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German real estate fund MPC Synergy has picked up equity in various special purpose vehicles (SPVs) floated by real estate developer Phoenix Mills for Rs 1,300 crore (ie $200 million). The deal is the second-largest foreign direct investment (FDI) in the Indian real estate market. The transaction is taking place at a time when many real estate and private equity funds have either put on hold their plans in the Indian market or are trying to sell the investments. MPC Synergy is a joint venture between Germany-based MPC Capital and Switzerland-based Synegy Asset Management. The real estate fund has picked up equity stakes ranging from 10% to 49% in 21 projects promoted by Phoenix Mills and its two subsidiaries — Entertainment World Developers and Big Apple — in Tier I and Tier II cities. These projects, subsidiaries of Phoenix Mills, are coming up in cities like Mumbai, Chennai, Pune, Bangalore, Indore, Jabalpur, Raipur, Udaipur and Chandigarh. […]
Global financial services giant Merrill Lynch has picked up a 50 per cent stake in the Salarpuria Group’s Rs 150 crore five-star hotel project in Bangalore. According to Mahesh Khaitan, director, Salarpuria Group: “Merrill Lynch has picked up a 50 per cent stake in the special purpose vehicle (SPV) floated to build a star hotel in Bangalore.” The proposed hotel, which will have 250 rooms, is to come up on 300,000 sft on the Outer Ring Road (ORR) between Sarjapur and Marathalli, opposite Cisco corporate office. […]
Seventymm, India’s largest movie rental service has raised Rs 50 crores in Series C funding making it one of the largest invested start-up ventures in India with a total capital investment of Rs 90 crores. This round was led by NEA-Indo US Ventures. Vani Kola, Managing Director of NEA India-Indo US Ventures, has joined the Seventymm board. Seventymm had earlier raised Rs 40 crores in funding from leading venture capital firms including Matrix Partners India, Draper Fisher Jurvetson and ePlanet Ventures. […]
Kotak Private Equity said on Tuesday that it has invested in Rubicon Research, a product development company. Kotak, however, did not disclose the amount invested. “We have invested in Rubicon Research,” Kotak PE CEO Nitin Deshmukh told reporters here. Rubicon Research was established in 2000 as a contract research service company. Kotak PE has deployed $700 million of the $1.4 billion that it is managing in various companies across verticals. “We have to deploy another $700 million. We will invest at least $100 million in pharma,” Deshmukh said. […]
Lupin Ltd has acquired a minority stake in Generic Health Ltd, an Australian pharmaceutical company. Generic Health markets a wide range of generic prescription and OTC products. Generic Health has strategic alliance with Actavis and had acquired Bellwether pharma. “Our investment in generic health reflects our commitment to expand in Australia.We have built a significant business in this market leveraging our existing alliances with leading local generic companies which we will continue to nurture and grow” said, Vinod Dhawan, president AAMLA.( Business Standard) […]
The promoters of East India Hotels Ltd, part of the Oberoi group, are in advanced talks with several corporate houses and private equity firms to sell a part of their stake, the Business Standard paper reported. Reliance Industries Ltd through various associate companies is one of the front runners, and talks between both groups are at an advanced stage, the paper said on Thursday, citing investment banking sources. Although PRS Oberoi, chairman of EIH and a Reliance spokeswoman denied to the paper that Reliance was in the race to pick up stake, the paper said Oberoi confirmed EIH was in discussions with various investors, though nothing was finalised. […]
Indiabulls Financial Services is set to close a deal with HDFC Bank, Yes Bank and Delhi-based India Potash to offload around 35 per cent stake in the commodity exchange it is setting up with public sector company MMTC. While the details of the new shareholding are unavailable, Yes Bank Managing Director and CEO Rana Kapoor told Business Standard that the private player is in talks to acquire 5-10 per cent stake in the exchange. A source close the development said the three players are expected to pick up around 10 per cent each in the venture, with MMTC holding 26 per cent and Indiabulls the remaining 40 per cent stake. Indiabulls has been asked by the regulator, Forward Markets Commission (FMC), to pare its stake from 74 per cent at present. […]
Mumbai-based venture firm Nexus India Capital closed its second fund at $220 million (about Rs958.8 crore), more than double its first fund of $100 million, becoming the second Indian fund to raise money after the global market meltdown and in the shadow of growing uncertainty over the ability of the Indian economy to continue to expand by at least 8%. In both cases, the money came from limited partners, or institutions that back equity funds, in the US. In February, Helion Venture Partners had raised $210 million for its second fund, mostly from the US backers. “It is a very difficult time to raise money, but there is still a lot of interest in the Indian market, and LPs (limited partners) are looking for strong Indian teams,” said Naren Gupta, managing director, Nexus India Capital. In the months following the meltdown, VC firms had predicted that it would be easier for established global funds to raise capital, than for first-time domestic ones. […]
Textile baron Sanjay Lalbhai has opened discussions with a clutch of private equity players to fuel the expansion of Arvind's discount fashion chain Mega Mart. It is believed that Arvind has mandated Enam to raise around Rs 100 crore in Mega Mart, which is spun off as separate company within the Arvind fold, sources said. Sources said Mega Mart would have received interests from Indian private equity players, such a ICICI Ventures and IL&FS, for a possible private placement. The restrictions on FDI in multi-band retail will limit Mega Mart's suitors to pure-play India funds. Mega Mart could be seeking a valuation of around Rs 700-800 crore. Mega Mart closed with approximately Rs 140 crore tunover in FY08. […]
The recent slide in stock prices has come as a boon for private equity investors, many of who had bought stakes in listed companies via private placements at frothy valuations. Some of these entities are now buying the shares of these companies through the secondary market at lower prices, thus lowering their original cost of acquisition. “When private equity firms see long-term potential in the companies they have invested in, they resort to dollar-cost-averaging when the market corrects. This is what has happened of late,” said Nexus India Capital CEO Sandeep Singhal. Among notable instances of such secondary market purchases, Apax Partners hiked its stake in Apollo Hospitals to 14.52% as on June 2008, from 12.01% in December 2007. In another case, Standard Chartered Private Equity, which had 5.47% stake in M&M Financial in March 2008, raised its holding in the company to 7.93% by June 2008. […]
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