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New York-based PE firm Zephyr Peacock, which has around $1 billion under management globally, has invested in Miles Software, an IT company providing solutions to the financial services sector. The details of the investment were not known. Zephyr’s India MD Mukul Gulati said the private equity firm was bullish on financial services and education in India. “We believe the current downturn in the financial services is temporary. In long run, we are very bullish on the prospects for financial services in India,” said Mr Gulati. The firm is raising an India-dedicated fund from which most of its investments will be made. […]
Korean financial services giant Mirae Asset Financial Group is planning to enter the investment banking, wealth management and private equity segments in the country. Mirae Asset Financial Group chairman Hyeon-Joo Park said that the company recently launched its asset management business in India. “We are now preparing to launch our securities business in the country,” Park said, adding that Mirae was not eyeing the brokerage space. He refused to put a figure to the proposed investment into India. The group has been exploring an inorganic entry into India through an acquisition. “But we have not been able to find a suitable company,” said Park. Real estate too was on Mirae’s radar but regulations in India are dissuading the Korean company. “If the government of India softened the regulations, we would like to invest in real estate,” Park added. […]
A local media report said that Reliance ADAG was keen on acquiring stake in the airline, in which Tata Group has minority interest. The third largest listed private airline operator by sales had underperformed the market over the past one-month till 5 June 2008, declining 24.97% compared to the Sensex’s decline of 9.05%. It had also underperformed the market in the past one quarter, declining 42.49% compared to Sensex’s decline of 1.29%. The company’s current equity is Rs 240.65 crore. Face value per share is Rs 10. Vijay Mallya-promoted Kingfisher Airlines and the countrys largest private sector carrier Jet Airways are also said to be in fray for picking up a stake in SpiceJet. SpiceJet, which just completed three years of operations, is valued at around Rs 755 crore, according to its market capitalisation. Anil Ambani had also evinced interest last year to buy a controlling stake in Deccan Aviation. Rising aviation turbine fuel (ATF) prices will hit airlines. Airlines re suffering huge losses and they cannot pass the entire burden (of jet fuel price rise) on users as it negatively affected the number of passengers carried by them. […]
Telekom Malaysia will gain the management control of Spice Communications, reports CNBC-TV18, quoting sources. The Spice promoters – the Modis may exit or retain a marginal stake, sources add. Idea will pick up a stake in Spice and eventually merge Spice with Idea, they say. Earlier, CNBC-TV18 had learnt that BK Modi had said in the AGM that took place on Monday, that Telekom Malaysia was actually considering upping its stake in Spice Communications all the way up to 74%. Now does that actually indicate that the Modis are willing to exit because what CNBC-TV18 understands from the sources is that the Modis may actually exit the venture altogether and IDEA Cellular will come in as an Indian partner. And if that happens, then will Spice Communications be merged with IDEA – there is still no clarity as far as the M&A regulations are concerned and also as far as price is concerned because BK Modi had gone on record at that AGM to say that nothing less than Rs 60 per share would be agreeable to them and what we understand from our sources is that they are looking at over Rs 90 per share and what they are being offered at this point in time is a little over Rs 70 per share. CNBC-TV18 has learnt from sources that Telecom Malaysia will now gain management control of Spice Communication. The promoters of Spice and BK Modi will exit or retain marginal stake. […]
Trikona Capital Ltd., the leading fund management firm for institutional investment in Indian real estate and infrastructure, announced it has extended its relationship with SachsenFonds Holdings GmbH, a German fund manager with $7.5 billion under management, in a $150 million deal that includes minority stakes of current Trikona assets and investments in new projects. Trikona's divestments earned a return on capital of 115%. Trikona laid the foundation for this partnership last December when it sold assets in the portfolio of Trikona's London Stock Exchange-listed fund Trikona Trinity Capital PLC (LSE: TRC) to SachsenFonds for nearly $65 million, a return of 108% for Trikona. As part of the $150 million deal, Sachsen will join Trikona as co-investors in a $40 million investment in Mumbai to refurbish four acres of middle-class housing and build high-end luxury homes as part of Trikona's urban rejuvenation platform. Sachsen will contribute 55% of the investment cost. […]
Tanla Solutions Ltd. said it has bought Finland-based Openbit OY, which provides software to help pay for mobile content, for a total $18.6 million in cash. In a regulatory filing, Tanla said it has bought an 85-percent stake in Openbit for $15.81 million, and will buy the remaining 15 percent within three years. For the year to Dec. 31, 2007, Openbit had revenues of $15.88 million with an EBITDA of $0.79 million. Its clients include Nokia , Symantec , F-Secure and Quickoffice, and gaming companies like 3D Arts and Gamelion.(Forbes) […]
PVR Pictures, a subsidiary of PVR, has signed agreements with ICICI Venture Funds Management Company and JP Morgan Global Special Opportunities Group for an investment of Rs l20 crore in the company. JP Morgan and ICICI Venture will each invest Rs 60 crore in PVR Pictures. This transaction will enable the parent, PVR, to become a fully integrated film and entertainment company with interests across the entire value chain including production, distribution and exhibition. PVR is already one of the largest multiplex operators in India and contributes 15 per cent of the box office collections of any leading Bollywood film. The expansion into the production and distribution business through PVR Pictures will create further synergy f or the group by leveraging its exhibition circuit. […]
KSK Emerging India Energy Fund, which will make investments in Indian power and energy companies, plans to raise up to 101 million pounds through its listing on the Alternative Investment Market next week. The newly incorporated firm in Guernsey, Channel Islands plans to list its shares on AIM, which is part of the London Stock Exchange, on June 9. It would seek registration in Guernsey as a closed ended investment entity. The objective of the company is to generate long-term capital growth for its shareholders through diversified exposure to an actively managed portfolio of investments into companies engaged in the Indian power and energy sector value chain. The company would target predominantly unlisted companies with strong growth prospects and experienced management teams that require capital for growth, KSK Emerging India Energy Fund said in a regulatory filing, which is mandatory prior to the listing. It would mainly target investment in growth capital companies such as those engaged in manufacture of equipment, providers of engineering, design and construction services. […]
Funds managed and advised by Motilal Oswal Venture Capital Advisors Private Limited (“MOVCAPL”) and its associates, have invested Rs. 60 Crs in Parag Milk Foods Pvt. Ltd (“Parag/ Gowardhan”), one of the fastest growing dairy in the country and selling under the brand “Gowardhan”. Parag, based out of Maharashtra, is one of the few players that use 100% cow milk for all their products. Its product portfolio includes liquid milk and various dairy products such as milk powder, cheese, ghee, butter, cream, curd, butter milk and gulab jamun mix. Parag has a state-of-the-art Bhagyalaxmi dairy farm spread over an area of 30 acres and equipped with the latest rotary parlour for milking cows. This has been a path breaking initiative by the company and will put the Company in the league of global dairy companies once scaled up. […]
Reliance Communications (RCom), India's second-biggest mobile phone company, has hired Germany's Deutsche Bank as arranger to fund the possible acquisition of South African telecom giant MTN Group. RCom plans to raise about $14 billion, or about 30 per cent of MTN's total enterprise value of $45 billion including premium, from private equity players. The remaining $31 billion will be adjusted with the share exchange of the promoters,” a source familiar with the situation told Business Standard. Deutsche Bank, Germany's biggest bank, is in talks with private equity companies, including the Carlyle Group, the Blackstone Group and Apax Partners to raise funds. RCom has given Deutshce Bank the freedom to raise funds from private equity companies, banks and other financial players. However, the source declined to divulge the details of the route of funding RCom was considering. When contacted, an RCom spokesperson declined to comment. RCom, which had commenced the due diligence of the MTN Group last week, is expected to close it by this weekend. “This is a large process as books and financials of subsidiaries in 21 countries have to be checked but the company will close it this week itself,” he added. […]
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