August 2009
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NEA, Jacob Ballas PE set to acquire Carlyle's 34% in FSS

New Enterprise Associates (NEA) and Jacob Ballas private equity will together buy out one of Carlyle’s early Indian Investments in Chennai-based Financial Software & Systems (FSS), the largest domestic payment technology firm. Sources said NEA and Jacob Ballas are set to invest $60 million into FSS in return for 40% stake in the firm. This include Carlyle’s 34% stake as well as additional cash infusion. The deal could be unveiled in the next 2-3 weeks. Carlyle, which had invested $10 million from its first growth fund in India in 2001, will move out with handsome gains, said sources privy to the development. […]

LSE, NYSE in talks for 5% stake in MCX-SX

London Stock Exchange Plc. (LSE) and New York Stock Exchange Euronext (NYSE) may pick up a 5% stake each in India’s newest stock exchange, MCX Stock Exchange Ltd (MCX–SX), according to two persons close to the development. MCX-SX is promoted by Financial Technologies (India) Ltd (FTIL) and Multi Commodity Exchange of India Ltd (MCX). Both the promoters are required to pare their stakes to comply with ownership regulations of the capital market watchdog Securities and Exchange Board of India (Sebi). They need to do it by 15 September, a year after MCX-SX started currency futures trading. […]

Mcleod Russel's UK arm acquires 75% stake in Olyana

McLeod Russel India’s UK subsidiary Borelli Tea Holdings Ltd has picked up a 75 per cent stake in US-based Olyana Holdings LLC for $2.75 million (about Rs 13 crore). George W. Rubagumya, the promoter of Olyana Holdings, will hold the remaining 25 per cent stake, according to a shareholders’ agreement signed between the two parties. Olyana had earlier signed a share sale agreement with the Rwanda government to acquire a 60 per cent stake in Gisovu Tea Company. […]

Perrigo Company acquires 85% stake in Vedants Drugs and Fine Chemicals

Nasdaq-listed Perrigo Company has acquired an 85% stake in Mumbai-based Vedants Drugs and Fine Chemicals. Sources revealed that Perrigo taken the decision on acquiring stake as it plans to make India a major global production base for the company. Presently, Vedants is setting up a new European Union and US Food and Drug Administration- (FDA) complaint manufacturing facility at Ambernath, near Mumbai. […]

Bharti-MTN deal: Analysts divided over need for merger

India's biggest mobile operator Bharti Airtel (Bharti) and South African telecom major MTN Group announced last week that they have extended the deadline for exclusive merger talks till September 30, indicating that the two parties are close to clinching the deal, which is being billed as India's biggest-cross border deal, eclipsing Tata Steel's acquisition of Anglo-Dutch steel major Corus for $12.2 billion in 2006 and would create an emerging markets giant with 200 million mobile subscribers in more than 20 countries across India, Africa and the Middle East. The deadline extension has, however, created concerns among investors in India and market watchers claimed that the deal structure is too complex to succeed.In India the deal could also face regulatory issues. Analysts have also brushed aside concerns that FDI restrictions in India could pose a problem. […]

LICHF to finalise partner for its VC fund soon

Mortgage loans lender LIC Housing Finance (LICHF) is likely to finalise a partner for its real estate venture capital fund by the end of this month, a top company official said. LICHF is launching a Rs 500-crore real estate venture capital fund and has been scouting for a domestic partner. The fund is slated to be launched by end-September. “The Board Committee on the venture capital fund is likely to decide the final partner by the end of this month,'' LIC Housing Finance Director and Chief Executive Mr R R Nair told PTI here. […]

Reliance Money may up stake in NMCE by 5 pc

Anil Ambani-run Reliance Money may acquire five per cent more stake in the National Multi-Commodity Exchange of India (NMCE) to take its total holding to 15 per cent in line with the new guidelines. “As per the new guidelines issued by the Forward Markets Commission (FMC), we can take an additional five per cent stake in NMCE,” Reliance Money Managing Director Sudip Bandyopadhyay told PTI here. […]

Modern India to raise Rs 150 cr PE funds for proposed IT SEZ

Realty firm Modern India today said that it has initiated dialogues with private equity firms to raise Rs 150 crore for part-funding the roposed IT/ITeS Special Export Zone at Khopoli in Maharashtra. “We are talking to private equity players both in India and abroad, to raise Rs 150 for developing the IT/ITeS SEZ at Khopoli,” Modern India's Chairman V K Jatia said. The deal is likely to be sealed within the next six months, he said, adding that the company might have to dilute upto 30-35 per cent stake in the project for raising the fund. […]

IIGF picks up stake in Tejas

The $200 million fund, which focuses on small and medium enterprises, picked up the stake in the optical networking equipment manufacturer in a secondary deal. FSL refrained from giving details. “It's a complete stake sale. Unfortunately, we can't disclose the seller's name or value of the transaction,” a spokesperson said. Existing investors in Tejas include Battery Ventures, Cascade Capital Management, Mayfield Funds, Intel Capital, Goldman Sachs and Sandstone Private Investments. […]

PE firm gets nod for Mauritius money

The Foreign Investment Promotion Board, or FIPB, has approved Bangalore-based Forum Synergies PE Fund Managers’ proposal to get Rs 651 crore investment from Mauritius-based India Knowledge Manufacturing Company (IKMC). The board had rejected it twice in the past. This time, it has cleared it with the condition that IKMC will accept neither money nor equity from a source within India — be it a company or a resident. The proposal will now be put up to the Cabinet Committee of Economic Affairs, or CCEA, for approval, as all proposals are if they involve foreign direct investment of more than Rs 600 crore. […]