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Bahrain bank launches $430 mn Navi Mumbai company

Khaleeji Commercial Bank, a Bahrain-based Islamic private bank, has launched its Global Logistix Navi Mumbai Investment Company with a target capital of $430 million. The fund will aid in the development of India's first integrated logistics city project on a 400 acre site in Navi Mumbai. Khaleeji Commercial Bank is 60 per cent owned by a group of regional strategic investors and 37 per cent by its founding shareholder, Gulf Finance House. “Global Logistix stands to play an integral part in Navi Mumbai. We are looking forward to sustaining this important endeavour as it will aid the infrastructure and logistics industry development that is sorely needed in that region of the world, the bank's CEO and board member Ebrahim H Ebrahim said. The project is a logistics focused real estate development comprising of an integrated logistics park on 400 acres of land. […]

Warburg, CGH in talks for Rs 325-crore deal

Private equity (PE) giant Warburg Pincus is seen in discussions with Kerala’s leading luxury resort operator Casino Group to invest Rs 300-325 crore, sources said. The Kochi-based Casino Group of Hotels (CGH), a five decade-old family run business operating 12 environment-friendly resorts, is looking at raising capital for its expansion plans, both domestic as well as overseas. The fund interest has been growing in Kerala’s top draw leisure sector, but this is the first time a bulge bracket global PE is seen in talks to cut a deal. Arguably the best known name in Kerala’s hospitality sector, Casino Group, operating under CGH Earth brand, is believed to have attracted robust private equity interests as it plans to hit the market with fund raising plans. While sources confirmed discussions with Warburg, they said most of the PE biggies would show up to buy into top dollar leisure assets in Kerala. The Dominic family, which entered the hospitality sector in 1954, owns 100% of the company. It is believed that the family may divest up to 20% for raising the funds valuing the business closer to Rs 1,600 crore ($400 mn). […]

PE firm eyes Indian restaurants

Private equity firms are warming up to Indian restaurants. The Dodsal group, one of the two largest franchisees of Yum! Brands-owned Pizza Hut and KFC, is in advanced talks with private equity firm New Silk Route (NSR) to sell 30-40% stake in the company. The deal could be anywhere between Rs 300 crore and Rs 500 crore, an industry source said. This deal comes on the back of a similar PE fund infusion in the other large franchisee of Yum! Brands, Ravi Jaipuria-owned Devyani International, which has the franchisee rights for Pizza Hut and KFC for the North and East with 65 Pizza Hut and 7 KFC outlets in the country. Last month, Jacob Ballas picked a 21.5% stake in Devyani International for Rs 300 crore, valuing the firm at Rs 1,400-1,500 crore. Sources told ET that the diversified Dodsal group, owned by the Dubai-based Kilachand family, wants to exit the quick-service restaurant business and the PE deal is the first step in that direction. If the group sells all its stake, then the deal could be between Rs 1,000 crore and Rs 1,500 crore. […]

Shanti Gears scouts for partners, may sell equity

The Coimbatore-based Shanthi Gears Ltd, amongst the largest gear and gear-box manufacturer in the country is scouting for partners. The partner would be offered equity, even as it is not known how much stake the company is willing to offload. According to sources, Shanti Gears has mandated Ernst & Young to find a “strategic player” who could bring in newer technologies which can spur the next level of growth. The maker of industrial gears and gear products is learnt to be in discussions with companies based in Germany and the US for a possible tie-up that would involve a stake sale. While some sources believe that the promoters of the company could be planning a “sell out”, company insiders rubbished it by saying that the hunt was on, only for strategic partners. It is learnt that the company has been in talks with various players for quite sometime. […]

UAE based Emaar looks at $150 mn investment in India

UAE based Emaar Properties is set to inject $ 150 million for a 20 to 25 per cent stake each in three real estate developments in India, to boost funds in its Indian joint venture. Emaar and MGF Developments of India, which set up a joint venture in 2005 called Emaar MGF, currently holds India's largest foreign direct investment in real estate through projects, with a combined development value of $ 1 billion. Emaar is now considering to pick three separate special purpose vehicles (SPVs) which will then develop two retail properties and one office property in Gurgaon and Mohali. […]

Gammon looking for majority stake in Italian co.

Gammon India is said to be in talks with the Italy-based power firm, Sofinter, for acquiring majority stake in the latter, reports Economic Times. This will be the third acquisition by Gammon in the Italian market, if the deal is clinched. The company is looking for more than 50% equity stake and it is learnt that the deal may go well over USD 70 million. Last month, Gammon acquired a majority stake in Italian turbine maker Franco Tosi Meccanica for Euro 40 million and a 50% equity stake in power sector services firm Sadelmi for Euro 7.5 million. (My Iris) […]

Parsvnath picks up 38% stake in Sabeer Bhatia’s Nano City

Parsvnath Developers Limited (PDL) picks up 38% equity stake in Nano City Haryana Limited to build an infrastructure project at an investment of Rs400 crore as equity and debt for the project valued at Rs50,000 crore. The project will be completed in 10 years with 5,000 acres being developed in the first phase. “India lacks large, planned commercial & residential districts with modern concepts and quality facilities. We will make Nano City a world-class destination.” The knowledge city will be spread over an area of 11,000 acres in Panchkula near Chandigarh and will be named as “Parsvnath Nano city”. A public-private partnership project, in which Haryana Government through HSIIDC will have 10% equity stake, while PDL will have 38% and the remaining 52% will be with the Sabeer Bhatia promoted group. […]