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Anil Ambani group firm Reliance Capital on Saturday said its subsidiary has invested in US-based telecom solution provider Stoke Inc. However, financial details of the investment made by ADAG's corporate venture arm Reliance Technology Ventures (RTVL) was not disclosed. The US-based firm enables telecom operators to solve security services problems across different broadband access. The co-investors along with RTVL in the deal include existing investors such as US-based venture capital funds Kleiner Perkins Caufield & Byers, Sequoia Capital, Integral Capital Partners and DAG Ventures, a company release said. […]
Merrill Lynch & Co. may buy a stake in Indian stockbroking firm Sharekhan Ltd., the Economic Times reported, without saying where it got the information. New York-based Merrill may buy shares from Citigroup Venture Capital, which holds a 75 percent stake in the Mumbai-based brokerage, the newspaper said. It may also receive a preferential allotment of equity securities in Sharekhan. The total value of the 20 percent stake on offer may be close to 3 billion rupees ($76 million), the report said. (Bloomberg) […]
It’s not only India Inc but also PE firms such as Sequoia Capital and Providence Equity partners which are making a beeline to buy out teams in the newly-formed Indian Premier League(IPL). Sequoia Capital, a private equity firm, which has invested in Google and Providence Equity, is one of the largest private investment firms specialising in equity investments in media and communications companies globally. According to sources close to the developments, the Board of Cricket Control of India (BCCI) has received more than 60 Expression of Interest (EoI) from leading PE firms besides multinational companies and heavyweights from India Inc till now. “We’ve received EoIs from some leading companies such as Reliance, Airtel, Kingfisher and some other individuals. And yes some PE firms have also applied,” a BCCI official told SundayET. […]
Rice processing firm LT Overseas Ltd said on Monday its unit had acquired U.S.-based rice firm Kusha Inc to increase its presence in the United States. The company did not disclose financial details but an Economic Times report had earlier estimated the value of the deal at $20 million. Kusha had revenue of about $40 million, the company said in a statement.(Reuters) […]
Wipro Ltd , India's third-biggest software exporter, is expected to bid for France's Capgemini by the end of January in a deal valuing the French firm at up to $7 billion, the Hindustan Times said on Monday, citing unnamed sources. Citigroup and HSBC have been in discussions to finalise a plan before the year-end holidays, it said, citing investment banking sources. “Details about leveraged buyout financing and other options were discussed,” it quoted a banker close to the deal as saying. […]
Tata Motors will be named on Dec. 21 as the winning bidder in the auction for Jaguar and Land Rover, according to a report in Britain's Birmingham Post newspaper. Tata will pay £1 billion, or about $2 billion, for the two Ford Motor luxury auto brands, said the newspaper, which is based near Jaguar and Land Rover's home in the British midlands. Ford spokesman Mark Truby said the company plans no announcements regarding a sale of the prestigious British brands. He said the U.S. automaker is still on track to announce the sale of Jaguar and Land Rover early next year. Tata is vying with another Indian automaker, Mahindra & Mahindra , as well as U.S. private equity firm One Equity Partners, for the units. Earlier this month those companies had submitted bids that ranged from $1.5 billion to $2 billion, said one person involved in the talks, who spoke on the condition of anonymity because they are confidential. […]
Travelguru, the online travel portal has signed a strategic agreement to acquire Desiya.com, a B2B hotel portal based in Gurgaon. The deal size is $25 million. Desiya.com is a New Jersey-based online travel company with offices in London, New Jersey, Gurgaon and Kolkata. Speaking to Hindustan Times, Ashwin Damera, founder & CEO of Travelguru.com said, “Since Desiya operates in the B2B online travel and we operate in the B2C online travel space, this acquisition is complementary for us. It will make us leaders in the online hotel business space.” Talking about financials, Damera said that Travelguru, which has been backed by VC firms like Battery Ventures and Sequoia Capital India would break even in August or September 2008. By 31 March 2008, it expects revenues of $45 million. The company has seen two rounds of funding totaling to $25 million. Damera holds a founder’s equity share in the company as well. […]
India's biggest discount carrier, Deccan, will merge with upmarket Kingfisher Airlines to create the nation's biggest domestic airline, officials said. The firm formed by the merger next year will keep the name Kingfisher, the flagship brand of Vijay Mallya's UB Group, officials from the two carriers said after a four-hour meeting. “The merger will bring about synergies across the board and lower the cost of operating both the airlines,” Deccan founder G R Gopinath told a Press conference in this southern Indian city where his airline is based. A merger would marry two airlines that had seemed unlikely bedfellows, with Gopinath earlier this year likening the flamboyant Mallya to someone from Venus and himself to a Martian who would never be able to do a deal. That was before he sold a 26 per cent stake in June to UB Group, accepting a 5.5-billion-rupee ($139-million) lifeline to keep his fleet in the skies as Deccan Aviation reeled under heavy losses. […]
IDFC private equity on Thursday unveiled its biggest investment till date with a $65 million (Rs 260 crore) play in the Chennai-based dry bulk shipping company Goodearth Maritime (GML). IDFC would pick up around 15-20% stake in the company, which part of the diversified Archean Group with interests in ores, minerals, industrial chemicals and renewable energy. The move comes at a time when GML is planning big ticket investment into a greenfield ship building yard at Cuddalore as well as foraying into on-shore and off-shore oil drilling sector. The transaction was sealed on Thursday evening, with 03 Capital advising GML on the deal. GML’s shipyard is expected to require a total investment of around $500 million in the first phase. With a capacity to build around 25-30 ships a year, including VLCCs, which could probably make it the biggest private sector shipyard in the country. The major players in private shipyard space are ABG and Bharati, both of which are based in Mumbai. […]
California Software Company Limited has announced that the company has signed a Memorandum of Understanding (MOU) for acquisition of the minority shareholding of 49% in Inatech Infosolutions, India; the acquisition is approximately valued $ 6.17 million. Earlier in November 2006, the Company had taken 51% majority interest in Inatech Infosolutions. However, the company was to originally acquire the balance in November 2009. Founded in 1992, California Software Company Ltd is a public limited company in India with a global presence. Its development practices are certified at CMMi Level 5. On the other side, Inatech Infosolutions, founded in 2002, is a fast growing Oracle Certified Advantage Partner (CAP) in EMEA region. […]
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