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Visakha Co-op Bank to take over another bank

The Visakhapatnam Urban Co-operative Bank is planning to take over Ramachandrapuram Co-operative Bank in East Godavari district, according to Mr M. Anjaneyulu, the Chairman. He said in an interview on Sunday that the consent of the RBI was awaited for the takeover and he expressed the confidence that it would be given in view of “the excellent performance of the Visakha Co-op Bank.” Mr Anjaneyulu, who completed 25 years as Chairman, said that in 1983, when he assumed charge, the share capital of the bank was Rs 8 lakh with a membership of 2,873 and it had risen to Rs 23.79 crore and 34,462 respectively. “From a single branch then, it has now grown to 13 branches and an extension counter. It has now deposits of Rs 385 crore and advances of Rs 279 crore. We hope to touch the Rs 1,000-crore business mark by the end of March, 2009,” he said. […]

Titagarh Wagons acquires 50% stake in brake systems unit

Titagarh Wagons has acquired 50 per cent stake in a Delhi-based brake systems manufacturing company. Mr Umesh Chowdhary, Vice-Chairman and MD of Titagarh Wagons, said that a total of Rs 7.5 crore would be invested to have the stake, clear certain liabilities and fresh infusion. The unit – Greysham & Co – would be become a joint venture between the existing owners and Titagarh Wagons. Greysham & Co (a partnership firm based owned by Mr Mohan Singh and his son Mr Subodh Singh) is one of the only six companies registered with the RDSO, engaged in manufacture of air brake equipment and slack adjuster, required for manufacture of wagons and other rolling stock. Greysham has the largest production capacity in India for these products as assessed by RDSO. […]

Private equity action gains ground in last five years

Contrary to popular perception, the past five months — for all the turbulence in the stock market and subsequent valuation crisis — have been the best times for private equity in India. The private equity sphere between January and May witnessed as many as 151 deals aggregating to $5.5 billion (or Rs 23,100 crore) as compared to 140 deals totalling $4 billion (or Rs 16,400) during the same period last year, according to PE research firm Venture Intelligence. Among sectors, infrastructure topped the ‘in-demand’ chart with 26 deals aggregating to $2,504 million (or Rs 10,517 crore) being reported during the period under consideration. The rise in number of deals is attributed to availability of assets at lesser prices, lowering valuation expectations of promoters and rising costs of borrowing. […]

Franklin mops up Rs 600-cr pvt equity fund

Franklin Templeton, the global financial powerhouse, has raised an India-focused, Rs 600-crore private equity (PE) fund. The fund is unique as it has been almost entirely raised from HNIs (high networth individuals) in India within two months flat. This is an indication of where HNIs are parking their money in a bearish stock market, where companies are struggling to pull their IPOs through. The fund, Franklin Templeton Private Equity Strategy, will focus on investing in unlisted companies in infrastructure services, manufacturing and consumer-driven sectors. While the company did not comment on the corpus of the fund, Vivek Kudva, president, Franklin Templeton Investments (India), said: “We had launched Franklin Templeton Private Equity Strategy in April for Indian investors, focusing on unlisted companies in infrastructure services, manufacturing and consumer-driven sectors.” […]

BK Modi's plan to buy out 32% in SET faces rough weather

Plans by Sony Entertainment Television (SET), now called Multi Screen Media (MSM), to sell a 32% stake to the BK Modi Group for about $320-350 million seem to have run into some last mile hurdles. Mr Modi is in advanced negotiations to buy out the Indian shareholders, who have been looking for an exit for several years. The shareholders include Shemaroo Entertainment MD Raman Maroo, Singapore-based Rakesh Agarwal, World Media Group director Sudesh Iyer, MobiApps Holding’s Jayesh Paresh and actor Jackie Shroff. However, the deal, that was supposed to have been executed by now, seems to be experiencing some delays. The first being that Mr Modi is negotiating for management say in the running of the local company. This is not acceptable to SET, the Indian business, as traditionally the company has only been run by Sony Pictures Entertainment, which owns about 61% in the company. […]

Warburg Pincus to invest USD 65 Mn in Laqshya Media

Laqshya Media, a privately held, leading Out-of-Home (OOH) media advertising company, has announced that Warburg Pincus, a premier global private equity firm, is making an investment of up to USD 65 Mn in the company over the next 12 months. As an industry leader, Laqshya intends to continue to invest in developing world-class media assets, focusing on the top cities and infrastructure projects such as airports, transit systems and street furniture including modern bus queue shelters and pedestrian bridges. It has actively invested in developing state-of-the-art civic infrastructure such as pedestrian bridges and public toilets in Indore, Hyderabad, Chennai and other cities; and is underwriting such investments by winning long-term contracts for placing advertising on these assets. Having built a strong business in India, Sri Lanka and the UAE, Laqshya plans to expand its footprint across the Middle East, Africa and South-East Asia. […]

Anheuser-Busch buys 50% more in Crown Beers

Global beer major Anheuser-Busch will acquire the remaining 50% in its Indian joint venture — Crown Beers India — from its partner Crown International. This also includes the joint venture’s 500,000-hectolitre brewery in Hyderabad. “The Indian beer industry continues to grow at a rapid pace and acquiring the remaining 50% of the Crown Beers JV reaffirms Anheuser-Busch's commitment to being a key player in the emerging beer market,” Tom Santel, president and chief executive officer of Anheuser-Busch International, said. “As Crown International looks to focus on its other successful businesses, this move will continue to best position the Budweiser brand for long-term growth in India,” he said. […]