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Star's Yashpal Khanna may start new venture in the media space

Yashpal Khanna, executive vice-president, Star India, has resigned after a 17-year tenure at the company. Confirming the development, Khanna said: “I have enjoyed my stint at Star. I have met and worked with some extraordinary professionals and, hopefully, have contributed to the growth of the company that I joined in 1992. I am leaving because I felt it was time to explore some of my dreams. I am now turning to be an entrepreneur, leveraging my experiences of my 35-year career and the relationships that I have built and nurtured over the years.” However, Khanna would not confirm what he was starting except to say that “the new venture would be in the media and communications space.” Earlier Khanna opted to stay in Star India while other team members joined INX Media. […]

PEs bank on domestic money

Domestic private equity funds seem to be banking on Indian limited partners more in fund-raising. Weighed down by the state of affairs in the international markets, a couple of private equity funds have already raised funds from the domestic markets, and experts say the trend is likely to continue for some time at least. Sample this: Religare Milestone Private Equity Fund is raising a Rs 600 crore healthcare and education fund from domestic investors. Aditya Birla Private Equity is planning to raise $250 million from Indian investors and TVS Capital raised Rs 500 crore for its TVS Shriram Growth Fund from domestic institutions and high net worth individuals. […]

India offloading stake in Asian Development Bank: Report

India is offloading its equity in the Manila-based Asian Development Bank (ADB), Indonesian news agency Antara said on Tuesday, quoting officials. Indonesia is ready to acquire 1.5 per cent of India's stake to increase its equity in the bank from current 5.5 per cent, the agency said. India owns a 6.3 per cent stake in the ADB, while China has a 6.4 per cent. […]

Reliance Big TV plans to divest 49% in DTH arm

To expand its services in the five-player private direct-to-home (DTH) market, Reliance Big TV Ltd, the promoter of Big TV DTH services of the Reliance ADA Group, plans to sell up to 49 per cent to foreign private equity companies and global DTH players. According to sources, a clutch of leading private equity companies like the Carlyle Group, Sequoia Capital, KKR and US-based DTH firm Direct TV are said to be in talks with Big TV, which launched in August 2008. The company expects to close the deal this quarter, sources close to the development said. […]

IFC to invest 20 per cent in Indian venture capital fund

The International Finance Corporation, the private sector arm of the World Bank, will invest up to 20 per cent of capital committed to the India-dedicated VenturEast Life Fund III.The fund, managed by VenturEast Mauritius Investment Advisors, will invest in expansion capital in small and medium businesses across India. The focus will be on life sciences sectors including healthcare, food and agriculture. The IFC investment is aimed at stimulating economic activity and employment growth outside the larger Indian cities. […]

PE firms in India prefer to be minority stakeholders

Private equity firms in India prefer to be minority stakeholders in their target companies as a study showed only 4% of total deals in last four years were for acquiring a controlling stake. According to the study by domestic brokerage firm SMC Capitals, “during the period between 2005 and the first quarter of 2009 in India, there were only 46 'controlling stake' transactions out of total 1,185 number of PE transactions during the period”. The 'controlling stake deals' include deals where an investor acquire 50 per cent or more in the investee company. […]

India Infrastructure Fund invests $50 mn in two toll road projects

India Infrastructure Fund, or IIF, has invested $50 million (around Rs250 crore) in two companies floated by Nashik’s Ashoka Buildcon Ltd to build two stretches of road connecting two cities of Maharashtra and Chhattisgarh, according to M.K. Sinha, president and chief executive officer of IDFC Project Equity Co. Ltd, which manages the fund. The fund has taken a 49% stake in these two entities, both structured as so-called special purpose vehicles, or SPV, which will build two stretches of toll roads totalling 162km between Nagpur in Maharashtra and Raipur in Chhattisgarh. SPVs are limited to the financing of specific assets. This is the third investment from IIF, sponsored by IDFC, Citigroup Inc. and India Infrastructure Finance Co. Ltd (IIFCL). The first investment was for $70 million across four road projects, which acted as seed assets for the fund, and the second was a $70 million investment in Essar Power Ltd in March. […]

Vedanta buys 9.5 percent stake in HudBay

Indian mining group Vedanta Resources Plc said on Monday it had bought a 9.5 percent stake in Canada's HudBay Minerals Inc but gave no reason for the move. London-listed Vedanta, India's largest base metals miner, confirmed a Globe and Mail newspaper report that it had bought the stake, 14.5 million hudBay shares, through a subsidiary, Lakomasko BV, a privately-held company based in Amsterdam. “They do control that stake. It (Lakomasko) is an organisation that is controlled by Vedanta Resources,” Vedanta spokesman Robin Walker said in London, declining further comment. […]

UTI AMC to divest 26 pc stake; open to acquisition

UTI Asset Management Company said on Saturday that it would divest 26 per cent stake to a strategic partner in the next three months but is open to acquisition of domestic fund house. “There are three shortlisted parties interested in taking stake and we hope to finalise this in the next three months,” UTI AMC Chairman and Managing Director U K Sinha said here. Sinha declined to name the shortlisted bidders, but said the AMC would induct those that offered UTI a greater global footprint. […]

GM Rao could bid for Liverpool

The billionaire owners of an Indian Premier League (IPL) cricket team have held talks about buying into Liverpool, according to reports. Representatives of the GMR group, who run the Delhi Daredevils team, were guests at Anfield for Tuesday's 4-4 thriller with Arsenal. GMR chairman Grandhi Mallikarjun Rao is worth an estimated £4.2billion and the senior official he sent to Liverpool in midweek is thought to be a Reds fan. […]