September 2009
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3i Looks for Third India Port Stake as Traffic Rises

3i Group Plc, the London-based private-equity investor that has a $1.2 billion infrastructure fund for India, is looking to make its third investment in a port as the nation’s freight traffic exceeds capacity. “We like the space,” said Anil Ahuja, managing director of 3i’s India business and co-head of 3i Asia, in a telephone interview from Singapore. “India is amazingly short on port capacity.” He declined to identify the potential targets. 3i has placed a combined $211 million in Krishnapatnam Port Co. on India’s eastern coast and Mundra Port & Special Economic Zone Ltd. in the west to tap capacity in a nation where traffic is forecast by the government to almost double to 1 billion tons by March 2012. As much as 95 percent of the South Asian nation’s global trade is routed by sea and the ports require $20 billion in the next five years, according to India’s Planning Commission. […]

ICICI Venture Fund to sell its stake in Tebma Shipyards

Private equity (PE) firm ICICI Venture, an arm of ICICI Bank Ltd, is looking to exit shipbuilder Tebma Shipyards Ltd and has approached ABG Shipyard Ltd to buy its 53% stake, according to two persons familiar with the matter. ICICI Venture, which currently manages funds in excess of $2 billion (Rs9,640 crore) and is listed on the over the counter exchange of India (OTCEI), tapped ABG, India’s biggest private shipbuilder, after Larsen and Toubro Ltd showed no interest in the acquisition. The top management of ABG, accompanied by ICICI Bank officials, visited the facilities of Tebma Shipyards recently, said the two persons, who did not want to be named because the matter is confidential. […]

IDFC, Kribhco acquire 5% each in ICE

IDFC and Kribhco have bought 5% stake each in Indian Commodity Exchange, which is jointly promoted by Indiabulls Financial Services and MMTC. Kribhco is a co-operative society for the manufacture of fertilisers, while IDFC is a non-banking financial services company focused on the infrastructure space. “Once the formalities of the shareholding agreement are completed, we will apply to the regulator (Forward Markets Commission), to get their clearance,” Ajit Mittal, the bourse’s managing director told ET. […]

NEA picks up stake in RT Outsourcing for Rs 65 cr

US-based venture capital firm New Enterprise Associates (NEA) has picked up an undisclosed stake in Delhi-based RT Outsourcing for Rs 65 crore. RT Outsourcing offers repair and refurbishment services, technical support and call centre operations to third-party companies. “We have been growing rapidly over the last couple of years and with this investment we will be expanding our services lines and geographic spread through organic and inorganic means. NEA has picked up a stake in RT Outsourcing for Rs 65 crore,” RT Outsourcing Managing Director Shammi Moza said. […]