against these warrants. As per the terms of agreement Avenue Capital through its subsidiary G L India, Mauritius will pay 10% money on subscription and the balance 90% is to be paid within 18 months of signing the term sheet. The Promoters are also fulfilling their commitment of subscribing to warrants by way of infusing fresh capital which are to be converted into 10.00 crore Equity Shares, amounting to Rs 60.00 crores. The total equity base of the Company will go upto Rs 74.12 crores comprising of 37.06 crore shares of Rs 2/- each. This will include 2.03% equity (75.17 lakh shares) issued to the Banks. Post subscription of these warrants the Promoter's stake in the Company will stand at 46%, G L India Mauritius (Avenue Capital) will hold 14% and the public holding will be 38% in the Company. […]
The TVS Group has set up TVS Capital Funds Ltd, which will make late-stage investments in private companies and in mid-cap, family-owned businesses across sectors in India. TVS Capital Funds Ltd, an asset management company, starts its activities with an office in Chennai. “Indian entrepreneurs need a strategic growth partner that understands the nuances of building businesses and can offer a range of professional services along the expansion path. TVS Capital Funds Ltd will strive to be this strategic partner to entrepreneurs and fund their development,” says Mr Gopal Srinivasan, Founder of TVS Capital Funds Ltd. “India has thousands of mid-cap, family owned businesses, especially in Tier 2 and 3 cities, that are anxiously looking to participate in the broader expansion of Indian economy. These businesses are looking for a strategic partner to expand business beyond their existing roots, professionalise their operations and enhance their management team. TVS Capital Funds Ltd will bring a proven business culture, infrastructure, and a wide network of relationships across several sectors and geographical regions including the US, Europe, China and Taiwan, to help manage and grow family-owned businesses,” Mr Gopal Srinivasan has said in a press release. […]
Private equity majors Carlyle Group and Citigroup Venture Capital International (CVCI) are in the race to acquire a 15 per cent equity stake in Pyramid Saimira Theatre, a Chennai-based theatre chain company. Pyramid Saimira Theatre is offloading a 15 per cent stake to the private equity investors at around Rs 420 to Rs 445 a share, which is nearly 31.6 per cent premium to the current market price of Rs 338. Sources said two more investors were also in talks with the company for the stake. In addition to the 15 per cent stake in the listed entity, the group was also likely to sell around 15-20 per cent stake in its unlisted production company, Pyramid Saimira Production, they said. “Since the production company is not listed, the deal will be based on the company’s enterprise valuation,” said a source. This company is valued at Rs 1,300 crore. P S Saminathan, managing director, PSTL, declined to comment on the development. In India, Pyramid Saimira owns over 371 screens across south India. The company is in an expansion mode and plans to roll out over 2,000 screens by 2010. […]
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