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Software services company Infotech Enterprises plans to acquire three companies by the end of the current fiscal and has set aside Rs. 300 crore for the acquisitions. Infotech said it is in talks to acquire a Germany-based auto-engineering firm for $30 million – 40 million but did not name the company. Infotech Chairman and managing director B.V.R.Mohan Reddy said, “We have a letter of intent which is written. We are in the exclusivity period. If everything goes in time, we’ll complete the acquisition by December end.” Earlier this month, Infotech had said it was acquiring California-based chip designer Time to Market Inc. The company also said it had entered the Japanese market recently and appointed three local sales managers there. The company, which said 45% of its revenues come from the North American market, 45% from European operations and 7% from Asia Pacific. […]
Sterlite technologies, part of Anil Agarwal’s Sterlite group, is in advanced discussions to acquire UK-based cabling company Brand-Rex for roughly $55 million, or approximately Rs 250 crore, sources said. The acquisition move, advised by PricewaterhouseCoopers (PwC), is in line with the company’s target of establishing itself among the top three players on the globe in every business segment it is into. Edinburgh-based Murray Capital controlled Brand-Rex has been scouting for a buyer, and a potential transaction with the Rs 1,690-crore Sterlite Technologies could be unveiled within 3-4 weeks after completion of necessary formalities, sources close to the company added. […]
UAE-based Emirates Telecommunications Corp (Etisalat) has signed an agreement to acquire 45 per cent stake in India's Swan Telecom for around $900 million.The deal puts the value of the Indian GSM service provider at around $2 billion. Etisalat has operations in 16 countries, including Saudi Arabia, Pakistan and Egypt, and was looking at entering the Indian market, which is the second largest in terms of subscribers in the world. (BS) […]
Anil Dhirubhai Ambani Group-promoted Reliance Tech Ventures, venture capitalist Artiman and Cisco Ventures are in talks to invest Rs 30-35 crore in SureWaves, the Bangalore-headquartered startup engaged in providing media convergence technology solutions and funded by the former Broadcom India honcho Rajendra Khare. Reliance Tech Ventures, which provides early-stage capital for scaling up businesses linked to the group companies, is in the fray as multiplex chain and distribution entity Adlabs is reportedly a client of SureWaves, sources said. The startup plans to dilute a stake of 20-26% for a capital infusion of $7-8 million. Mr Rajendra Khare, CMD, SureWaves could not be reached despite several reminders. […]
The private equity fund, ChrysCapital, has increased its equity exposure in the Amtek group, which has a major presence in the auto component industry. The PE fund has bought 7% in Amtek Auto, 4% additional stake in Amtek India and fresh equity of 7.6% in Ahmednagar Forgings. Confirming the fund’s acquisitions, Amtek group CFO S Singhi said, “ChrysCapital has been buying stake in our group companies from the long-term point of view, with a time horizon of about 2-3 years. The fund appears to be bullish on the auto sector.” The PE fund’s investments have come at a time when the auto and auto ancillary sectors are passing through a rough patch following the rising interest rates and a slowdown in demand. […]
Major financial institutions and private equity firms such as Cornell Capital and Actis are likely to join hands with leading domestic power sector financing company Power Finance Corporation (PFC) to set up an equity consortia for funding power projects in the country. The state-owned institution would identify power projects needing equity support and provide lucrative investment opportunity to consortia partners. The new initiative would be run by the newly set up arm of PFC, Power Equity Capital Advisors Pvt Ltd (PE-CAP). Other institutions and PE firms that may become part of the consortia include Sansar Capital Asia, Nexent Ventures, Capital Management Advisors and Highfield Capital Management. […]
The credit crunch in the wake of the global financial crisis has thrown up fresh opportunities for private equity (PE) players and sovereign wealth funds (SWF) to invest in India in a big way. With traditional sources of cheaper credit drying up, corporates are increasingly looking at raising funds from PEs and SWFs. Sources said that companies, like infrastructure, which are yet to tie up funds for their expansion plans, are in talks with PEs and SWFs to meet their requirements — be it long-term debt, working capital or equity infusions. One such company is JSW Energy, which is pursuing a major investment programme of Rs 11,000 crore for its power business. JSW Energy was earlier planning to raise up to $1 billion through an IPO, it did not materialize due to sluggish market conditions. […]
The collapse of the big guns of global financial services sector could well turn out to be a gain for the private equity (PE) industry in India. Thousands of professionals who were employed by these firms will now be chased by the PE firms, which are already facing an acute shortage of skilled professionals. At present there are over 366 PE firms in India while three years ago the number stood at around 100. The industry witnessed a robust growth in the last few years with investments going up from $2 billion in 2005 to close to $17 billion in 2008. […]
New York-based private equity fund WL Ross and Co. Llc., which in August agreed to invest $80 million (about Rs370 crore at the current exchange rate) in low-fare airline SpiceJet Ltd, has, on its own, started talks with Jet Airways India Ltd and Kingfisher Airlines Ltd for a possible merger with the Delhi-based carrier. Ross, part of investment management firm Invesco Ltd, has also started discussions with other low-fare carriers for a possible merger in an attempt to create a larger airline, said a person familiar with the development. “The idea is to increase the valuation of SpiceJet or the money invested by WL Ross before the firm exits,” this person added, asking not to be named. WL Ross has also suggested strict cost controls and tighter management to turn around SpiceJet, he added. […]
Media and entertainment company Mukta Arts has announced the acquisition of mobile content and application company, Coruscant Tec. The entertainment marque acquired a 51-per cent stake in Coruscant Tec in an all cash deal for an unspecified amount. Mukta Arts is promoted by filmmaker Subhash Ghai. Mukta Arts is a well known name in the Indian entertainment industry, and has outlined plans to further consolidate its position with the acquisition of Coruscant Tec by adding another dimension to its entertainment portfolio. […]
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