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Medical Devices major Opto Circuits has shelled out $70 million to acquire US-based Criticare Systems, a non-invasive medical devices manufacturer in April 2008. It borrowed $52 million to finance the overseas purchase. On Tuesday, Opto chairman & MD Vinod Ramnani said: “The founders of the foreign company sold their stake early on and it was being run by a group of people who had no stake in the company. We saw the synergy and knew that we could integrate the company and take it forward.” Criticare currently outsources the production of its products to Taiwan. Opto, however, plans to transfer production to its Bangalore facilities by June 2009. The company projects that this will add an additional 20% to the bottomline. […]
US-based private equity (PE) major General Atlantic is learnt to be final stages of talks with Wockhardt Hospitals to invest around $140-150 million. Although there are some differences over the valuation and structure of the investment, the PE may pick up around 20% stake in the Indian company, sources said. The hospital chain has been in talks with several PE funds after its initial public offer (IPO) got derailed earlier this year. Talks with most PE funds had also fallen through over differences about the company's valuation, PE sources said. When contacted, a Wockhardt Hospitals spokesperson said: “We don't comment on market speculations.” […]
Balaji Telefilms on Tuesday said it is ending a four-year old association with Star group under which an associate company of Rupert Murdoch-led global media conglomerate have been holding nearly 26 per cent stake in TV celebrity Ekta Kapoor-run entertainment content provider. However, six existing shows produced by Balaji and currently on air with 'Star Plus', would continue on terms mutually agreed upon by the two parties. As per an agreement reached between concerned parties and approved by Balaji Telefilms' board, the promoters of the Indian company would be allowed to buy back 25.99 per cent stake from Asian Broadcasting FZ-LLC (ABF), an associate of Star Group, within eight months, failing which these shares could be sold to any non-competing entity. Pursuant to the agreement, Balaji promoters are entitled to purchase the entire shareholding held by ABF in the company for an average price of Rs 190 per share, within a period not exceeding 240 days. […]
Milestone Group, India's largest independent alternate assets fund house with more than Rs24bn under management, has launched India Build-Out Fund-I (IBF-I). Milestone plans to raise Rs6bn with a greenshoe option of Rs2bn for IBF-I. IBF-I is a five year close ended fund, open for subscription by domestic investors, with an option of two extensions of one year each. The minimum investment applicable for individual investors is Rs2.5mn and Rs10mn for institutional investors. The fund is targeting a return of 30% compounded, annualized IRR with a hurdle rate of 12% compounded, annualized IRR. Rajesh Singhal, earlier with Intel Capital, has joined Milestone Private Equity as Managing Partner. […]
Tata Consultancy Services is close to acquiring Citigroup's captive backoffice unit in India for about $500-$550 million, the Economic Times said on Tuesday, citing a source close to the development. The announcement of a deal for Citigroup Global Services is likely to be made “within three weeks”, the paper said. TCS, India's top software services exporter, has edged IBM in the race for the Citi unit and the deal would guarantee TCS business for the unit from Citigroup for five years, the paper said, citing this source. A spokesman for Citi in India declined comment on the report. A spokesman for TCS also declined comment, calling the report speculative. […]
The ASK group has roped in Sunil Rohokale, MD and CEO of ICICI Home Finance, to head its real estate business. The group is in the process of setting up a real estate private equity fund and real estate advisory services. Mr Rohokale, who was part of the core team that started the mortgage business of ICICI Bank in 1999, is joining as executive director of ASK Investment Holdings which will roll out group’s foray into the real estate sector. The group is planning to launch its first real estate funds within the next three months and is looking to mobilise funds from both domestic as well as overseas investors, said Asit Koticha, chairman, ASK group. In the initial stage, the plan is to set up a Rs 1,000-crore fund and the target is to have a $1-billion fund in 3-4 years, Mr Koticha added. […]
In a significant move towards tapping funds for the cash-starved Indian realty market, Saffron Asset Advisors, a Mumbai-based realty fund manager, is planning to raise a $ 200-million (nearly Rs 840 crore), Shariah-compliant and India-specific property fund from international markets in the next 6 to 9 months. According to realty investment experts, this could be one of the first India-focused Shariah-compliant property funds. Shariah-compliant ventures follow Islamic principles and accordingly, abstain from investing in businesses such as alcohol, tobacco, pork products, conventional financial services (banking, insurance), weapons, defence, and entertainment. They do not invest in interest-paying instruments and instead may hold cash on a temporary basis. Saffron, which manages the real estate investments of NYSE Euronext-listed Yatra Capital, is planning to raise these funds from Middle-East, Malaysia, Indonesia, where Shariah funds are available for investment. […]
Engineering firm Subhash Projects and Marketing Ltd and power equipment maker Emco Ltd have agreed to jointly buy 83% of Indonesian coal mine PT Bism for about Rs300 crore, joining Indian firms trying to secure fuel supplies by buying assets abroad. “We are jointly taking an 83% stake in PT Bism by acquiring shares from local owners. The deal will be closed in a month,” said Anil Sethi, chairman of Subhash Projects, adding the mine has reserves of about 105 million tonnes (mt). Subhash Projects will buy equity in the mine through its group company Subhash Kabini Power Corp. Ltd, which owns and operates the Kabini dam hydropower project in Karnataka. […]
In India, where individual angel investors are few, firms such as Morpheus and Opdrage, offer start-ups mentorship and aim to create a pipeline of fundable start-ups for investors. With angel firms such as Accel India Venture Fund (formerly Erasmic Venture Fund) and Seedfund raising larger second funds, the firms expect the gap between starting out and getting funded will widen—increasing the demand for their services. “There is enough seed money available in India waiting for quality start-ups,” says Kris Nair, founder, Opdrage Ventures. “We want to be an entrepreneur cooperative.” Nair, a founding member of Satellier Inc., a Sequoia Capital-funded building information modelling start-up, set up Opdrage six months ago, mixing mentoring with investment banking deals. The firm is working with six ventures, including software application company APIster, furniture design store Cubicle One and a modelling start-up that is yet to be named. […]
Media & Entertainment Group, UTV Software Communications, on Monday said it has acquired 80 per cent stake in US-Based online game publishing Group, True Games Interactive for an undisclosed sum. The acquisition, which has been executed through the group's gaming arm, UTV Interactive, is in line with the business strategy of achieving growth through the inorganic route, the company said in a press statement issued here. The company had recently acquired UK-based console developer, Ignition Entertainment and India-based mobile gaming company, Indiagames Limited. […]
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