April 2008
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Opto Circuits acquires majority stake in Criticare Systems

Opto Circuits India has acquired majority stake in Wisconsin based Criticare Systems Inc. Upon completion of share transfer process, Criticare Systems will become a subsidiary of Opto Circuits. Having access to the expanded product line and leading edge technology offered by Criticare will allow Opto Circuits to enter new markets and compete more effectively with leading manufacturer of vital sign monitors, anesthesia monitors, pulse oximeters and patient monitors and accessories. In addition, the acquisition now adds anesthesia gas monitoring capability to Opto's technology portfolio. (ET) […]

Clear Trade eyes mega power projects

US-based private equity player Clear Trade, which is floating a $12 billion fund along with leading US private equity firms to invest in Indian power and infrastructure projects, is in talks with a leading power producer in China to float a consortium to bid for the ultra mega power projects (UMPP) in India. “We are in discussions with a leading Chinese company to form a technical consortium to bid for the UMPPs and hope to finalise it within a few weeks,” said Deepak Kavadia, managing director, Clear Trade. Some of the US funds associated with Clear Trade had made over $500 million investments in the Chinese power major, he added. The Indian government is planning to set up 9 UMPPs in the country with about 4,000 mw capacity each to add at least 78,000 mw of additional power by 2012. […]

Saffron plans bouquet of PE funds

Despite the global slowdown and falling markets worldwide, Indian fund managers are increasingly launching India-dedicated property funds, which target 20-25 per cent returns here. Saffron Asset Advisors, which manages the real estate investments of NYSE Euronext-listed Yatra Capital, is now planning to launch a bouquet of funds focusing on India. The company is aiming at a total corpus of Rs 4,000 crore in the next couple of years. Starting from real estate, the company will launch sector-specific funds such as healthcare, logistics, infrastructure, hospitality and so on. The company has already launched Saffron India Real Estate Fund-1 and done its first closure of Rs 300 crore with Standard Life of United Kingdom. The company is planning to invest the amount in the next two months. […]

3i Group’s infra fund exceeds $1-b target

Despite prospects of an economic slowdown, the infrastructure sector still continues to be a big draw among foreign private equity investors. Europe’s biggest publicly-traded buyout and venture capital firm, 3i Group Plc’s ‘3i India Infrastructure Fund’ had exceeded its $1-billion target. A final closing of the fund is slated to be announced later this month, industry sources said. The response from investors to the fund, which is among the largest India-focussed core-sector funds raised so far, could augur well for some of the other big-ticket infrastructure funds in the offing, including an joint initiative being floated by Citigroup, Blackstone and State-owned India Infrastructure Finance Company Ltd (IIFCL) to raise a $5- billion fund and ICICI Bank’s plans to launch a $2-billion fund. […]

Colgate-Palmolive (India) acquires 75% stake in CC Health Care

Colgate-Palmolive (India) Limited, a subsidiary of Colgate-Palmolive Company has acquired 75 per cent shareholding in CC Health Care Products Private Limited. Hyderabad-based, Health Care Products is engaged in the manufacturing of toothpowder. The company has been manufacturing and supplying toothpowder to Colgate for past several years. […]

Ranbaxy picks up 9.54% stake in Orchid Chemicals

Solrex Pharmaceutical Co, which market sources say belongs to Ranbaxy Labs or its founders, has now garnered 9.54% stake in the Orchid. Orchid founder and managing director Kailasam Raghavendra Rao said he was determined to retain control over the company and would lean on support from institutional investors. But his options could be limited, since he owns only 17%. “I have not started this company to sell out,” an emotional Mr Rao told ET. He will be watched for his moves in the next few days. When contacted, Ranbaxy managing director and CEO Malvinder Singh said, “I have no comment to make.” However, Mr Singh had earlier spoken of consolidation being the ‘buzzword’ in the industry and his company had been on the lookout for strategic stakes in the domestic market. Orchid shares were beaten down mercilessly on March 17, when promoter holdings of about 7.5% were sold by stock dealers who had lent Mr Rao and his family money to buy those shares. A bearish pressure had caused the price to fall below a predetermined threshold, invoking margin calls that Mr Rao could not meet. […]

BCCL picks up stake in Mantri Realty

Bennett, Coleman & Co Ltd (BCCL) has picked up Rs 60 crore worth preference shares in Mumbai-headquartered real estate major Mantri Realty Limited, which has operations in both Mumbai and Bangalore. Mantri Realty is an associate concern of Mantri Enterprises. The company, which has so far completed over 35 residential and commercial projects with over 3 million sq ft built up area across 15 cities, has a land bank of more than 1,400 acre. Mantri Realty will use these funds for developing new projects. Commenting on the deal, Mantri Realty chairman Sunil Mantri said: “Having made a mark in real estate sector, we will make a major foray into the infrastructure sector with our power projects. Through our subsidiary Mantri Power Ltd, a 540 MW thermal power plant with an investment of Rs. 2,400 crore would be set up near Nagpur. The plant will be fully functional by 2012 and 60% of the power generated out of the plant will be supplied to the Maharashtra state power utility.” […]

IOL Chemicals to offload stake to PE funds

IOL Chemicals & Pharmaceuticals Ltd has decided to offload 5% stake to private-equity funds to raise some Rs 80 crore. The company has already begun talks with four overseas private-equity funds based in Singapore and the US, sources said. The deal is expected to be sealed by the end of the first quarter of the current fiscal. Varinder Gupta, managing director, IOL Chemicals & Pharmaceuticals, declined to comment on this but said: “The company will inform to the stock exchanges if any arrangements are finalised and approved by the board.” Analysts believe that company needs funding for setting up a manufacturing facility for Rabiprazole, an anti-ulcer drug, at a capital expenditure of Rs 75 crore. It will make rabiprazole and its series (omerprazole, esmoprazole, lansoprazole and pantoprazole) to strengthen the pharmaceuticals business of the company. […]

PE Funds bullish on education sector

After the big private equity (PE) deals of Mahesh Tutorials ($12 million by Helix Investments Advisors) and Career Launchers ($10 million by Intel Capital) in the education sector, more deals are likely in the days ahead. “Through Mahesh Tutorials itself, we have two other deals, which would be made shortly,” said Cyrus Driver, director of Helix Investments Advisors, which has about $70 million in its corpus waiting to be deployed. “We are bullish on the education sector. Over the next 12 months, it looks very attractive.” It goes without saying that the Budget announcements for the current fiscal would provide a fillip to the education sector. However, private institutions are not on Driver's radar. “They are non-profit organisations,” he said. He said he is open to investing in firms targeting students preparing for competitive exams such as IMS, Time etc. Neel Broker, principal and India head of Sterling Partners, said, “We are very excited about the sector. We are looking across the education spectrum. We would focus on distance learning, too.” […]