October 2008
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Helion and TVS Shriram Growth Fund

Helion Ventures and TVS Shriram Growth Fund have invested $7.5 million in 9.9 Mediaworx Pvt Ltd, a diversified media company focused on niche consumer, business and professional communities. Sanjeev Aggarwal, MD of Helion, and Gopal Srinivasan, CMD of TVS Capital, will join the 9.9 Media Board. Announcing the investment, Pramath Raj Sinha, Founder & MD of 9.9 Media, said, “We are fortunate to have such first-rate investors as Helion and TVS Shriram Growth Fund as partners in our journey to build a next-gen media company. In particular, we are excited that two seasoned entrepreneurs in Sanjeev and Gopal are joining our Board.” The funds will be utilised to fund growth and the launch of new products and services. “We are impressed with how much the 9.9 team has been able to achieve in a short period of time. At a time when media in India is expanding and growing rapidly, we see 9.9 Media as the ideal vehicle to extend our portfolio into the media space,” said Sanjeev Aggarwal, MD of Helion Ventures. […]

ic2 Capital launches $250 million Indian Mid-Cap Private Equity Fund

ic2 Capital, a private equity firm, has launched a $250 million dedicated India fund to provide growth capital to mid-cap companies. ic2 Capital, based in London and Delhi, is focused on growth capital investments of $5-$30 million in established mid-market companies in India. ic2 has identified hospitality, logistics, food, support services, media and defence as key sectors. This investment approach is underpinned by a commitment to work with management to build sustainable businesses which can operate to world class standards. ic2 Capital is in advanced stages of due diligence and execution on three proprietary investments in hospitality, logistics and food. ic2 expects to invest approximately $50 million by the end of 2008. ic2's prior investments include Bollywood media production and distribution company Eros International. […]

Emami buys out Parikh stake for Rs243 crore; raises Zandu stake to 50 per cent news

FMCG major Emami Ltd today acquired the entire Parikh family stake of 18.18 per cent in Zandu Pharmaceuticals for an estimated Rs243 crore. Emami also acquired an additional 37,417 shares of Zandu for about Rs5.4 crore in open market transactions, taking its total holding in the Mumbai-based company to 50 per cent. Under the deal, which ended months of hostility, Emami paid Rs15,000 per share and an additional non-compete fee of Rs1,500 per share for acquiring the 1,46,643 shares that the Parekh family held in Zandu. Emami can now offer to acquire another 20 per cent in Zandu, taking its holding further to 70 per cent. The acquisition makes Emami the largest shareholder of Zandu and the transaction effectively paves the way for Emami's acquisition of Zandu. […]

VCs venture the storm, invest $290 mn in second quarter

The liquidity crisis has so far not hurt venture capital (VC) investments, which are typically early stage and growth stage. The investment figures for the second quarter ending September 2008 indicate VCs invested $290 million across 49 transactions, representing a healthy 36% growth in volumes and 15% in terms of value over the corresponding quarter of the previous year. The figures for the immediately preceding quarter, ending 30 June 2008 were $ 165 million across 28 deals, according to Venture Intelligence, a firm which collates information on VC investments and exits in India. A majority of these deals in 2008 were early stage investments, while about 39% were growth stage investments, according to VI CEO Arun Natarajan. […]

DoCoMo to take US$2.5bn stake in India’s Tata Teleservices

Japan's DoCoMo is reportedly the front runner in a bid to buy 26 per cent of India’s sixth largest mobile operator, Tata Teleservices (TTLS). The deal, worth US$2.5 billion, would value Tata Teleservices and its 29 million subscriber base at US$9.61 billion, or roughly $331 per subscriber, according to the livemint website. Other foreign players who had previously expressed an interest in TTLS include France Telecom, UAE’s Etisalat, Mexican operator, TelCel and Russia’s Altimo. TTLS operates a pan-India CDMA network and was recently granted a pan-India GSM license by the regulator. TTLS is the smallest of the country’s major operators, behind Bharti, Reliance, Vodafone Essar, BSNL and Idea. It posted a fiscal year loss of US$1.87 billion for the period ended March 2008, including US$1.5 billion in losses carried forward from 2007. […]

Government approves stake sale in ABTL

Business Standard is reporting that the Cabinet Committee on Economic Affairs (CCEA) has approved Idea Cellular’s subsidiary Aditya Birla Telecom’s (ABTL’s) proposal to sell a 20% stake to P5 Asia Holdings Investments (Mauritius), a member of private equity firm Providence Equity Partners. The purchase will cost INR27.04 billion (USD545 million), and will bring the total foreign direct investment (FDI) in the company to 74%. The CCEA has also approved plans that will see Idea transfer its 16% stake in Indus Towers to ABTL; Indus is a joint venture mobile tower company with Bharti Airtel and Vodafone Essar which owns 70,000 base transceiver stations. […]