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Silicon Valley venture capital firm Mayfield Fund has established a new vehicle, Mayfield India I, its first fund dedicated to investments across India. Commitments of $110m have been received.The fund will focus on mid-market companies in the technology, infrastructure and consumer sectors. The India team has so far invested in six India-domiciled companies: technology providers Tejas Networks and Paymate, consumer service providers Consim Info and Genesis Colors and infrastructure providers Geodesic Systems and Servomax. […]
The Financial Technologies India (FTIL) group has inked a deal to acquire 60 per cent stake in Botswana-based Bourse Africa. The latter has been licensed by the Botswana government to set-up a spot and/or derivative multi-asset exchange for trading in commodities, currencies, bonds and diamonds. The remaining equity in Bourse Africa will be held by other African financial institutions, banks, global multi-lateral developmental ventures, exchanges and other strategic investors. The exchange will offer participants an efficient, cost-effective and secure trading platform, supported by a world-class regulatory framework of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to ensure market integrity, systemic stability and investor protection, a statement issued by FTIL said. […]
Indian private equity firm IL&FS Investment Managers Ltd has raised $895 million for a new realty fund, tapping global investors despite the global financial turmoil and falling property markets. The firm, one of India's oldest private equity players, is also pulling money together for the first tranche of an Asia infrastructure fund, which it hopes to close in about a month, Archana Hingorani, chief executive told Reuters in an interview. The realty fund, the second IL&FS fund focussed on the real estate sector, exceeded its initial target of $750 million. It has commitments from two sovereign wealth funds, U.S pension funds and university endowments, she said on Tuesday. […]
Wind energy billionnaire Tulsi R Tanti, the chairman and managing director of Suzlon Energy, and his family have diversified their business interest and picked up a 49 per cent stake in broadband service provider You Telecom’s cable TV subsidiary, Digital Outsourcing, for around Rs 100 crore. Citigroup Venture Capital International-owned You Telecom has a 36 per cent stake in Digital Outsourcing, while the remaining stake is held by high networth individuals. When contacted, You Telecom CEO E V S Chakravarthy confirmed the development. Tulsi Tanti could not be contacted for his comments. “The investment done by Tulsi Tanti family is of personal nature and Suzlon is not in any way connected to the deal,” said a senior Suzlon executive. […]
Infrastructure India, a London-listed investment fund, is close to acquiring a 49% stake in Oriental Tollways for Rs 450 crore ($90 million), attracted by the New Delhi-based construction firm’s order book of road projects, a person involved in the transaction said. Oriental is part of New Delhi-based privately-owned Bakshi Enterprises. Oriental Structural Engineers (OSE), Bakshi Enterprise’s infrastructure arm, is undertaking several road and highway projects across the country and will transfer its interests in all these projects to the new company. Dabur India vice-chairman Amit Burman is a shareholder in OSE in a personal capacity. The specialist India-focussed fund will invest in Oriental Tollways through a Mauritius-based subsidiary. “The investment (by Infrastructure India) will come into Oriental Tollways in tranches,” said the person, who is directly involved in the transaction. […]
Differences over valuation have held up Wockhardt Hospital’s plan to raise money from private equity (PE) investors. After talks with several PE players, discussions between Wockhardt Hospital and General Atlantic had reached advance level in August for the latter to pick up around 20% in the Indian hospital chain. But the two companies could not agree on the valuation of the healthcare firm. “There are differences, though talks with General Atlantic has not completely fallen through,” a person with the knowledge of developments told ET. Earlier this year, Wockhardt Hospital had withdrawn its IPO to raise around Rs 700 crore by diluting 24% stake due to adverse market conditions. Wockhardt Hospital plans to invest around Rs 1,000 crore to increase its bed strength to 4,000 from the current 1,500 in the next three years. […]
As private equity (PE) firms find it difficult to raise capital in difficult economic times, they are offering limited partners (LPs) more incentives to put in their money. Making the most of the situation, LPs are now demanding a greater say in the use of and returns on the money they commit to PE firms. LPs are entities that include public and corporate pension funds, insurance companies, high net-worth individuals, and university and other endowments that are the source of money for PE firms, which then establish funds to invest. PE fund investors Mint spoke with said LPs have collectively turned cautious, are demanding more rights, and subjecting those raising funds to intense scrutiny. “LPs are now negotiating terms on the fee and share of profits that the fund can take home,” said Sandeep Aneja, chief operating officer and managing director of Milestone Capital Advisors Pvt Ltd, a Mumbai-based real estate fund that is raising a $400 million fund from overseas, and has commitments of $220 million. […]
Private equity major Actis has raised a $2.9 billion private equity fund – Actis Emerging Markets 3 (AEM3) – for emerging markets of Africa, China, India, Latin America and south-east Asia. This is one of the emerging markets private equity funds closed this year and doubles the amount raised by Actis in 2004. The new fund will invest $1 billion in India over a period of 3-4 years. AEM3 includes commitments from a group of 100 investors from across the globe, including a number of first time investors in emerging markets. […]
The Blackstone Group has taken a majority stake in Mumbai-based CMS Computers and set-up up a company by carving out the IT infrastructure management and outsourced business services division. The new company's valuation is estimated to be around Rs 500-550 crore. Blackstone is understood to have taken slightly less than 55 per cent stake, and Rajiv Kaul — appointed as its executive vice chairman and CEO — is understood to have taken a minority stake of around 5 per cent. Till recently, Kaul was a global partner with Actis Capital LLP based out of London. Prior to that, he was with Microsoft for over 10 years. His last assignment at Microsoft was as senior director for emerging markets, including BRIC-based in Redmond and the US. […]
United Spirits has announced that its board of directors has considered and approved the proposal of merger of Balaji Distilleries into United Spirits. According to the company, the merger, which will come into effect from April 1, 2009, is subject to the necessary approvals. United Spirits has said that through Balaji Distilleries, it secures presence in Tamil Nadu in India. […]
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