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Largest private lender ICICI Bank is planning to set up a $200 million (Rs.8 billion) private equity fund exclusively for the small and medium enterprises (SME) sector, a top company official said here Monday. “We are planning to set up an approximately $200 million corpus private equity fund within the next five to six months exclusively for the SME sector,” said Sanjiv Sherawat, head of business banking, ICICI Bank Ltd, on the sidelines of a seminar on Alternative Avenues to SME Financing organised by industry lobby Confederation of Indian Industry (CII). Till date, ICICI Ventures has been the PE investment arm of ICICI Bank. Now the bank would start PE investment by itself. The focus of the company would be mainly on pharmaceuticals, jewellery, textile and capital goods. […]
ITC Ltd. said ITC Infotech India Ltd's U.S.-based wholly-owned unit ITC Infotech (USA), Inc. has acquired Pyxis Solutions, Llc., a New York limited liability company. Financial details of the deal were not disclosed. Accordingly, Pyxis has also become a wholly-owned unit of the company, ITC said in a filing with Bombay Stock Exchange. (Trading Markets) […]
Berger Paints Ltd said it has acquired Poland's Bolix SA, an external insulation finishing system supplier, for an undisclosed sum from Advent International, a private equity group. Bolix also exports to countries such as Ukraine, Russia, Lithuania, Latvia, Estonia and other European nations, and recorded a turnover of $45.5 million in 2007, the Indian firm said in a statement on Monday. […]
The recent amendments to qualified institutional placement (QIP) guidelines may boost private investments in public equity (PIPE) deals. After being in the downtrend in the first half of the year, deals in listed companies will revive, say experts, making it easier for the cash-starved firms to raise capital. The Securities and Exchange Board of India (Sebi), after receiving comments from various parties, said QIPs should be based on the average price of the shares two weeks prior to the issue. The earlier pricing formula had made matters worse for investors as it required to take an average price of six months or 15 days, whichever is higher. In a bear market, where stocks fall sharply, the QIP price always exceeds the current market price and investors are not willing to pay a premium for shares, which are available at rock-bottom prices. […]
With more than one-third of market capitalization of India’s stocks eroding since January, the time would seem ideal for the private equity, or PE, business. Valuation expectations at both listed and private firms are more realistic today than ever, prompting large Indian business groups and professional PE managers to set up new funds. But a set of PE wannabes with backgrounds ranging from real estate to retail have put on hold their ambitions to enter the investment fund business. In the current market situation, raising money from investors either in India or overseas, who together contribute around two-thirds of the typical fund’s corpus, has turned difficult for these firms, experts say. The promoters of New-Delhi based Vishal Retail Ltd, which runs around 90 hypermarkets (large-size multi-product stores) and speciality stores across the country, have postponed their plans of floating a PE fund by at least a year. […]
Auto component maker Minda Industries (MIL) is bidding for Vimercati, an Italian full-service switch products supplier, which supplies automotive switches to car majors like BMW, General Motors and Fiat in the European market. The transaction is being valued at around $50-55 million, sources said. When contacted, MIL chief financial officer Sudhir Jain said: “We have identified acquisition as one of the strategies to expand our operations in the international market. We are in talks with various firms in the Europe. At this stage, we cannot, divulge any specific names.” Earlier, US-based Stoneridge, had entered into an agreement to acquire Vimercati. However, the deal did not take off. MIL is believed to have also identified a couple of more target companies in the European market. The Delhi-based NK Minda group has set aside Rs 500 crore for expansion and merger/acquisitions, company officials said. […]
Goa-based Dempo Group is planning to divest 40 per cent in a company that will house its 100-million-tonne iron ore reserve. The group’s iron ore reserves are currently with the flagship V S Dempo & Co Pvt Ltd, and its two subsidiaries Dempo Mining Corporation and Sindhudurg Mining Corporation. The group is planning a restructuring under which all the three mining companies will transfer its resources to a new company in which the stake will be sold. The restructuring is expected to help the group convert V S Dempo & Co, a pure play holding company for all group companies after its assets are hived off. “We are already in talks with three to four private equity players,” said Shrinivas V Dempo, chairman, V S Dempo & Co. “We expect to finalise the deal by the end of December,” he added. […]
Mahindra & Mahindra Ltd, top utility vehicle maker, is likely to acquire 51 percent in Chinese tractor firm Kianbsu Yueda Yancheng, CNBC-TV18 news channel reported on Monday, citing unnamed sources. A spokesman for Mahindra, which is holding a news conference later on Monday, was not immediately available. Mahindra, also the country's top tractor maker, now has a joint venture with Chinese tractor maker Jiangling Motors Co. The venture, Mahindra China Tractors, began operations in July 2005. Mahindra last month bought the assets of motorbike and scooter maker Kinetic Motor. Sources have also said General Motors Corp is in talks with the Indian firm about selling its Hummer brand. (Reuters) […]
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Bangalore-based Puravankara Developers is looking for private equity investors for its affordable-housing subsidiary, Provident Housing and Infrastructure. However, it is avoiding the same for the parent company due to the high demands of private equity players. Ravi Ramu, director, Puravankara Developers said, “Today, private equity investors ask for an assured internal rate of return (IRR) of more than 20%, which is very high. Thus, we are very cautious before we bring in any private equity player into our parent company. However, we are in talks with international and national players to raise Rs 750 crore for mid-segment housing projects, which is favourable in this market situation.” […]
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