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Auto component maker Autoline Industries today said its has acquired 49 per cent stake in two Italian firms for an undisclosed amount. The company has also entered into an agreement with Luxembourg-based Icon Develpoment SA to increase its shareholding in the latter to 60 per cent. In a filing to the Bombay Stock Exchange Autoline Industries said its wholly owned subsidiary, Koderat Investments has “acquired 49 per cent equity share capital of SZ Design Srl and Zagato Srl”. […] The Securities and Exchange Board of India (Sebi) is likely to discuss clearing applications through the foreign venture capital investor (FVCI) route when its board meets on October 6. As many as 80 such applications are pending with Sebi due to the Reserve Bank of India’s reservations on the issue. Sources familiar with the developments said RBI was not clearing them earlier as there was a need to control the flow of foreign capital. But the situation has changed now, raising hopes that Sebi will resolve the issues with RBI and review the status of the FVCI applications. […] JPMorgan Chase & Co., the third- largest U.S. bank, plans to double private equity investments in India to $1 billion as the nation's equities head for the worst year on record. The bank will also invest about $500 million to build its corporate finance and advisory operations, Kalpana Morparia, who took over as chief executive officer of JPMorgan in India on Aug. 28, said in an interview in her Mumbai office yesterday. Private equity investments in India climbed 3.2 percent in the first six months of the year, bucking a 23 percent decline for all of Asia. JPMorgan, which acquired Bear Stearns Cos. in March in a bailout orchestrated by the Federal Reserve, has recorded about a quarter of the losses posted by Citigroup Inc., its bigger rival, after the U.S. home-loan market collapsed. […] Samena Capital, the Bahrain-based investment management group focusing on markets in Asia, the Middle East and North Africa, is likely to invest about 35% of the newly announced $350 million in the Indian corporate sector. Samena, which has already raised $200 million of its debut Samena Special Situations Fund, targets a $350 million final close by October 31. Its Mumbai office will be opened by November. Samena plans to pump in about 80% fund meant for the Indian market in listed companies. The company has not made any allocations for companies it plans to invest in or specified sectors. Speaking to FE from his London office, Shirish Saraf, president and founder of Samena Capital, said, “We wanted to invest as much as 30-35% of our total funds in India, though no allocation has been made so far.” […] India does not seem to be losing its sheen among private equity, or PE, investors even as the global liquidity crunch is now assuming significantly larger proportions and investors are increasingly turning bearish. According to the investment banking arm of Mumbai-based financial services house JM Financial Consultants Pvt. Ltd, 13 of the world’s 20 largest PE funds — in terms of fund mobilization in the past five years — have already invested in India. Besides, two more — Apollo Global Management Llc. and Bain Capital Llc. — have recently set up offices here and started seeking deals. This means only five of the world’s top 20 firms — Permira Advisers Llp., Terra Firma Capital Partners Ltd, American Capital Ltd, Silver Lake and Cerberus Capital Management Lp — haven’t come to India yet. […] Suvidhaa Infoserve Pvt Ltd (SIPL), the pioneer of the Services Commerce (“S-Commerce”) revolution in India, today announced that it has received funding from two leading global venture capital firms, Reliance Technology Ventures and Norwest Venture Partners India (NVP India). Reliance Technology Ventures directed the investment from one of its Group entities. Suvidhaa, promoted by Paresh Rajde and initially funded by Mr. Shapoor Pallonji Mistry, will use the new capital to aggressively expand its portfolio of service offerings into vertical markets throughout India and enhance business development and marketing efforts. […] The Rs 250-crore integrated communications group MAA Group Holdings plans to tap private equity funding for scaling up the company’s growth plans. The company is willing to dilute a maximum of 24% of equity in either the MAA Group Holdings or the advertising company, chairman Bunty Peerbhoy told ET. The group’s advertising agency MAA Bozell has been rebranded as MAA Communications after the buyback of its 29% stake in the joint venture with Bozell Worldwide, a part of the Interpublic group, since January 2008. The Bangalore-headquartered MAA Communications works with clients such as Tata Coffee, Hero Honda, Biocon and Wockhardt Hospitals. […] In one of its largest equity deals in the country, International Finance Corporation (IFC), the private sector investment arm of the World Bank, is picking around 12% stake in Polycab Wires for Rs 551.5 crore ($120 million). The deal values the flagship cable manufacturing business of Mumbai-based Jaisinghani family at Rs 4,600 crore ($1 billion). The deal involves a mix of fresh shares and warrants. According to sources, IFC is picking a 10% stake for around Rs 450 crore besides picking warrants which would give it an additional 2% equity stake for around Rs 100 crore. These warrants will be fully paid and will be convertible based on achievement of certain financial milestones. Polycab is one of the largest domestic players in the market for cables. It is the flagship company of the Polycab group, which has eight cable manufacturing companies and is the leading manufacturer of power cables and light duty cables in India. […] Looking at expansion, Sanwaria Agro Oils Ltd is all set to explore avenues to raise funds. “We plan to raise Rs 2 billion in the next 2 years for our expansion / diversification projects. However, due to market volatility, we are a bit cautious in fund raising,” said Anil Agrawal, whole-time director, Sanwaria Agro Oils. “We will be setting up factories at our existing locations in Madhya Pradesh. We will also focus on our captive power plants with the pace of capacity expansion,” Agrawal added. The company plans to raise funds through a combination of QIB, ECBs, GDR or private placement. In the first phase, it will raise Rs 50 crore. The expansion will increase its current capacity of 2,650 mtn of soy seeds crushing to 4,000 mtn. […] India's largest private sector steel producer Tata Steel has bought 7.29 per cent additional stake in Australia-based Riversdale Mining for a sum of USD 120.7 million, through its Singapore subsidiary. Tata Steel's Singapore-based subsidiary TS Global Minerals Holdings purchased 13,705,000 shares, representing 7.29 per cent stake in the Australian firm which owns coal blocks in mineral-rich Mozambique. According to the information available with the Australian Securities Exchange, the arm of Indian steel major has increased its shareholding in the mining company to 42.3 per cent from 35 per cent, since the JV was formed last year. A Tata Steel spokesperson confirmed the move but declined to reveal any details. […] |