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Jet Airways promoter, Mr Naresh Goyal, would offload five per cent of his equity in the airlines before the end of this month to a private equity player, a top company official said. “Mr Goyal is targeting to dilute five per cent before the end of this month,” Jet Airways senior general manager Mr KG Vishwanath said. “We are talking to five to six private equity players. They include both national and international players,” he said. Mr Naresh Goyal holds 80 per cent in Jet through Tail Winds. According to Sebi guidelines, his stake needs to be bought down to 75 per cent. Once the dilution of five per cent stake takes place, Jet would go ahead with its $400 million rights issue. (The Statesman) […]
A group of institutional investorsand a start-up firm run by country's top B-school IIM-A alumni, Educational Initiatives Pvt Ltd (EI), have entered into a strategic tie-up for a project on school education and assessment. A consortium of investors including Footprint Ventures, Novak Biddle Venture Partners, the ICICI Bank-supported IFMR Trust and industrialist Gautam Thapar have joined hands with EI to fund the latter's project. EI's ASSET test, which is expected to be taken by hundreds of thousands of students in India this year, is the company's core initiative. EI executes large scale assessment and research projects with contracts from agencies such as the World Bank, UNICEF, and the Michael and Susan Dell Foundation. “In the schools, efforts to shift from rote to learning by understanding makes for a great starting point,” said EI's managing director, Sridhar Rajagopalan. […]
The year 2007 turned into a remarkable one for Indian M&A, both at home and abroad. Spending more money on overseas acquisitions than foreign companies did in their own market, Indian companies have made their presence felt globally. Domestically, 2007 saw another record year of deal activity, with total mergers and acquisitions (M&A) and private equity (PE) deals up 82 per cent from Rs 865 billion ($21 billion) in 2006 to Rs 1,576 billion ($38 billion) in 2007. As well as volume, both number (867 against 697) and average size of deals also rose significantly. International acquirers have continued to account for the bulk of domestic deals at Rs 1,189 billion ($29 billion). This is 75 per cent of the total domestic deal value as against 71 per cent in 2006. But the real story of the year is overseas, where Indians bought up companies in Europe and the US, splashing out some Rs 1,367 billion ($33 billion). […]
Kuwait's National Aviation Services (NAS), a subsidiary of logistics firm Agility, said on Wednesday it will buy a majority stake in India's NOVA Aviation Services. NAS will sign an agreement later on Wednesday with NOVA Aviation to acquire a 55 percent stake in the firm, NAS's spokesman told Reuters without giving the value of the deal. NOVA provides airport and ground handling services in five airports in India, according to a NAS statement.(Reuters) […]
After life insurance and property services, $4.5-billion Old Mutual is planning to invest in retail-related real estate assets in India through a property fund. The property arm, the South Africa-based Old Mutual Investment Group Property Investments (OMIGPI) and a Mumbai-based real estate company ICS Realty, have promoted a $500 million property fund, which is expected to close by March 31. The fund, called Triangle India Real Estate Fund, is aiming at investors (both high net worth individuals and institutions) in Europe, West Asia and South Africa. ‘‘We are targeting returns of 20 per cent to 30 per cent,’’ said Deep Kantawala, director of Property Zone, the advisor to the fund in India. The fund has an eight-year term, with an option to extend it by two years. Though the fund has a mandate to invest in retail, commercial and hospitality sectors, it would put 60 per cent of its corpus in the retail sector to take advantage of the merchandising boom in the country. […]
Advanta India Ltd has acquired Texas-based Garrison & Townsend, LP, (GT) Hereford, for $10.5 million. Announcing this to the Bombay Stock Exchange (BSE) on Tuesday, an official communiqué from the company stated that GT has strong presence in Sudan vis-à-vis the cultivation and marketing of sorghum species of grasses, used for growing grains and fodder. The release states that in Sudan, about 67 per cent of revenue arising out of the cultivation of sorghum is carried out by GT. […]
Brokerage firm Religare Enterprises has entered into a partnership with Vistaar Entertainment Ventures to launch India’s first regulated film fund — Vistaar Religare Film Fund (VRFF). It has filed for approval with the Securities and Exchange Board of India (Sebi) as a Venture Capital Fund (VCF). The close-ended fund is expected to have an initial corpus of about Rs 200 crore, with a 5-year lock-in period. The plan is to look at funding and green-lighting various films, and each film will have a special purpose vehicle (SPV) with the stakeholders being the fund along with the producer, director and writer. The attempt is to provide a platform for new directors, talent and writers. […]
Jain Irrigation Systems Limited (JISL) has acquired 69.75% stake in Switzerland-based Thomas Machines S.A., with full management and operational control. Thomas Machines is engaged in manufacturing of specialist machines and equipment including latest generation high technology drip irrigation lines, quality control and test equipment, automation equipment, laser machine centers and laser products and has been a supplier to JISL for over three years. The acquisition will help the Company and its subsidiaries all over the world to further invest in the field of irrigation to build its capacities and increase speed to market for new generation drip lines. JISL engages in the manufacture and sale of irrigation systems, polyethylene pipes, and plastic sheets primarily in India. The company will also have the call option on purchasing the remaining 30.25 percent of the shares of Thomas Engines. […]
A Bahraini real estate firm has acquired 49 per cent stake in an information technology park in Noida at a cost of USD 69 million. Acacia Real Estate, a company spearheaded by Bahrain-based TAIB Bank, has acquired 49 per cent of Logix TechnoPark located in Noida. “We are proud to be able to offer our clients this unique opportunity to invest in India's real estate market,” said Acacia executive committee board member and TAIB Bank chief executive and vice-chairman Iqbal Mamdani. With a projected internal rate of return of over 24 per cent per annum, the deal was structured to provide investors with downside protection and an average cash coupon of 8 per cent per annum over a three-year holding period, he said. […]
The Manipal group is close to acquiring a substantial stake and management control in Kochi-based Lakeshore Hospital, a super-specialty medical centre and a pioneer in medical tourism initiatives. Sources said Manipal is likely to pick up around 40% stake for about Rs 100 crore, thus putting up a tough fight against Thailand’s healthcare tourism major Bumrungrad and at least two private equity players. The deal is yet to be ratified by the board of Lakeshore Hospital, which was originally conceived almost a decade ago by a group of senior medical professionals. It is believed that Manipal Health Systems, a part of Manipal Education and Medical Group (MEMG) which operates a chain of tertiary- and secondary-care hospitals, has emerged as the front-runner to acquire the stake in Lakeshore. Nevertheless, interest from Bangkok-based and public-listed Bumrungrad International shows the growing importance of South India on the medical tourism map. The multi-specialty Lakeshore is one of the few hospitals to have air, water and surface ambulance services. […]
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