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OVL is eying to save $1 billion by picking just 51 per cent stake in Imperial Energy. The decision is taken after many deliberations as the deal is not much attractive due to the steep decline in crude oil rates in the international market. However, the government gave its nod to the proposed acquisition on the grounds of energy security. ONGC Videsh (OVL) had approached the UK Takeover Panel to extend the time limit for the proposed acquisition of the UK's Imperial Energy. The company said that it suffered delay in approval of the proposal from the Indian government due to recent attack in its financial capital, Mumbai. However, the request was turned down by the UK penal on the grounds of financial loss to the company being acquired, and violation of rule Rule 2.5 which stipulates the necessity to make an offer within given time. […]
Deepak Cables (India) Ltd has announced a private equity investment of Rs2bn from IDFC Private Equity (IDFC PE), India’s leading private equity fund focussed on infrastructure. Deepak Cables is one of the leading players in the power Transmission & Distribution (T&D) space having captive aluminium conductor manufacturing facilities. Bangalore based Deepak Cables was promoted by visionary industrialist K. Surya Rao. It started in 1982 as an aluminium conductors manufacturing company and over the last two decades has grown to become one of the largest T&D EPC players in the country. Deepak Cables with its two aluminium conductor manufacturing plants at Tumkur and Pondicherry and in-house design and engineering capabilities is one of the few players having the expertise to execute projects end-to-end: from design to commissioning. […]
Debt funding for new infrastructure projects is facing bottlenecks with private equity (PE) funds exiting from investment commitments. Banking sources said that only the existing pipeline sanctions were being disbursed. However, banks are not prepared to release debt funds to some planned power projects, including ultra mega power projects. This is because promoters have relied substantially on PE funds. PE funds, in the past, had resorted to using leveraged buyouts. This implied using borrowed funds for acquiring equity stakes in new projects. PE funds had committed equity funding in some projects up to 49 per cent. […]
IL&FS Investment Managers (IIML), the private equity subsidiary of infrastructure financing major IL&FS, has closed its $225-million growth equity fund. In mid-2007, IIML had effected the first closure at $150 million and it brought about the final closure at $225 million recently. Industry sources said IL&FS Investment Managers were planning to raise a $400-million fund, but had to close it at $225 million, given the current market conditions. IIML is among the earliest venture capital and private equity players in India and, during the course of the last 14 years, it has raised and managed nine funds, ranging from sector-specific funds like real estate to sector-agnostic private equity funds. It currently manages and advises investments in excess of $2 billion across all sectors. […]
With traditional sources of finance in short supply, most Indian companies, including leading corporate houses, are turning to private equity to raise capital. Private equity is looking more attractive as factors like the ongoing credit crunch, tighter lending norms imposed by banks and slowing demand have forced companies to prioritise their capex plans. According to a cross-section of big ticket PE firms ET spoke to, PE investments could gross $10-12 billion in the next financial year. While this may be less than the previous year, it is a substantial amount in the middle of a global downturn. Investments would start flowing once promoters begin to align valuation expectations to the corrections in the market, officials at a number of PE firms said. […]
Serco Group Plc , an international services company, said it acquired 60% stake in InfoVision Group, a business process outsourcing company in India, for INR 977 million or GBP 13.3 million in cash. With this acquisition, Serco said it entered into the domestic Indian BPO market and that it intends to launch its brand, both in BPO and as a service provider. Further, the Group stated that outsourced BPO service market is expected to grow around US$1.8 billion over the next five years. Christopher Hyman, Chief Executive of Serco, said, that the company's market entry promises excellent opportunities as India is a substantial, fast-growing economy. […]
Investor commitment to private equity as an asset class has not wavered, Coller Capital's latest Global Private Equity Barometer finds. The vast majority of LPs (97 per cent) will maintain or increase their allocations to private equity. A total of 40 per cent plan an increased allocation, a proportion unchanged since the boom years. All that is despite the fact that two thirds of LPs will have little or no 'headroom' for new fund commitments by this time next year, according to the Barometer. North American LPs will be particularly stretched, with 28 per cent of them expecting to be over their allocations by December 2009. […]
US and European telecoms groups and other investors are in talks to buy up to a 26 percent stake in India's Reliance Communications, a report said Thursday. The Economic Times, a leading Indian financial daily, said foreign investors were in discussions to take a 20-to-26 percent holding in India's second-largest cellular operator, which is led by tycoon Anil Ambani. The deal would hinge on whether Reliance Communications, known as RCom, can get a premium over its current share price, the newspaper said, citing an unidentified banker with knowledge of the discussions. […]
Hinduja Group owned, Amas Bank has acquired 40 per cent stake in Chennai-based broking firm, Patco Investments and Consultancy Services for an undisclosed sum. The acquisition has come as part of the bank's strategy to expand its presence in the Indian capital markets and would help the lender to build access to onshore wealth management and corporate advisory services, the bank said in a press statement issued here today. Patco has operations in stock broking, derivatives trading, portfolio and wealth management, NRI services, government securities, advisory and investment banking services. […]
Credit rating agency CRISIL Ltd said on Wednesday it would sell 90 percent stake in its UK subsidiary, Gas Strategies Group Ltd, to the management of the firm for an undisclosed sum. The UK firm provides consulting, training and information services for the international energy business. CRISIL would retain 10 percent stake in the company, which contributed 10 percent of the CRISIL Group's consolidated revenues for the nine months to September, it said in a statement. […]
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