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Mumbai-based Indian Oiltanking (IOT), promoted by Oiltanking Gmbh, Germany and Indian Oil Corporation, has picked up 81% stake in Vadodara-based Engineering and Construction company Anwesha Comtech Engineering. Anwesha Comtech is engaged in engineering and construction of storage tanks and piping work for refineries, oil terminals, fertilizer and chemical industries.The new company will be called IOT Anwesha Engineering & Construction. According to Jatin Mavani, vice president and company secretary, IOT, the acquisition is to improve its margins by having in-house storage tanks and piping work infrastructure which used to be outsourced before. IOT has been eyeing inorganic growth in recent times. Earlier it had acquired 54.9% stake in Stewarts & Lloyds of India from Tata Steel and associates. Next on the company's plans is acquisition of companies in the design engineering space and creation of a separate division to offer Exploration and Production (E&P) services. An IPO is also on the cards by the end of 2008 to raise Rs 500 crores from the capital markets. […]
Media and communication conglomerate WPP said on Monday that it has acquired a majority stake in Indian event management company Encompass for an undisclosed amount. Encompass would be aligned with JWT, WPP's Indian advertising operations. The event management firm's founders Roshan Abbas and Sukrit Singh will remain in their current positions of Managing Director and CEO respectively to ensure a smooth transition, WPP said in a statement said. “JWT has been working with Encompass on several client engagements and this transaction is a natural extension of our established relationship,” JWT President Michael Maedel said in the statement. […]
Foreign private equity funds New Vernon Private Equity Ltd and ICG Q Ltd will invest Rs 56.9 crore in Prime Securities Ltd. Prime Securities Ltd (PSL) would use the funds for meeting business needs. It would allot 20.7 lakh equity shares on a preferential basis to the two entities, PSL said in a filing to the Bombay Stock Exchange. The company would allot 18.7 lakh equity shares to New Vernon Private Equity Ltd, which makes equity investments, primarily in India, for the New Vernon India Fund. It would issue two lakh equity share warrants to ICG Q Ltd, a fully-owned subsidiary of India Capital Growth Fund Ltd (ICGF). […]
Trikona Capital Ltd., the leading fund management firm for institutional investment in Indian real estate and infrastructure, today announced it received Special Economic Zone (SEZ) status approval from the Indian government for a new development in the rapidly growing city of Greater Nodia near the nation’s capital. Trikona Capital invested $56 million in the 76-acre mixed-use Tech Oasis project, a planned development of 10 million square feet of IT, residential and commercial space located in a specially designated area, known as Tech Zone, which promotes the development of the IT services industry. Tech Oasis is situated along the Taj Expressway, which will connect the site to a new proposed international airport and provide direct access to Agra, Faridabad and Gurgaon. Since acquiring the project in March 2007, Trikona Capital has actively managed the investment from developing the project’s master plan to working closely with the Ministry of Commerce and the Government of Uttar Pradesh to receive formal SEZ status. Final project plans will now be submitted for approval. The SEZ approval gives Trikona Capital control of two of the four multi-product SEZs in the National Capital Region of Delhi, a popular location for multinational IT services firms. SEZs were created in India as export hubs to entice investment and spur economic develop outside India’s congested major metros. Both developers and tenants of SEZs receive significant tax benefits for more than a decade. […]
Software company IQMS today said it will acquire 51 per cent stake in Object Xperts Inc, USA. IQMS said it already has a strategic alliance with Object Xperts. US-based Object Xperts specialises in IT solutions, Information Systems Consulting, Information Technology Outsourcing and Business Process Outsourcing. Object Xperts also has numerous Offsite and Offshore projects for leading corporations in the US. (ET) […]
ICICI Venture has made an equity investment of $24 million (approx. Rs 95 crore) through Iven Medicare in Vikram Hospital (VHPL) for a “substantial stake. The investment would enable the Mysore-based Vikram Hospital to set up a pan Karnataka footprint, informed Aluri Srinivasa Rao, director, investments, ICICI Venture. Iven Medicare, the health arm of ICICI Venture, would help VHPL, a family-owned business, to scale up its current infrastructure by offering dedicated support in key areas like Medical Informatics, quality and accreditation, HR practices, commercial and technology among others. […]
Gujarat Venture Finance Ltd (GVFL) has decided to invest in VMukti Solutions, a company incubated at the Centre for Innovation, Incubation and Entrepreneurship at IIM-Ahmedabad, and Vadodara-based Century Pharmaceuticals. “We will be making these investments from the Rs 20-crore Gujarat IT Fund and the Rs 50-crore Gujarat Biotech Venture Fund, respectively,” says GVFL chief executive officer Vishnu Varshney. The GVFL funding will also help the two companies in brand building. VMukti Solutions, which is listed on Nasscom’s Top-100 Innovative Companies of 2006 and 2007, is in the development and marketing of products based on unified collaborative communication platform. Its product line of web convergence, peer-to-peer architechture and telecom applications caters to global telecom services players such as Bluesky, T-Mobile and Stercom. […]
Exits in the Indian private equity (PE) market in 2008 are expected to maintain the momentum they have acquired over the past two years. The recent volatility in the stock markets may put initial public offerings (IPOs) by PE-backed companies on hold in the short term, but this is not expected to impact net gains from overall exits during the year. In calendar year 2007, PE investors completed exits worth an estimated $1.5 billion (Rs5,910 crore) via strategic stake sales or secondary transactions. In addition, there were 14 PE-backed IPOs during the year. The numbers on exits were compiled by Mint from data provided by a Mumbai-based PE firm that did not want to be named, industry reports and independent data providers Thomson Financial and Four-S Services Pvt. Ltd. Last year, there were eight disclosed exits with ticket sizes more than $100 million against only one in 2006. Leading PE firms attribute last year’s strong exit run to soaring valuations and the ripple effects of the US sub-prime crisis. The majority of investors say that the fundamentals of the Indian economy are steadfast and companies will continue to expand. Anil Ahuja, managing director and co-head for Asia at London-based 3i Group Plc. said: “This year will see exits of investments made in 2005, which could be a bigger number than last year.” Sequoia Capital India managing director K.P. Balaraj added: “2008 will see more exits because PE and trade buyer capital is focused on India.” Seven of Sequoia Capital’s portfolio companies will be considering IPOs this year. […]
Power trader PTC India Ltd, which plans to diversify into the coal business and supply fuel to companies from which it will buy power, will create a $1 billion fund for the acquisition of overseas coal blocks. The fund will be part of the overseas arm PTC is setting up to acquire these blocks. PTC is also looking to divest 70% stake in this overseas arm. “The offshore firm will be registered in Singapore and we will own a 30% stake in the firm. To start with, PTC India will put Rs300 crore in the fund. The rest of the money will be brought in by the firms that will take the balance 70%,” said a senior PTC official who did not wish to be identified. He declined to name the overseas firms that PTC is in talks with. The company is also looking to divest 70% stake in its overseas arm, which ‘will be registered in Singapore’ After looking for coal supplies from Australia, South Africa and Indonesia in an international market that is becoming increasingly competitive, PTC has decided to focus on Indonesia, prompted by the proximity of the South Asian country to India, which will mean lower freight costs. […]
Making its debut in the country’s fledging private equity (PE) space, the Aditya Birla Group is picking up nearly 5% stake in Core Projects & Technologies, a leading IT solutions provider with special focus on education, health and BFSI. In the second phase of its association, the Birla group will acquire equity in Core’s business with Indira Gandhi National Open University (IGNOU) and the state governments, which will be spun off into a separate entity. Core’s association with IGNOU is estimated to add nearly $100 million to its topline in two years while its business with the state governments is expected to earn $100 million every year. To begin with, the Birla group will subscribe to preferential issue of 4.5 lakh equity shares or convertible warrants, representing a 4.99 % stake in Core, for Rs 13.5 crore. The issue will be priced at Rs 300 a share, nearly 22% premium over Friday’s closing price. The stock rose 9.89% on Friday to end at Rs 246.20. […]
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