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Optical storage device maker Moser Baer India Ltd plans to raise $300 million for its solar unit, after raising $150 million through a private placement, a top official said on Thursday. “We closed the $150 million deal on a private placement. We're now raising $300 million. That will also be a private placement,” Deepak Puri, managing director of Moser Baer told Reuters on the sidelines of a conference. In May, the company's unit, Moser Baer Solar Plc, received board approval to raise $150 million. The company also plans to list its photo voltaic unit, Moser Baer Photo Voltaic Ltd, which makes solar cells and modules used in producing electricity from sunlight. “We're going to list. First let the markets stabilise, we will decide by the end of the year whether we're going to list on the London Stock Exchange or the New York Stock Exchange or Nasdaq or Dubai,” Puri said. […]
IVRCL Infrastructure and Projects is close to acquiring a Swedish construction equipment manufacturer. The deal, valued upwards of $100 million, will speed up the $1 billion company's backward integration drive. The deal is currently going through legal due diligence and should be closed soon if everything goes right, group chairman and managing director E Sudhir Reddy told DNA Money. The acquisition will play a key role in IVRCL's goal to be a $2 billion company within the next five years. Apart from meeting its IVRCL's requirement for construction equipment, it will also help the construction major to foray into neighbouring countries like Pakistan and Bangladesh and regions like the Middle East and southeast Asia, Reddy added. He however did not name the target company except for saying that it was a well known and established brand in the construction equipment business. […]
Sujana Towers (STL), the power and telecom towers subsidiary of the Sujana Group, has acquired 51% stake in Telesuprecon, a Mauritius-based firm, which executes telecom infrastructure projects in Central and East Africa. The Hyderabad-based company acquired the stake by subscribing to new equity shares issued by Telesuprecon. “No money is being paid to the existing promoters. STL will support the company by providing the required working capital, including guarantees,” Sujana Group director S Hanumantha Rao said at a press conference in Mumbai on Wednesday. […]
The Rahejas-owned Exide Industries has picked up a 51% stake in Leadage Alloys India (LAIL), an unlisted Bangalore-based lead smelting company, for Rs 34 crore. Following the agreement between the two companies, LAIL along with their associates will continue to hold the balance 49 % in the company’s total paid-up capital. According to the agreement, the promoters of LAIL will be in charge of the company’s day-to-day operations. The acquisition comes on the heels of Exide Industries’ buyout of another unlisted lead-smelting company Tandon Metals s in October last year for Rs 25 crore. Since global lead prices have been on an upswing, the two acquisitions are expected to help Exide increase its use of recycled lead and lead alloys for making storage batteries. And this would, in turn, reduce the company’s dependence on imports of lead — the principal raw material for storage batteries. […]
Private equity firms could drive brokerage consolidation — it’s probably a connection that is hard to decipher for most people. By all indications, it does seem as if the consolidation among brokerages has been driven by private equity firms. Here’s how the story has been unfolding. Over the last two years, there have been a slew of private equity players making significant investments in broking firms. Among the prominent deals are those of Citi Venture Capital acquiring a 85% stake in Sharekhan in a Rs 650-crore deal, it also picked up 19.9% in Anand Rathi for Rs 100 crore and Barings PE arm Duckworth picked up a 45% stake in JRG Securities for Rs 150 crore. Apart from this, ICICI Ventures and Barings Private equity bought into Karvy Stock Broking with a 20% stake for Rs 440 crore and IFC picked up a 12.5% holding in Angel Broking for Rs 150 crore. […]
Foreign private equity fund NYLIM Jacob Ballas India Fund is close to picking up 21.5% equity stake in Devyani International (DI), a Ravi Jaipuria-promoted company that owns Pizza Hut, KFC and Costa Coffee in India, for more than Rs 300 crore. That puts the valuation of the company at around Rs 1,500 crore. When contacted by ET, RKJ Group chairman Ravi Jaipuria declined to comment. But a source said that Jacob Ballas is currently awaiting the Foreign Investment Promotion Board’s (FIPB) approval. The proposal will come up for clearance next week. Devyani International is a leading franchisee of YUM! Restaurants International, the world’s largest restaurant company with over 34,000 restaurants in more than 100 countries. Devyani runs KFC and Pizza Hut chain of restaurants and is also the Indian franchisee of UK’s Costa Coffee chain. The company also has an agreement with Walt Disney Group to own and operate Disney Artist stores across India. […]
Tata Communications International, a wholly owned subsidiary of Tata Communications Ltd, has acquired a 50 per cent stake in China Enterprise Communications Limited (CEC), a Beijing based value-added telecom and IT services provider. The joint venture will become effective after the necessary government and regulatory approvals. “Through Tata Communications, we will focus on the development of the domestic market to provide high quality networking service to multinational companies in China. We intend to grow the strength of the brand,” said Zhu Jianhua, president and chief executive officer of CEC. The company was recently awarded a nationwide service licence by China’s ministry of information industry, the first valued-added service licence given to a virtual private network (VPN) operator. […]
Foreign investors may shun the Indian real estate market as lower asset prices in the US and the potential to earn better returns skew the risk-reward equation against emerging markets such as India, say private equity experts. “Real estate developers face a double whammy of slowdown in the overall growth and hardening of interest rates, while the perceived risk-reward equation for India is going down,” said S Sriniwasan, CEO, Kotak Real Estate Fund. Take a pension fund in the US, which has the option to invest in the real estate in India or other markets. As the level of information is better in other markets, investors find it easier to take a call there. “These are existing assets, so there's no development risk unlike in India. Also, if they are investing at home, there's no currency or political risk compared to here. As they can make a return 18-20 per cent in the US, they are wondering if it is worth going to India for an additional 5 per cent,” said a real estate expert. Investors feel that the marginal higher return is not commensurate with the higher risk investors have to take here. These are early days yet, but this is reflected in the slowdown in decision-making for investment in India, pointed out experts. […]
India Rizing Fund, a first of its kind venture fund for small and medium enterprises (SMEs) making defence equipment, has received the approval from FIPB and the government to kick off its plans to raise Rs 550 crore with subscriptions from foreign investors. The Mumbai-based fund, which is promoted by the former director and India head (specialist finance) at ANZ Investment Bank, Rajesh Narayan, plans to raise $100 million (Rs 400 crore) initially, keeping provisions to scale up investments by $200 million (Rs 800 crore). It has a 10-year duration, with an option to increase it by four more years. “Our first closing is likely to be in October and the final closing by December this year,” Mr Narayan told ET. More such funds may be created in the future for investment into the Indian defence production sector. The fund is close to tying up with about six foreign investors in their bid to raise money. […]
Mid-sized pharma firm Maneesh Pharmaceuticals has acquired 51% stake in US-based Synovics Pharmaceuticals for an undisclosed amount. It has become fourth Indian pharma firm after Sun Pharmaceuticals, Wockhardt and Glenmark, to acquire control of an American drug firm. Although senior officials in the unlisted Maneesh declined to give financial details, the Florida-based Synovics last year’s revenue totalled $30 million (about Rs 126 crore). Confirming the development, Maneesh Pharma MD Vinay Sapte said, “Synovics is a speciality pharma firm with a focus in OTC (over-the-counter) and branded drugs. They have a strong distribution network in the US. Since, we are a generic player, the deal make sense for us as we can then offer a mix of OTC, branded and generic products in the US.” Synovics has also a FDA-approved hormone drug manufacturing facility in the US, which would help Maneesh to operate in niche markets. The Rs 880-crore Maneesh had last year acquired Kopran’s OTC brand Symle for Rs 53 crore. […]
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