October 2008
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Swiss PE firm BTS lines up two funds

India-centric funds will take its asets under management to $500 mn, from $100 mn now. The BTS group, a Swiss private equity (PE) fund manager, plans to launch two funds in India over the next 2-3 years to expand its assets under management to about $500 million from about $100 million at present. A top executive close to the development said the size of each of these funds would be $200-300 million. “BTS has gained an expertise in pharmaceutical and life sciences sectors and would prefer to leverage its strength in these areas for raising PE capital for the next few funds that are in the pipeline. […]

Idhasoft acquires 100% equity in Enterpulse Inc

Idhasoft announces a successful completion of its 26th acquisition which is Atlanta based $12 million Company called Enterpulse. Idhasoft acquired 100% equity in Enterpulse Inc. The company is in BPM consulting services with offices in California and New Jersey. With its integration in Idhasoft, it plans to leverage Idhasoft’s 1000 odd clients in USA and India, also maximize the large sales force team and the India offshore delivery centre. Ramesh Subramaniam, Managing Director, Idhasoft Ltd., speaking on the acquisition said, “The acquisition of Enterpulse adds one more new feather in Idhasoft’s resplendent cap. With this acquisition, we consolidate the service offerings in Content Management & BPM space. ” […]

IFC OKs $30 mln financing for Indian drilling firm

The World Bank's private-sector lender said on Wednesday it has made its first equity investment in the onshore oil and natural gas drilling sector by providing financing to an Indian upstream services company. The World Bank's International Finance Corp will provide up to $30 million of debt and equity financing to Punj Lloyd Upstream Limited, a subsidiary of Punj Lloyd Limited, a leading Indian engineering and construction company that specializes in the energy and infrastructure sectors. The investment will help Punj Upstream provide drilling services to countries in the Middle East, North Africa and South Asia, the IFC said. […]

PE deals in realty space may lose steam

Private equity deals in real estate may increasingly become scarce in the short term, deepening crisis for cash-starved property firms. PE funds are sitting on a pile of cash but not willing to commit funds as they feel they would get better deals in the near future. “Given the volatility in the market, PE funds in general are not taking any decision on investments. We will be better placed to decide once the dust settles down on the market,” says the head of a domestic PE fund, which expects to invest a few hundred million dollars in real estate. The US subprime wave has now engulfed Indian stock market with realty stocks being the biggest loser. BSE Realty Index has slid 81% off its January peak. It shrunk 45% in a month as of Wednesday. […]

TCS buys Citigroup unit

Tata Consultancy Services will buy Citigroup Inc.'s back-office operations in India in a deal valued at $505 million, it was announced. TCS, with headquarters in Mumbai, will acquire all of the U.S. company's 96.26 percent stake in Citigroup Global Services Ltd., The Wall Street Journal reported. As part of the deal, Citigroup will use TCS for its outsourced operations for more than nine years with orders worth $2.5 billion, becoming the Indian company's largest customer, other reports said. Currently, the Citigroup back-office has about 12,000 employees. […]

Goldman buys ICSA stake at Rs 35 Crores

The biggest independent Wall Street firm, Goldman Sachs on October 8 bought an additional Rs 357.5 million worth stake in ICSA India, at 28% premium to the company`s stock price, reports Business Standard. Goldman Sachs acquired stake by exercising an option to convert warrants into equity. It was allotted 1.75 million shares in ICSA raising the investment banks` stake to 5.7%. The warrants were converted at a price of Rs 227 each. Goldman had paid 10% of the value earlier, or at the time it was issued the warrants. (My Iris) […]

IDFC raises $855 mn under India Infrastructure Fund

The much-touted India Infrastructure Fund set up to finance major road, port and power projects has so far garnered $855 million in multiple closures over a period of six months, a top IDFC official said. The $855 million would form a part of $2 billion equity of the $5 billion infrastructure initiative launched in early 2007, IDFC Project Equity Company's Principal Aditya S Aggarwal told PTI. Originally, $2 billion is raised as equity and $3 billion as long-term debt by India Infrastructure Finance Company (IIFCL) for financing infrastructure development in the country. […]

R-Money eyes 16% stake in NMCE

Part of Reliance Capital, ADAG`s financial arm, Reliance Money has sought permission to buy an additional 16% in the National Commodity Exchange of India (NMCE), reports Business Standard. Reliance Money has acquired 10% stake earlier and now, it is looking for approval from the Forward Markets Commission and Ministry of Consumer Affairs for an additional 16% stake in NMCE within 3 months. […]