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Aegis, the business process outsourcing arm of the diversified Essar Group, has bought South Africa's CCN Group – paving the way for 5000 jobs to be created. Aparup Sengupta, Global CEO and Managing Director of Aegis said in a statement on Thursday that CCN was a strategic fit for Aegis. “This combined entity will offer CCN's clients and prospects an expanded set of solutions and services from a broader geographic delivery platform,” he said. “South Africa becomes an integral part of our growth strategy and offers an opportunity for Aegis to develop skills, create employment and bring in international experience to South Africa.” […]
Improving market sentiments post parliamentary elections seem to have begun showing in the private equity investment space. Private equity investments in June 2009 increased 74% in value terms and 20% in number of deals as compared with May 2009 figures, according to monthly private equity update by Anand Rathi Investment Banking Research (ARIBR). According to data compiled by ARIBR analysts Arnab Banerjee and Sachin Mehta, overall, investments worth $662.7 million were made across 24 deals – as against $332.7 million and 20 deals in May 2009. […]
UTI Ventures, the venture capital (VC) arm of UTI Asset Management Company (AMC), is raising Rs 15 to Rs 20 billion fund and hopes to complete the process by December, reports Business Standard. This fund would focus on deals in the range of Rs 500-750 million in areas such as infrastructure services, domestic consumption and outsourcing. UTI Ventures is looking at domestic institutional investors (DIIs) — including insurance companies, mainly Life Insurance Corporation of India (LIC), and banks — and foreign investors such as sovereign wealth funds, endowment funds and private pension funds. […]
At a time when raising funds is a concern for private equity (PE) players globally, sponsor commitments are increasingly gaining relevance among funds as a committed source of capital. Experts said that in many cases, it has rescued the funds which were unable to achieve closures due to inadequate commitments. The trend has become especially prominent in the last few months when limited partners (LPs) tightened the flow of capital to private equity funds. Sponsor commitment or anchor investment is the amount of capital committed by the sponsors of a fund. The anchor investment is made at the initial stage of fund-raising to start the process and provide a sense of confidence to LPs. […]
Private-equity investments in India fell sharply to $ 888 million in the April-June quarter from $2.6 billion a year earlier, an organization tracking such investments said Tuesday. The number of deals during the quarter fell to 44 from 92 a year earlier, Venture Intelligence said in a statement. The reported INR6 billion ($124 million) additional capital raised by Quippo Telecom Infrastructure Ltd. from its existing investors – IDFC PE and Oman Investment Fund – was among the largest deals during the period, Venture Intelligence Chief Executive Arun Natarajan said. (Nasdaq) […]
Private Equity (PE) and Venture Capital (VC) firms which have been using the trust route as vehicle for funds to pass through the tax at entity level are divided if they should opt for Limited Liability Partnerships (LLPs). The government had introduced the LLP mechanism on April 1 this year, giving PEs and VCs hope of an alternative to the trust route. However, yesterday’s Budget announcement with regard to taxing LLPs at the entity level has created some disappointment. “It is out of sync with international practices,” said Nishith Desai, founder of Mumbai-based corporate law firm Nishith Desai Associates. “In a cross-border scenario, issues relating to application of tax treaties and availability of tax credit to foreign partners will arise. There are also problems on the treatment of losses in the hands of the partners,” he said. […]
Tata Capital, a subsidiary of Tata Sons, has tied up with Japanese securities firm Mizuho Securities to raise a private equity fund in Japan. The $500 million fund will invest in equity shares of unlisted mid-sized Indian companies. Tata Capital sources confirmed the development. They added that the Mizuho group is also likely to make proprietary investments in the fund. They refused to give further details. Interest rates in Japan are hovering around zero levels for years now and investors there are looking at overseas investments to make any returns at all. […]
Telecom and defence manufacturer Kavveri Telecom Products on Thursday announced its acquisition of Canada's Trackcom Systems International (TSI), a design and development company. It did not disclose the size of the deal which involves picking up 67% stake in the Montreal-based R&D company. It will acquire the remaining 33% over the next 4-5 years. Shivakumar Reddy, managing director of Kavveri Telecom, said the new buyout, which has the R&D capability for radio frequency (RF) products up to 40 gigahertz (Ghz), would help his company transfer technology to its manufacturing units in India and North America. […]
UK-based hedge fund Laxey Partners Ltd has sold its 11.63% stake in London-listed Hirco Plc. to Halbis Capital Management (UK) Ltd, an unit of HSBC group, people familiar with the development said. Laxey sold eight million shares at 95 pence a share in a transaction on 1 July, they said on condition of anonymity. HSBC, with all its four subsidiaries, holds 9.9% stake in India-focused Hirco. Halbis Capital individually holds 2.15% stake. […]
Personal care products maker Emami Ltd is likely going to announce this week, the sale of a 10% stake to foreign institutional investors. The company, which in October acquired a 72% stake in herbal healthcare firm Zandu Pharmaceutical Works Ltd for around Rs750 crore, is looking to raise around Rs300 crore through the share sale, according to chairman R.S. Agarwal. “Some of the best institutional investors in the world have evinced interest in acquiring shares of our company,” Agarwal said. “We connected with them by conducting roadshows in places such as Singapore and Hong Kong.” The money raised is likely going to be spent on expanding Zandu and Emami’s production facilities, to pay down debts and to introduce new products under the Zandu brand, according to Agarwal. […]
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