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The $7.6-bn Estee Lauder Group has acquired a minority stake in Delhi-based Forest Essentials, a fledgling ayurvedic skin, body and haircare product maker. This will help Estee Lauder strengthen its foothold in the expanding Indian beauty market. It will give Forest Essentials products access to the global markets. Though the company officials declined to divulge details, according to sources, almost 10-15% of equity has been offloaded. “India is a very important market for Estee Lauder and with this agreement we hope to expand our competitiveness in the natural products arena,” Estee Lauder senior vice-president (international business development) Daniel Rachmanis said. The world’s leading skincare product manufacturer will be bolstering Forest Essentials’ retail expansion and brand building in India, and also take it outside India. […]
Murugappa group firm EID Parry ( India) said it has received Rs 747.39 crore from Roca Bathroom Investments SL for offloading 47% stake in Parryware Roca, a JV between the two companies. Parryware Roca is a 50:50 JV with the bathroom ceramics major Roca of Spain. The JV company offers products of international quality and designs and enable Parryware to access international markets. EID Parry India in a filing to the Bombay Stock Exchange said “the sale has been completed and consideration of Rs 747.39 crore has been received. With this transfer EID-Parry (India) Ltd's equity holding in Parryware Roca Pvt Ltd is 3%.” Board of directors had earlier approved the sale of EID-Parry (India) Ltd's 47% stake in Parryware Roca to Roca Bathroom Investments SL. Source: Times of India […]
ITC Ltd has acquired about 2.3 million shares, or 0.5 percent of the equity, in paper maker Ballarpur Industries Ltd for 56 million rupees, the Times of India reported on Friday. ITC has interests in paper, through ITC Bhadrachalam Paperboard, which was doing well, the paper said quoting unnamed sources. Ballarpur, belonging to Avantha Group, is India's top paper maker. “We are not there to sell stake. Our shares are there in ITC's balance sheet, but it's nowhere close to 0.5 percent. This is just a story,” Anil Pahwa, chief general manager at Ballarpur said. ITC officials were not immediately available for comment.(Reuters) […]
Bangalore-based private equity (PE) firm Forum Synergies is launching one of the biggest India-focused SME funds. The fund, which will raise money from both overseas and domestic investors, is expected to have a total corpus of $150-200 million (Rs 650-850 crore). The PE firm is co-founded by former president & CEO of GE Consumer & Industrial for India Samir Inamdar. Though the exact corpus of the fund could not be ascertained, the PE firm is looking to bring in up to $135 million (Rs 580 crore) from an offshore entity–the India Knowledge Manufacturing Company, a Mauritius-based closed ended fund. This offshore entity will raise funds from high net worth individuals, NRIs besides corporate and financial institutions based in the US, UK, UAE, Qatar, Saudi Arabia, Singapore and Hong Kong. The offshore fund will invest through the window provided for foreign direct investment. Besides, there will be other set of shareholders including Indian investors and the investment manager. […]
Concept Communication has taken a strategic stake in the public relations business of Zzebra. This strategic partnership with Concept Communication would result in a stronger team and a wider footprint for Zzebra PR, which will now cover 12 cities and 36 other major centres across India, as also in the UK, Middle East and Singapore. Speaking on strategic alliance, Vivek Suchanti, Managing Director, Concept Group, said, “Zzebra is a fast-growing company and has created strong brand equity in a short span of time. The public relations industry in India is growing at a rapid pace, and we believe that consolidation of resources and skill sets between like-minded organisations will help us emerge as a leader in the space. With this strategic partnership, we will be enhancing the range of services provided by the Concept Group of Companies.” […]
A realty fund launched by India's No. 2 listed developer, Unitech Ltd, has raised $300 million from international investors for the firm's projects, a company spokesman said on Thursday. “This is the first tranche. Another $300 million will be raised by September,” the spokesman said. He declined to name the investors. The Economic Times newspaper, citing an identified senior Unitech executive, said a Japanese bank and some Europe-based wealthy individuals were the investors in the Unitech International Real Estate Fund. […]
Controls & Switchgear Co today said it has raised Rs 100 crore through private equity funding from GE Commercial Finance India, which will be used for capacity expansions and to pursue inorganic growth avenues, among others. The firm is a manufacturer of power generation, distribution and protection products including low voltage switchgear and engineered power conductors. In a statement, Controls & Switchgear said the fund would used for capacity expansions to strengthen its R&D credentials and pursue inorganic growth opportunities. […]
Indian fertiliser cooperative IFFCO will invest $100.5 million for a significant stake In Australian mining firm Legend International Holdings, it said on Wednesday. Under the deal, IFFCO will purchase 15 million shares in Legend, which owns phosphate deposits in Queensland, Australia, and hold options for buying another 30 million shares, in a phased manner. IFFCO has also agreed to buy and distribute 4 million tonnes of concentrated rock phosphate, or 80 percent of Legend's output, through its farming network. IFFCO has the right to nominate two members on Legend's board. Last year, it had agreed to invest $100 million in Senegalese phosphates producer ICS for a majority stake and supplies of phosphoric acid. […]
Half a dozen foreign institutional investors (FIIs) are eager to pick up Citigroup’s 11.74 per cent stake in Housing Development Finance Corporation (HDFC) should the US financial services giant want to sell its holding. Citigroup, which has been involved in a massive cost cutting exercise, has recently sold some of its non-core investments and this has sparked speculation that it may sell its stake in HDFC. HDFC chairman Deepak Parekh told reporters after the annual general meeting here today that the sense he got after discussions with Citigroup officials was that the US giant would hold on to its stake. But if it decided to sell, Parekh said there were “enough buyers” who were ready to pick up the stake.Parekh added that after reports surfaced that Citigroup might be looking to sell its stake in HDFC, at least six FIIs had approached him evincing interest. […]
Eastgate Capital Group is picking up an equity stake in financial services company Avendus Capital Pvt Ltd for Rs 100 crore. Eastgate is the private equity subsidiary of NCB Capital, the investment banking arm of the National Commercial Bank (NCB) of Saudi Arabia. Avendus Capital will use the fund to increase its presence in the institutional broking business. Ranu Vohra, managing director and CEO of Avendus Capital, said the team at Eastgate will help the company build its global network of relationships, particularly in West Asia, which is increasingly becoming the source of capital for many Indian firms He, however, did not disclose the precise equity stake that will be picked up by Eastgate. Avendus’ list of investors include Americorp Ventures and Anil Godhwani. […]
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