September 2008
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Three subsidiaries of India’s sole listed PE firm to enter market

India’s only listed domestic private equity (PE) fund, Pune-based IndiaCo Ventures Ltd (IVL), plans to list three of its subsidiaries in the next two years, a top official has said. Rahul Patwardhan, vice-chairman and managing director of IVL, said the firm intends to separately list IndiaCo Telecom Ltd, or ITL, a 100% subsidiary floated last year to hold the firm’s telecom assets, as well as two newly formed subsidiaries, IndiaCo Global OpportunitiesFund, or IGOF, and IndiaCo Clean Energy, or ICE. IVL manages around $15 million (Rs70.4 crore) worth of proprietary money and was one of the early investors in Geodesic Information Systems Ltd, a Mumbai-based instant messaging and e-business solutions provider. […]

Jet in talks with investors, plans 10% stake dilution

Leading private carrier Jet Airways (India) Ltd on Monday said it plans to dilute 10% of its equity to garner funds and strengthen its balance sheet. “We will do anything which is required to make our balance sheet strong. We plan to dilute 10% equity,” Jet Airways chairman Naresh Goyal told reporters after the company’s 16th annual general meeting held in the Capital. Jet was in talks with a few institutional investors besides some other investors for this purpose, Goyal said, without disclosing their identities. […]

BT puts India Tech Mahindra stake sale on hold

BT Group has put the sale of its stake in Indian software services firm Tech Mahindra on hold because of turbulent markets, the Economic Times newspaper said on Tuesday. “BT has temporarily put the process on hold because of bad market conditions,” the paper cited unnamed sources as saying. The Financial Times in August had said BT may sell all or a large part of its 31 percent stake in the Indian firm, citing people with knowledge of the matter. […]

TCS interested in Siemens SIS

Tata Consultancy Services, India’s top software services exporter, is interested in Siemens’ IT Solutions and Services (SIS) unit, a German newspaper said on Saturday. Talks between the two companies would begin next week in Munich, where Siemens is based, Germany’s Boersen-Zeitung said, without saying where it obtained the information from. Siemens declined to comment. A couple of days ago, sources close to the company said that Siemens Chief Executive Peter Loescher was considering the divestment of SIS’s external business, the paper said. […]

Crisis-hit US institutions plan to sell off assets in India

After the meltdown, comes the flight of capital. Large institutions such as AIG, Morgan Stanley, Wachovia and others are planning to liquidate some of the Indian assets in which they had invested their proprietary capital. Investment banking sources and PE funds have confirmed that a number of such deals have been available in the market for the last few weeks. While there are only a few income-yielding and advance stage assets, which would be easier to sell, a majority of the assets will be at an early stage which would find very few takers or see a loss. “Around 15-20% of the deals in the market today are of this kind,” says the investment banker. […]