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TravelPort Holidays (India) Pvt Ltd, a Mumbai-based online travel agency, is in talks with private equity players to raise funds for its offline and online expansion to tap the domestic travel industry, which is poised for significant growth in the coming years. Heena Akkhtar, chief operating officer, TravelPort, told DNA Money that the company is raising funds through private placement. “We are currently in the process of fine-tuning the funding arrangement with one of the PE firms. So, concrete details cannot be disclosed at this stage,” she said. TravelPort expects to close the deal in another couple of months. While valuation details are being worked out, industry sources said the company is looking at diluting 10-20% stake. “The money to be raised could be anything between Rs 15 crore and Rs 20 crore,” said the source. […]
The race to induct a strategic partner in Tata Teleservices (TTSL) seems to have narrowed down to Japan’s NTT DoCoMo and European telecom giant France Telecom. The Tata Group is close to diluting its stake for around Rs 5,000 crore in the country’s sixth-largest telecom operator, industry sources told ET . “Talks are in the final stage and a deal is expected to be announced in the next two months,” informed sources said. One industry source with knowledge of the matter said NTT DoCoMo might be the front-runner. This, however, could not be independently confirmed. Both companies have put in bids. It’s not clear when a formal announcement would be made. It is also not clear as to the exact stake which the partner will pick up. The figure of Rs 5,000 crore assumes a stake sale in the region of 12%. However, a number of industry sources following the transaction said the bids were for a 26% holding, involving a pay-out (for the investor) of around Rs 10,000 crore. […]
Tata Group company, Tata Communications on Monday said it has invested $11.5 million in a next generation content delivery network (CDN) company BitGravity. A company statement said Tata Communications entered into a strategic partnership with BitGravity and invested USD 11.5 million in convertible debt of BitGravity. With the strategic tie up, the company launches CDN services including high quality content and video. (ET) […]
Three global alcohol beverage firms, including world's largest spirits firm Diageo, have evinced interest for a strategic stake in the Rs 3,200-crore United Spirits, the spirits arm of the UB Group. UB Group Chairman Vijay Mallya talking to the media in Bangalore on Wednesday on the sidelines of United Breweries AGM, said that there is serious interest from at least three global players who are in discussions with him to pick up stake in United Spirits. “The interest is of strategic nature. We have a strong distribution network in India and global players wanting to enter India are keen on this. In turn, we will look to leverage our partners' global network for an international footprint. The talks, including with Diageo, are on,” he said, declining to outline a timeframe for this strategic move. […]
Technical textile manufacturer SRF Ltd on Monday said it has completed the acquisition of Thailand-based Thai Baroda Industries (TBIL) for Rs 100 crore. In a filing to the Bombay Stock Exchange SRF Ltd announced the closure of the acquisition of TBIL. “All financial dues as per the restructuring plan have been paid,” the SRF Group subsidiary said. Aiming to become a global player, the domestic firm, in May, had signed a definitive agreement with the Thai firm. TBIL has an annual production capacity of 12,000 tonnes of dipped nylon tyre cord fabric with annual sales of about USD 50 million. […]
An Asia-focused private equity (PE) fund, Olympus Capital Holdings, that has already invested around $1.5 bn in growing economies such as Japan, Korea and Greater China, is setting up shop in India. The PE fund till now had a representative office here, but has now decided to set up full-fledged office with a six-member team. It has appointed Gaurav Malik as the MD for its India operations, which would be based in the Delhi NCR region. Mr Malik was earlier based out of the firm’s Hong Kong office and has worked with it since the last six years. “India is emerging as a very important market for PE players like us. We are hopeful that the country will see a huge inflow of investment,” said Mr Malik. […]
Duncan Goenka group company, Stone India, is eyeing an acquisition in Europe to capture the European railway components market. The company is close to acquiring a controlling stake in an European firm manufacturing products for railways for little less than Rs 200 crore. Speaking to mediapersons at a meeting held in Kolkata on Monday, Stone India chief executive officer & managing director Amitava Mondal said: “We are trying to buy the company through the bidding process. A special purpose vehicle (SPV) will be formed and registered at either Cyprus or Netherlands to buy the assets of the European firm.” […]
New York-based private equity firm Jina Ventures plans to raise up to $200 million by end-2008 to invest mainly in manufacturig firms in India, its managing partner told Reuters on Tuesday. “We are talking to investors from Switzerland, the U.S. and Japan and should be able to wrap up the fund by end-2008,” Ron Shah said on the sidelines of a capital markets conference. Jina Ventures had raised $50 million in 2005, which it invested in 12 Indian firms and had exited these investments, Shah said.(Reuters) […]
Retail chain Subhiksha continues to be in news. This time it is about the substantial investment attracted by the company from leading Singapore-based FIIs. According to sources, the company has almost struck a deal with 3 or 4 FIIs for raising $100 million through the issue of fresh shares at high premium. The FIIs are slated to pick up 9 to 10% stake in the company. It comes close on the heels of Wipro chairman Azim Premji acquiring 10% stake by investing Rs 230 crore in Subhiksha through his investment arm. […]
Property developer and fund manager Tishman Speyer plans to raise up to $1 billion in a private fund in 8-10 months for Indian realty projects, its managing director and head of finance Revathy Ashok said on Tuesday. “We still have some money left over from a previous one and we are already talking to investors for our next fund, though we haven't started roadshows yet,” she told reporters on the sidelines of a capital markets conference. Tishman has raised $350 million in a private fund this year and is funding three projects in south India.(Reuters) […]
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