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ADAG hits PE road with $2 bn fund

Anil Dhirubhai Ambani Group (ADAG) is hitting the private equity road braving the market turmoil. The group is promoting a $2-billion yet-to-be named fund as a standalone entity, and not as part of Reliance Capital, sources said. The group has put in place a fund team that is already chasing deals of at least $50-75 million in size. The general purpose fund has already raised over $500 million with Anil Ambani as anchor limited partner, sources added. Mr Ambani’s infusion is believed to have come from his personal holding companies – Batista and AAA. “The fund hopes to close a few transactions before achieving financial closure. It may have 4-5 LPs besides Mr Ambani himself who is not treating it as just a route for deploying his personal wealth,” a sources explained. In context, sectoral observers said Mr Ambani’s PE play may be different from his peer and Wipro Chairman Azim Premji who recently floated $1 billion PremjiInvest mainly pouring in his personal wealth. […]

Trikona Capital Expands Urban Rejuvenation Platform in India

Trikona Capital Ltd., the leading fund management firm for institutional investment in infrastructure and real estate, today announced the expansion of its urban rejuvenation platform in Mumbai to continue to foster socially conscious development. The announcement supports Trikona's overall urban rejuvenation initiative to build 100 million square feet of saleable space over the next decade. Trikona has inked a new four-acre project in Bandra, the sought after residential area adjacent to Mumbai's central business district, to fund the refurbishment of middle-class homes and the development of luxury housing. The $40 million deal is a co-investment in the project with German fund manager SachsenFonds. In the past twelve months, Trikona has developed a strong strategic partnership with the fund manager and announced sales of assets to SachsenFonds totaling $170 million. […]

PE deals in Q1 leap 50% to $2.8 bn

Private equity (PE) investments clocked $2.8 billion in the first quarter of the current financial year, an increase of 50% compared to the corresponding period in 2007-08. This is even as the PE deal activity in terms of number of deals have gone up only marginally. The biggest investment this year has been made by Aditya Birla Telecom, a subsidiary of mobile telephone services provider Idea Cellular, which raised $640 million from Providence Equity Partners. The first three months of FY’09 has registered 77 deals as against last year when 74 deals worth $1.9 billion were signed during the first quarter, according to Venture Intelligence which tracks private equity and venture capital sector in India. Telecom, infrastructure, power and healthcare sectors have seen the most number of deals last quarter besides attracting the big-ticket investments. These sectors attracted large number of deals at a time when funds have been wary of investing as the global economy is expected to slow down and there is a sharp correction in corporate valuations across sectors. […]

Jacob Ballas buys stake in Themis

Mauritius-based private equity fund New York Life Investment Management Jacob Ballas India Fund has acquired a “minority” stake in Mumbai-based drug maker Themis Laboratories for about Rs 90 crore. The unlisted private company, which develops and commercially manufactures formulations on contract basis for big domestic and multinational companies operating in India, will use the fund to expand its business into the regulated American and European markets. When contacted, company sources confirmed the development, but declined to indicate how much stake has been divested. Themis’ products account for about Rs 450 crore in the retail market, but the company’s turnover would be less than that considering that it is not directly marketing them. Themis Labs MD Janak Shah told ET the investment would help the company’s foray into the regulated markets to be a significant player in new drug delivery systems. […]

WNS buys Aviva BPO in India for $230 mln

Back-office firm WNS (Holdings) Ltd has acquired insurer Aviva's BPO in India and Sri Lanka for $230 million, the Economic Times said on Thursday, without citing sources. Mumbai-based WNS is expected to make an announcement on Thursday, the newspaper said. The acquisition of Aviva Global Services will give WNS $1 billion worth of outsourced work committed to Aviva over an eight-year period, the paper said. A spokesman for WNS called the report “speculative”. WNS will fund the buyout through a $200 million line of credit from ICICI Bank , with buyout firm Warburg Pincus , which owns a majority stake in WNS, contributing around $30 million, the paper said. WNS, which draws about half its business from British and European operations, in April acquired a British auto insurance claims-processing services provider, Call 24/7 Ltd.(Reuters) […]