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HealthCare Global Enterprises Ltd said on Monday PremjiInvest, a fund sponsored by Wipro's Azim Premji, has invested $20 million in the company. Healthcare Global manages a network of 10 cancer care centres across India. “The investment would enable us (to) ramp up fast across various geographies besides enhancing our core research initiatives and bring cutting-edge technologies,” HealthCare Global's Chairman and CEO Ajai Kumar said in a statement. PremjiInvest's chief investment officer, Prakash Parthasarathy and Bobby Mustafa have been inducted into the board of HealthCare Global, the company added. (Reuters) […]
Goldman Sachs will invest Rs 700 crore in Mahindra & Mahindra (M&M) by picking up convertible debentures which will give it a 3.68% stake in the auto major. The board of M&M, India’s largest utility vehicle major, recently approved raising of additional resources through a private placement to outside investors for the first time in its 62-year history. “This innovative structure is great for Mahindra as not only has it got a good price but also flexibility on the use of funds as it is a rupee-based equity structure,” ED Arun Nanda said. Each FCD is convertible into one equity share of Rs 10 each in the company at a price of Rs 745 per share, including a premium of Rs 735 per share. […]
Sandalwood Partners, an early-stage venture capital (VC) firm largely focused on the technology sector, is drawing up plans to raise a second fund to the tune of $350 million. Sandalwood, which operates a $120-million fund with investments in companies such as SemIndia, Celestial Semiconductors and Arasor, is expected to launch its new fund in late 2009. Managing director Bob Kondamoori said the new fund is in anticipation of an increase in deal-flow as well as the number of partners. Unlike the first one, the planned second fund will be sector-agnostic and look at early-stage investment opportunities across different industries. Sandalwood usually invests about $10 million in a company, mostly those with the potential to develop intellectual property (IP). It typically looks at investments in the areas of telecom, outsourcing services, technology and renewable energy in India and China. […]
Midas Communication Technologies Pvt Ltd, a Chennai-based telecommunications equipment company, plans to raise $25 million (Rs 100 crore), of which the International Finance Corporation (IFC) plans to finance $12 million as equity investment. Argonaut Ventures, an existing investor in Midas, will fund $3 million. The other $10 million will be raised from a new equity investor. Debt financing has also been raised to satisfy additional funding requirements, according to information available in the IFC, part of the World Bank. […]
Goldman Sachs, Deutsche Bank and another financial investor are likely to make a combined investment of $800 million in three special purpose vehicles (SPVs) being created by real estate major Emaar MGF. Each SPV will have one financial investor, who will hold minority stake. According to sources, the Delhi-based developer is in advanced talks with private equity players and likely to close three separate deals in a month. The deals will be the first major fund flow into the real estate firm since it withdrew its IPO in February. Emaar MGF, 40% owned by Dubai-based Emaar and 56% by Delhi-based MGF, was forced to withdraw its Rs 7,000-crore offering—the third largest in the history of India—due to poor market sentiment. (ET) […]
After the battle for Hutch, the telecom sector could be all set for its next big encounter. The buzz is that Sunil Mittal owned Bharti Airtel and Anil Ambani owned Reliance Communications are both eyeing a controlling stake in African telecom major MTN. CNBC-TV18 finds out if there is fire beneath the smoke. It’s been a while since Sunil Mittal wore the hat of Bharti Airtel's CMD in a public forum. And even though the announcement was of a distribution tie-up with IFFCO, Mittal couldn't evade questions on a potential bid for African telecom giant MTN. “We are not making any bid. We are open to opportunities and there is nothing on the table,” said Sunil Mittal, CMD, Bharti Airtel. MTN is reportedly having a board meeting on May 5 to evaluate bids. In a communication to the Johannesburg Stock Exchange earlier this week, the company had said, “MTN has not received any specific proposal. MTN receives tentative approaches from time to time, which are always evaluated. MTN has been valued at about USD 41 billion, that is almost as much as Bharti which is valued at USD 44 billion. […]
Engineering and construction firm Jaiprakash Associates said on Friday it had won a bid to buy 45 percent of small-sized energy explorer Prize Petroleum for an disclosed sum. The stake in the unlisted company was put on the block by ICICI Bank , India's No. 2 lender, and its unit ICICI Venture Funds. Prize operates three small oil and gas fields in western India and was founded by state-run refiner Hindustan Petroleum Corp Ltd , which owns 50 percent, and Indian banks. In January, Hindustan Petroleum Chairman Arun Balakirshnan had told Reuters ICICI wanted to exit the joint venture as it was not not keen to invest in the exploration firm. […]
DLF Ltd, India’s largest real estate developer by market value, said an affiliated firm DLF Assets Ltd received $450 million (Rs1,831.5 crore) worth of funding from a London-based investment firm, Symphony Capital, so it could partly pay up the money it owed DLF, as a proposed overseas listing to raise money seems to have been delayed. While DLF Assets has paid up the bulk of the money it owes DLF for the year gone by, it still owes Rs1,900 crore, said Saurabh Chawla, senior vice-president for finance at DLF. A large portion of DLF’s properties, all commercial, were sold to DLF Assets last year, just before DLF went public. DLF Assets needs to urgently get a proposed listing underway as a real estate investment trust (Reit) in Singapore, to pay DLF. However, the listing has been delayed after a global market slowdown turned new share offers less attractive and investors started fleeing real estate companies because the crisis was linked to falling home values and irrecoverable home loans in the US, the largest economy. […]
In the largest deal in the domestic information technology (IT) space, MindTree Consulting is set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore. Both are Bangalore-based firms. The deal is expected to be concluded in a couple of days, according to sources familiar with the situation. Both Aztecsoft and MindTree spokespersons, when contacted, declined to comment on the issue. Yes Bank is the banker for the deal. MindTree will be buying the 34 per cent stake held by private equities, e4e and Canaan Partners, and then make an open offer under the Takeover Code. The non-institutional public shareholding is 46.27 per cent, while institutional public shareholding is around 17.5 per cent. The promoters hold 36.21 per cent. The acquisition is expected to kick off consolidation of mid-tier IT firms in India, which are feeling the heat of a rising Indian rupee, a US slowdown and a dip in global IT spends. Moreover, while it will lend the much-required scale to MindTree, the synergies between the two companies are evident. […]
Private equity investments, which ballooned to nearly 25 billion dollars over the past four years are likely to continue strongly through 2010, driven by robust economic growth and attractive market valuations, a latest report says. According to a study by global consulting firm, Boston Analytics, around 903 private equity investments worth 24.8 billion dollars in value were made in India from 2004-2007, with more than 45 of those deals exceeding 100 million dollar. In 2003, private equity investments were just 56 with an average size of 8.4 million dollars but it increased rapidly in the past four years to 387 deals worth on average of 36.8 million dollars by 2007. According to the report titled 'Private equity landscape in India', demographic and economic factors spurred this rapid growth. The liberalisation of India's economy coupled with a middle class that grew to more than 300 million provided an increasingly diverse skill base awash with more and more disposable income thereby resulting in a large consumer base and a need for a variety of different services. […]
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