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Khaleeji Commercial Bank has raised $163.5 million of equity from investors across GCC for Danat India Investment Company. Danat will invest in a real estate development project near New Delhi, targeted at the expanding middle class of India. India, currently one of the leading emerging markets is expected to be the world's third largest economy by 2050, ahead of Japan, the UK and Germany. “We are extremely pleased with the response to Danat, which is our first foray into the Indian Sub-continent,” said Khaleeji Commercial Bank chief executive officer Ebrahim H Ebrahim. “With a target return on investment of 83pc over a three-year period, Danat seeks to address the demand for middle income residential properties driven by increasing urbanisation, growing disposable income and easier financing options. It offers our investors an opportunity to potentially benefit from the continued growth of the Indian economy, especially the demand from its burgeoning middle class.” […]
Small-cap software developer Logix Microsystems is close to buying a US-based software firm for about $20 million to beef up its auto dealer-centric software-as-a-service (SaaS) offerings. Logix, with a market cap of $75 million, provides business and technology solutions to blue-chip companies in the US, Far East, Middle East and India. According to Logix managing director Sanjay Soni, the slowdown in the US economy has prompted most auto original equipment manufacturers (OEMs) and their dealers to take steps to cut operational costs using information technology. Through this planned acquisition, Logix hopes to cash in on this opportunity. SaaS can help companies slash the total cost of ownership (TCO) of IT infrastructure by 40% due to its pay-per-use nature. This way, user companies save the cost of owning infrastructure such as hardware and software and maintaining it. […]
Assimilating the take over of United Western Bank, IDBI Bank now is gearing up to acquire at least one more bank in the current fiscal in a bid to expand its branch network across India. Speaking to FE, Yogesh Agarwal, chairman & managing director, IDBI Bank, has said, “We have identified few private sector, also some of the public sector banks, and have already initiated the negotiations with them. A deal to buy at least one private sector bank is not ruled out completely in the current financial year. However, the merger with a public sector bank solely depends on wish and the policy adopted by the government of India.” Agarwal explained that IDBI Bank has got experience of two mergers. Even the government of India now looks at IDBI Bank as a focal point around which future mergers and acquisitions will take place. The bank is open to further acquisitions as past two acquisitions have accurately taught the bank to identify the prospective takeover targets within the Indian banking industry. […]
Archies, India’s No. 1 greetings card and gift company, is exploring the possibility of an alliance with a foreign entity. The company has a 60 per cent market share in the social expression industry, which includes greetings cards, gifts and accessories. “We are open to such strategic alliances with international players. We could either bring in equity partners or go for brand tie-ups. There could also be a round of private placement to fund our growth plans,” said Anil Moolchandani, chairman and managing director of Archies. Archies plans an additional 180 stores by 2010, which will require an investment of around Rs 30 lakh per store. At present, Archies has 105 exclusive outlets. It has also signed up with more than 250 malls and over 350 franchisees across the country. The focus of the franchisee outlets will be Tier II and Tier III towns. […]
Pearl Exploration & Production Ltd., a Canadian oil and natural-gas explorer, climbed to a four-month high in Stockholm trading after the Economic Times of India said ONGC Videsh Ltd. is in talks to buy a Canadian oil company. ONGC Videsh is negotiating a possible takeover of a mid- sized Canadian oil producer whose assets include oil sands, the Economic Times of India reported on its Web site, without saying where it got the information. The target company is listed on Canadian and Swedish exchanges, the newspaper said. […]
Mauritius-based firm Healthcare Investment (HIL) is picking up around 8.5% stake in Apollo Health Street (AHS), the healthcare BPO arm of India’s largest healthcare company, Apollo Group, for around Rs 61 crore. This values the company at just over Rs 700 crore. HIL is learnt to the healthcare investment arm of a leading financial firm. However, ET could not identify the name of the financial firm. AHS is planning to offload 20% stake of its post-issue paid up capital to raise around Rs 160-170 crore from the capital market through its initial public offer (IPO). According to sources, AHS is now allotting 23 lakh shares to Healthcare Investment at Rs 260 per share through issue of equity shares or compulsorily convertible preference shares as part of the pre-IPO placement. […]
Private equity majors IDFC Project Equity and Lehman Brothers are in advanced stage of talks to pick up 16.66% in Konaseema Gas Power (KGPL) for around Rs 500 crore, sources told ET. The deal, which is expected to be concluded shortly, values the Andhra Pradesh-based power utility KGPL at around Rs 3,000 crore. KGPL sources confirmed the fund-raising plans and added that about 8.33 crore shares will be placed to the funds at a price of about Rs 60 per share. Out of the total Rs 500 crore, IDFC would invest Rs 200 crore, while Lehman would pick up stake amounting to Rs 300 crore. When contacted, the official spokesperson of KGPL declined to comment on the deal. It is learnt that the funds will be utilised for part- financing a 820 mw plant, which is in the second phase of its 1,280 mw project. The first phase has already been completed. The total cost of the second phase would be around Rs 2,800 crore. KGPL is planning to go public during the second half of 2009, once it receives gas supply and is able to commence power generation. […]
Motilal Oswal Ventures Capital Advisors on Tuesday said its 125-million-dollars private equity fund -India Business Excellence Fund- plans to invest in 10-12 companies by this year-end. “We are close to sealing a few transactions within the next few weeks,” a Motilal Oswal Venture Capital Advisors Pvt Ltd (MOVCAPL) official told PTI here. The company was already evaluating various companies in which to pump in investment and “by end-this year, we hope to complete investments in about a dozen companies,” the official said. The 125-million-dollar growth stage fund which achieved its final closing in December last, invests across sectors except in retail and real estate. […]
New Delhi-based e-learning company Educomp Solutions has informed that it has invested US$ 24.5 million for acquiring 51% stake in US-based Learning.Com. Learning.Com, founded in 1999, offers web-delivered curriculum and assessment, serves nearly two million students in schools across the United States and has partnership with schools and districts throughout the United States. The deal includes the purchase of existing shares as well as an infusion of new capital into the company. Through this deal, Educomp has got distribution access to over 800 districts. This will also leverage its substantial content development and IT capabilities to reach out to North American markets. This is Educomp's second strategic investment after the acquisition of Singapore-based Ask n Learn. […]
Plans to set up two new plants, market a new technology. Actis Biologics (ABPL), the Indian arm of US-based biotech drug discovery company Actis Biologics Inc, plans to raise about $30 million by selling stake to a clutch of private equity players to build two new plants and market a new process that will help other drug makers cut cost. The company will sell a 15 per cent stake to US- and Europe-based leading private equity investors, Sanjeev Saxena, chairman and founder, ABPL, said. The sale may be completed in the next four weeks. Leading biotechnology companies such as Biocon and Avesthagen are selling stakes to private equity players and other investors to raise money to discover new potential drugs that can be self-marketed or out-licensed to multinational pharmaceutical and biotech companies, such as Pfizer, Roche, Astra Zeneca and Amgen. […]
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