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Parsvnath is likely to buy 30 per cent stake for Rs 555 crore in the high-profile Nano City project, The project cost is pegged at Rs 1,850 crore. However, officials from Parsvnath refused to comment on the development. Sabeer Bhatia, chairman, Nano Work Developers, holds 90 per cent stake in the Nano City project, a joint venture of Nano Work Developers with Haryana State Industrial Development Corporation (HSIIDC), and rest is lying with HSIIDC. The much-hyped project will be set up near Panchkula in an area over 11,000 acres. The land acquisition for the project would be done in two phases. In the first phase, 5000 acres of land would be purchased and the remaining would be purchased in the second phase. […]
More PE funds flocked to India compared to China in 2007. For the first time, China PE investments were in the range of $12.8bn; nearly 34% less than the investments in India at $19.5bn. This was a huge change from 2006, when China received $12.9bn worth of PE investments, nearly 70% more than the $7.6bn received by India. However, there was a qualitative difference in the way funds were deployed in China compared to India. China's traditional Manufacturing & Infrastructure sectors attracted $8.3bn, constituting 65% of total funds invested; compared to $6.2bn constituting 32% of the total for India in 2007, according to a Four-S Services report . Interestingly, the core sectors were the main areas of PE interest. Infrastructure (Engineering & Construction) sector accounted for a lion's share of the deals in 2007 with nearly $4.0bn worth of investments (20.5% of total PE/VC investments announced during the Year). As core development continues to be a high priority, Infrastructure is expected to be one of the fastest growing sectors in India, requiring huge investments worth $492bn over the next 5 years. The major growth driver within the Infrastructure sector was the Construction industry, accounting for 60.3% of the investments. […]
Anil Nanda Group company Akme Projects Ltd on Tuesday announced a joint venture with German-Swiss based private equity firm MPC Synergy Real Estate to develop seven premium housing projects with an investment of about Rs 1,000 crore. MPC Synergy Real Estate chairman Jay Oberai said the German PE firm is planning to invest $1 billion in Indian real estate sector within a year. Oberai said the company is also in talks with developers in Mumbai and Hyderabad, where it is willing to invest up to $ 400 million. The 50:50 joint venture, named Akme Rhine River Projects will develop seven projects at Ludhiana, Mohali, Greater Noida and two each in Bangalore and Gurgaon by 2012. MPC Synergy Real Estate is a JV between Geneva-based private equity investment fund Synergy Asset Management Fund and MPC Capital, the largest listed fund in Germany with over $18.5 billion assets under management. […]
Aiming to become a global player, country's one of the leading tyre cord manufacturer SRF Ltd on Tuesday announced the acquisition of a Thailand-based firm Thai Baroda Industries (TBIL) for Rs 100 crore. Formalising the takeover, the domestic firm has signed a definitive agreement with the Thai firm. “The acquisition will cost SRF approximately Rs 100 crore for the fixed assets and other transaction costs,” the SRF said. In addition, the company would also finance the working capital of TBIL as would be required on the date of the completion of the transaction, it added. “We have always aspired to become a global leader in our business space and this acquisition is a significant step in that direction. Post the financial restructuring and subsequent take over of the management of TBIL, we are confident that we will be able to turn the company around in a very short time-frame,” SRF Ltd Managing Director Ashish Bharat Ram said. […]
Reliance Technology Ventures Limited (RTVL), the corporate venture capital arm of the Reliance ADA Group, has directed the investment of an undisclosed amount in Pelago, Inc. RTVL is a wholly-owned subsidiary of Reliance Capital Ltd. Pelago offers a new break-through mobile and Web-based service that is at the intersection of social networking and local discovery. The service is offered under the brand name â€کWhrrl’. The Whrrl service catalogs peoples’ activities, chronicling an individual’s history of places visited and events attended through icons pinpointed on Whrrl’s built-in mapping application. Whrrl users and their friends can then rate, review, and comment on these places and events. Whrrl shares user-contributed information with others through a real-time micro-blogging feature called the “Whrrld Feed.†Whrrl users check in via SMS, the Whrrl mobile application, or the Whrrl Web site, instantly updating others on their location or status through their Whrrld Feed. Whrrl’s “passive visitization” technology can precisely detect if a person is walking into a store or merely walking by. […]
According to industry sources, Warburg holds stake in WNS, an India-based BPO listed on the New York Stock Exchange. It also holds stake in Metvante Investments(Mauritius), which holds a little over 20% stake in Firstsource. Industry players are speculating Warburg could talk to Metvante to buy out its 20% stake in Firstsouce. The next step would be to go for an open offer. And in case the open offer is successful, Warburg could propose a merger of Firstsource and WNS, in the process create a BPO giant. Warburg Pincus is the majority shareholder in WNS. A senior official at ICICI Bank said that the bank, which as a promoter holds nearly 27% in Firstsource, can not sell more than 5% in the BPO till August 2010. This is because, Firstsource went public last year and as promoters, part of ICICI Bank's holding are under a three year lock-in clause. […]
proposed deal between South Africa's MTN Group and India's Reliance Communications may result in a transfer of Chairman Anil Ambani's two-thirds stake in the Indian firm to MTN, the Economic Times said on Tuesday, citing sources. That would trigger an open offer from MTN for another 20 percent of Reliance Communications, as Indian law mandates such an offer to shareholders after an acquisition of more than 15 percent of a company. MTN would become a holding company of India's No. 2 mobile operator, and Ambani would in return get around a third in the South African firm, and keep an indirect holding of nearly 20 percent in Reliance Communications, the paper said, citing sources. The transaction would be a share-swap deal, the paper said, with the offer to minority shareholders in cash. […]
Global and Indian venture capital firms are continuing to have faith in the India market unperturbed by the global economic uncertainties. While the US-based Mayfield Ventures is said to be in the process of raising $150 million, India's Gaja Capital Partners have initiated the process for a $200 million fund. The appetite to absorb these funds in India is growing given the fact that $3.3 billion was invested here across close to 100 deals during the first three months of 2008, showing a growth of 22 per cent over the corresponding period of 2007. “Despite the turmoil in the global financial markets, PE investments during this period registered a growth over the corresponding period in 2007 thanks to a spurt in deals in the ‘late stage' segment which accounted for 60 per cent of the amount invested,” noted Arun Natarajan, Founder & CEO of Venture Intelligence, a venture research firm. “While the steep decline in public markets is leading Indian companies to adopt a wait-and-watch stance vis-à-vis their fund-raising plans, in the medium term, the correction is likely to favour private equity emerging as an attractive alternative,” he added. […]
National Bank of Kuwait (NBK), the leading bank in Kuwait and the highest rated bank in the Middle East, announced today the launch of the first investment fund in Indian Private Equity with unique investment features. Salah Al Fulaij, Chief Executive Officer of NBK Capital, said that the Fund will offer Private Banking clients the opportunity to privately invest in Indian companies through a group of the best investment managers on a local and international level. Al Fulaij said that the Fund follows two main strategies, which is to invest in high quality private equity funds and invest in mature and attractive private equity funds that are listed on a secondary market. Both strategies offer investment opportunities in companies with attractive valuations, in addition to company and investment manager diversification. […]
Reliance Communications Ltd., India's second-largest mobile-phone company, may combine its operations with MTN Group Ltd. after the South African operator's talks with Bharti Airtel Ltd. collapsed. Reliance has exclusive negotiating rights with MTN for as long as 45 days, the Mumbai-based company said in an e-mailed statement today. There is no certainty on the completion or the timing of any agreement, it said. An agreement would help Reliance Chairman Anil Ambani form an operator with a combined market value of more than $65 billion and offer mobile-phone services to 1.7 billion people stretching from the Cape of Good Hope to the Himalayas. New Delhi-based Bharti said on May 24 it ended talks with MTN after failing to overcome differences over control. […]
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