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U.S.-based Mylan Inc , Mukesh Ambani's Reliance Pharmaceuticals and Ranbaxy Laboratories may bid for Shasun Chemicals and Drugs Ltd's bulk drug business, a news paper report said on Thursday. In the early rounds, both global and India-focussed private equity funds such as ChrysCapital have also shown interest in the bulk drugs business worth about 4 billion rupees, the Economic Times report said, citing unnamed sources. “There is no truth in this,” Shasun's wholetime director Vimal Kumar said. A Ranbaxy spokesman declined to comment. Chennai-based Shasun had also roped in a Mumbai-based investment banker and may be looking to sell the unit for about 160 rupees per share of the de-merged unit, the paper said. Shasun's bulk drug business, which includes nizatidine, gabapentin, ranitidine and ibuprofen, accounted for almost half of the company's revenue last year, the paper said. ( Reuters) […]
Indivision, Future Capital’s private equity arm, has bought 33 per cent stake in Chennai-based wind turbine manufacturer, Regen Powertech, for $25 million. Regen, the exclusive licencee for technology know-how from Germany’s Vensys, will set up a manufacturing facility to produce gearless turbines at Tada, Andhra Pradesh in a couple of months. Initially, the plant will have assembly capacity of 500 MWs and the first shipment is expected by January, sources in the know said. Future Capital Holdings MD & CEO Sameer Sain confirmed the development. “We can not comment further as the company has filed a DRHP with Sebi and we are in the quiet period,” Sain said. […]
In a precursor to a possible initial public offering, technology firm Tejas Networks has made a late-stage share placement worth Rs 95 crore with financial investor Goldman Sachs. A top company official said the funds would be used in product development. The firm is a manufacturer of optical transport equipment and operates in the same space as networking giants Alcatel Lucent, Ericsson and Huawei. One of its largest individual shareholders and co-founders is Gururaj Deshpande, a Silicon Valley serial entrepreneur. Founded in 2000 by four technology professionals — Sanjay Nayak, Kumar N Sivarajan, Arnob Roy and Mr Deshpande — Tejas has gone through four rounds of venture funding. Its other investors are Mayfield Ventures, Battery Ventures and Intel Capital. The company had raised $49 million before the investment by Goldman Sachs. Financial investors own over 50% in the company. “Our time to market is shorter and the innovation capital we require for R&D is also much lower. This is our inherent advantage,” Tejas CEO and MD Sanjay Nayak told ET. Currently, the company is ranked as number two in the Indian market, but does not cover the entire spectrum of products in the optical carrier space. In India, it sells under its own brand name and in overseas markets, through OEM tie-ups with global vendors. […]
Deutsche Bank Singapore has picked up 5% stake in Lavasa Corporation, a real estate project promoted by Hindustan Construction Company (HCC) at Lavasa near Pune, for Rs 500 crore. The deal values Lavasa Corporation at Rs 10,000 crore. Sources said Lavasa would issue fresh equity to Deutsche Bank. HCC was holding 65% in Lavasa through its real estate subsidiary — HCC Realty. Other partners in the project — the LM Thapar group and Venkateshwara Hatcheries — along with other minority stake holders, account for the remaining 35%. When contacted by ET, Lavasa Corporation COO Rajgopal Nogja declined to comment on the deal. However, sources close to the development said a term-sheet had been signed between HCC and Deutsche Bank last week. The deal makes it one of the largest investments by Deutsche Bank in India’s real estate space. A few weeks ago, Deutsche Bank invested around Rs 1,700 crore in a special purpose vehicle (SPV) floated by Mumbai-based Lodha group. […]
The New York-based Goldman Sachs will invest $172 million for a majority stake in Indian metal castings maker Sigma Electric and its affiliated companies. Chairman of Sigma Sajjan Agarwal will stay on as a significant shareholder, and existing management will stay in place, according to a company’s communique. Sigma president and chief executive Paul Hirt will also join the company’s board of directors. Harsha Raghavan, vice-president of Goldman Sachs, along with Sanjeev Mehra and Sanjay Patel of Goldman Sachs, will also join the company’s board. On November 27, 2006, ET had first reported about Sigma’s proposal to sell majority stake in the company. The company was then in advance talks with another private equity player Newbridge. The deal however did not materialise, probably due to valuation differences. Sigma, based in Raleigh, North Carolina, makes about 1,500 products, including cable connectors and transformer connectors for firms such as ABB, Delphi and General Electric. In India, its plants are located in Pune and Jaipur. Sigma has over 1,400 engineers and technicians. It has manufacturing facilities in Pune and Jaipur. […]
The Board of Ludhiana-based Ritesh Properties & Industries Ltd (RPIL) today approved a stake of 8 per cent to Bennett, Coleman & Co Ltd (BCCL). According to the agreement, RPIL would be issuing 840,000 shares of Rs 60 each to BCCL amounting to Rs 5 crore. This initiative will take RPIL’s equity capital to 1,050,000 shares against the earlier 920,000 shares. RPIL will infuse these funds for marketing of its proposed retail chain business to further ramp up the operations. Sanjeev Arora, managing director, RPIL, said, “We are launching a retail chain of stores, especially targeting the women’s segment. We have plans to launch a brand called Femella across the country. By this year, we will have our stores opened in New Delhi.” […]
Sintex Industries is planning to take over Nief Plastic Group (France) through its subsidiary Sintex Plastics , according to sources in India. Managing shareholder Gilles Nief told PIE, however, that “the matter hadn’t yet been finalised” and talks were still in progress. It had previously been suggested that negotiations over a partnership between Nief and Plastiques du Val de Loire had been broken off. However, Nief denies that these rumoured talks have ever taken place.(Plast Europe) […]
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