February 2008
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PE investors showing greater interest in SEZs

Private equity investors are showing a greater interest in special economic zones in the country, according to ICICI Venture, one of the major PE players. In a write-up, which forms part of a report titled ‘Private Equity Impact 2008´ released by Venture Intelligence, which tracks private equity and venture capital investments in India, ICICI Venture said: “PE investors are finding SEZ story interesting and are increasingly making larger and more investments in SEZs in the country.” The report has listed recent PE investments in SEZs such as the one by ICICI Venture, which has invested $40 million in an IT/ITES zone in Hyderabad and DLF’s receiving $400 million from US hedge fund DE Shaw. Besides, it noted, that Trinity capital has invested about $75 million in Luxor Cyber City and Mundra Port and SEZ receiving an unspecified private equity investment before its IPO. According to ICICI Venture, while private equity would be willing to come into large SEZs, they are also talking to some of the developers of smaller SEZs for pharma, gems and jewellery, and textiles. […]

Pioneer promoters looking to sell up to 49% stake in media firm

CMYK Printech Ltd, publisher of English daily The Pioneer, has engaged consulting firm Deloitte and Touche Consulting India Pvt. Ltd to find strategic investors willing to take up to 49% stake in the media company, a person close to the development said. The firm, with interests in print, Web and media education business, had held equity talks in August 2006 with Jagran Prakashan Ltd, publisher of Dainik Jagran. The talks failed because Jagran Prakashan wanted a majority stake and the Pioneer management was unwilling, according to this same person who did not want to be identified. CMYK Printech is currently majority owned by the promoter group, which holds 74% stake in the firm. The promoter group comprises Chandan Mitra, who is also editor of the newspaper and a member of Rajya Sabha; Durbar Ganguly, who looks after marketing and administration, and Amit Goel, who handles the media education business. “In May this year, the present management will complete 10 years of running the paper. We posted small profits in the past two years, so now we feel it’s time to go in for an aggressive expansion. We will sell some equity to fund these plans,” confirmed Ganguly, joint managing director and vice-chairman, CMYK Printech. […]