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ASK Investments is reportedly raising INR5bn for the vehicle, with plans to invest mainly in uncompleted residential real estate projects across the country’s top seven cities. ASK Investment Holdings, the private equity wing of financial services group ASK, has reportedly launched a real estate fund targeting INR 5 billion ($97 million; €76 million). The fund will primarily invest in the residential sectors of India’s top seven cities, with a focus on 200 real estate developers, according to The Economic Times. […]
CDC Group Plc, the UK government-backed private emerging markets fund, is all set to partner with agri-business specialist Rabo Equity Advisors for investment in the Indian food and agri-segment. It is planning to invest around $10 million in Rabo's India Agri Business Fund, taking the fund's kitty to about $100 million, according to sources. CDC would be the fifth limited partner to join the Rabo fund, which was launched in July 2008 and has IFC, FMO, DEG and Rabobank as lead investors. An announcement for this is expected to be made soon. […]
UB Group Chairman Vijay Mallya said in a statement that four global spirits makers including Diageo, the world's largest, evinced interest in acquiring a stake in United Spirits Ltd. or USL, the country's largest liquor manufacturer. UB Group holds around 38% in USL, reports media. Mallya declined to reveal the names of the other three interested parties, as it would be inappropriate to disclose further details at this stage. According to company officials, the group is planning to sell up to 14.9% of a total of 17% of treasury stocks in USL to strategic partners. […]
Pyramid Saimira Theatre Ltd is in talks for a stake sale in its subsidiaries to raise working capital, a top official said. “We have lost close to 100 crores (1 billion rupees) of cash in some divisions and also because of the general recession in the occupancy rates,” Chairman P.S.Saminathan told television channel NDTV Profit. “So we have lost some 100 crores of cash flow which we thought we should replenish.Instead of borrowing more money we have decided to sell off stake in our subsidiaries to put our main company on a growth trajectory,” he said. The company is in talks with strategic players for stake sale in two of its foreign subsidiaries and an Indian subsidiary, he said.(Reuters) […]
The Lavasa hill station project of Hindustan Construction Company (HCC) is set for a private equity injection, according to people in the know. Details of the investor or the quantum of investment could not be ascertained. However, a source said a group of investors were taken for a site visit to Lavasa over a week ago and the placement is expected by June. HCC officials refused to comment on the private equity infusion. However, they said a likely reason for private equity interest may be that work on the Lavasa project was running one year ahead of schedule at a time most other real estate companies were deferring their developments. […]
Sterlite Industries (SIL) has agreed to buy troubled US copper miner Asarco for $1.7 billion. The company on Saturday said it will pay $1.1 billion in cash and a promissory note for $600 million, payable over nine years, for the acquisition. The deal consideration is way below the $2.6 billion SIL had offered Asarco in May last year, when copper prices were at the all-time high of over $8,000 per tonne. It later cancelled the offer citing falling copper prices (currently $3,685 per tonne). On the face of it, this appears to be a good bargain. […]
Cinema Capital Venture Fund (CCVF) has got the FIPB (foreign investment promotion board) nod to bring in Rs 500 million as part of its fund-raising programme to build a corpus of Rs 7.5 billion for supporting financing needs of film companies. CCVF had applied to the FIPB to get approval for a fund inflow in the region between Rs 500 million and Rs 2 billion, says the company's promoter Samir Gupta. The induction of foreign investments will be in units of an Indian venture capital fund scheme, organised as a trust and registered under the Securities and Exchange Board of India (Sebi). “We plan to raise foreign capital only after the general elections,” says Gupta. […]
U.S. solar power plant developer eSolar said Tuesday it has signed a $30 million deal with Indian technology company Acme Group that is part equity investment and part licensing agreement. Under the deal, Acme will build up to 1,000 megawatts of solar-thermal power plants in India using eSolar's technology, and could work with other companies that want to build solar plants using eSolar's technology, the companies said. Acme plans to start construction on the first 100 megwatts of a 250-megawatt project in India using eSolar's technology, according to privately held eSolar, of Pasadena, Calif. “Acme's $30 million dollar commitment demonstrates their confidence in eSolar's technology,” eSolar Chief Executive Bill Gross said in a statement. “We are committed to working with the very best partners, such as Acme, to scale deployment as quickly as possible around the world.” […]
Private-equity investors are being offered stakes in Indian companies as hedge funds and banks seek to offload assets, said an executive at 3i Group Plc. Hedge funds and banks that bought minority stakes in Indian firms in recent years are finding it hard to unwind their investments because the “listed market is dead,” said Anil Ahuja, who heads the Asian business of the London-based private- equity firm. 3i has poured more than $2 billion into Asia since 2006, and last month invested $161 million in Krishnapatnam Port Company Ltd., its third infrastructure investment in the nation. “There’s a whole new slew of transactions that are starting to be discussed where people who need the capital are offloading stakes which they hold in unlisted companies,” he said, declining to name the companies. […]
Indian food and agribusiness-focused private equity firm Rabo Equity Advisors has invested INR450m ($8.7m) in Sri Biotech Laboratories India, via its India Agri Business Fund. The company manufactures and markets bio-organic agri inputs which are used for crop nutrition and crop protection. In addition Sri Biotech produces seeds, multi-micronutrients, biologically enriched organic manures and focuses on Integrated Crop Management and sustainable crop approaches. The investment will be used to strengthen in-house R&D focusing seed research, development of new molecules of crop protection and infrastructure. The commitment will represent a significant minority shareholding of the fund, at 28 per cent to 38 per cent over the next two years through a structured mechanism. The fund will also have a proactive association with the company including two seats on the board of directors. […]
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