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Private equity firm Red Fort Capital plans to invest about Rs 2,700 crore in real estate by 2009, including acquisition of 2,500 acres of land in over 20 cities across the country. “By 2009 we will have invested about Rs 2,700 crore in development projects in Indian real estate. Of which, about 70 per cent will go toward acquiring 2,000-2,500 acres of land in suburbs of metros and Tier II cities,” Red Fort India Real Estate Fund's Managing Director Parry Singh said. The company will develop properties worth Rs 12,000 crore, he said, adding “… the respective developers will also invest their share of the remaining equity amount on a project-by-project basis.” (The Hindu) […]
Tata plans to buy a stake in a high-tech unit of Germany's Deutsche Telekom which would see thousands of jobs outsourced, according to a German weekly newsmagazine. In a report in its upcoming issue on Monday, Focus said the Indian group — specialising in high-tech, automobiles and steel — was on the verge of acquiring the systems integration business of Deutsche Telekom unit T-Systems. It said there were only a few final legal issues to resolve. The Deutsche Telekom unit employs about 13,000 IT specialists. Focus said about half of those jobs would now be sent to India. A Deutsche Telekom spokesman declined to comment.(AFP) […]
RFCL, a former Ranbaxy group-promoted specialty chemicals company which was acquired by ICICI Venture, has bought Chennai-based Alved Pharma & Foods, a three–decade-old manufacturer of animal health products. Alved is a market leader in south India with institutional sales and exports to West Asia and African countries. The company expects its sales revenues to touch Rs 18 crore in 2007-08. Sources said the transaction is valued at Rs 20-30 crore. Vetnex, the veterinary business division of RFCL, is valued at Rs 90 crore. The combined entity will have a turnover of over Rs 105 crore to become one of the top three players in animal health business in India. […]
India Inc feels the impact of global M&As Dutch brewer Heineken is set to buy UK-based Scottish & Newcastle’s (S&N) 37.49 per cent stake in Vijay Mallya’s United Breweries. This is part of a worldwide deal under which S&N’s global operations will be jointly acquired by Danish beer giant Carlsberg and Heineken for $15.4 billion. Under an agreement reached by three companies involved in the deal, Heineken will take over S&N’s India operations. Vijay Mallya holds 37.49 per cent in UB. The company's shareholder pattern consists of 74.98 per cent of promoter group holdings (37.49 per cent each by Mallya and S&N), 16.15 per cent foreign institutional investors, 6.55 per cent individuals and 2.32 per cent others. UB’s share price on the Bombay Stock Exchange rose 6.82 per cent from Rs 289.50 to Rs 309.25 as the falling stock market bounced back. However, Heineken may not be required to make an open offer. According to Securities and Exchange Board of India rules, the open offer will be triggered only if a single shareholder acquires more than 14.99 per cent. […]
The Mumbai-based Welspun group is believed to be in talks to acquire Remi Metals Gujarat, an integrated steel and seamless pipe maker, from the Saraf family. Sources close to the development said the proposed acquisition fits into the scheme of $1-billion Welspun group, which is a market leader in the pipe business. They said Welspun is also in the process of finalising plans to market pipes of Remi Metals to which it supplies DRI (direct reduced iron) or crude steel even before the acquisition. Officials at both the companies confirmed the plans to market finished products of Remi by Welspun. On the proposed acquisition of Remi, an official at Welspun said: “We keep on looking at growth opportunities in all our verticals of businesses across the globe.” A Remi Metals executive said, “It is not correct at the moment.” […]
The New York-based BlackRock — the largest quoted asset management company in the world, managing assets in excess of $1.3 trillion — will acquire a 40 per cent stake in DSP Merrill Lynch Fund Managers. DSP Merrill Lynch Fund Managers will be renamed ‘DSP BlackRock Investment Managers’, while DSP Merrill Lynch Mutual Fund will be renamed, ‘DSP BlackRock Mutual Fund’. The DSP Group is owned by Hemendra Kothari and has a track record of over 140 years. Through its investment companies, the DSP Group will continue to retain its existing 60 per cent stake in the joint venture. Addressing a press conference here, Mr. Kothari, Chairman, DSP Merrill Lynch Fund Managers, said, “The participation and involvement of BlackRock will facilitate continuity and enhanced focus on the growth of the joint venture.” […]
In a pre-initial public offering (IPO) deal, four global private equity majors together picked up 2.25 per cent stake in Pipavav Shipyard (PSL) for around Rs 105 crore. The firms – Blackstone, Merrill Lynch, Deutsche Bank and Galleon Group – have picked up 13 million shares of the port and shipping company. Global private equity major Blackstone picked up five million shares through its India Fund, Merrill Lynch four million, Deutsche Bank two million and Galleon Group two million shares of the company. The shares were all bought at Rs 80 each, which is close to the company’s IPO price band, according to sources. The total investments by made the PEs increases the total foreign institutional investor (FII) stake in PSL to 29 per cent. After this investment, the total institutional holding in company (foreign and domestic) stands at around 45 per cent. […]
Goldman Sachs is in advanced stage of discussions to invest around Rs 800 crore in Bangalore-based real estate player Century Group, sources said. The real estate fund of Goldman Sachs is seen infusing liquidity into a special purpose vehicle (SPV) for commercially developing over 300 acre near Yelahanka in north Bangalore, which is in proximity to the upcoming international airport. Goldman Sachs, which has committed investments worth over $ 2 billion in India, has identified real estate and infrastructure as the key sectors for investment. Notwithstanding, a certain cooling off in recent quarters, the returns from the Indian real estate sector is still seen as one of the best in the Asia Pacific region, which may have prompted US financial giants like JP Morgan to take a big plunge into the domestic realty market. […]
Entertainment firm Pyramid Saimira Theatre on Thursday said it has acquired UK-based Aurona Technologies for an undisclosed amount. The company said in a filing to the Bombay Stock Exchange that it has acquired a majority stake in the video games and interactive entertainment software company and the new entity would be known as Pyramid Saimira Production Services Ltd. “We are extremely happy to announce this strategic acquisition of Aurona Technologies Ltd. This marks the entry of Pyramid Saimira in the high-growth, high-margin animation and gaming industry,” Pyramid Saimira Group Managing Director P S Saminathan said. The group has access to a huge content library and would be able to cross-exploit the content properties. The acquisition brings not only the existing knowledge and customer base, but also high quality management bandwidth, with international exposure, he added. Aurona Technologies Ltd CEO Santosh Pillai would take over as the Director of the new entity. The company is also planning to enter the European market to cash in on the available potential and achieve synergy. […]
ICICI Venture, the largest homegrown private equity firm, is launching a separate $3-billion infrastructure fund to invest in road, port and power projects across the country, CEO and MD Renuka Ramnath said. ICICI Venture will raise the money from domestic and institutional investors some time this year. The infrastructure fund will be the firm’s third-biggest fund launch and will help it achieve a target of $10 billion assets under management by 2010. A $2-billion real estate fund and a private equity fund of similar size are also being planned. “We are looking at multiple pools of capital to satisfy the different needs of the economy. Through this, we hope to identify the best investment opportunities for capable entrepreneurs,” Ms Ramnath said. She added that a separate fund for infrastructure was necessary as the profile and needs of investors were different. The infrastructure fund has come to I-Venture after ICICI Bank, the parent, decided not to proceed with its own plans. Credit Suisse First Boston is advising I-Venture on the fund raising plan […]
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