|
Mutual fund manager T. Rowe Price Group Inc. said Monday it is buying a 26 percent stake in Indian asset manager and mutual fund company UTI Asset Management Co. and UTI Trustee Co. for about $138 million. UTI serves at least 9.75 million investor accounts in India and offers a broad array of domestic fixed-income and equity mutual fund strategies. T. Rowe Price is buying its stake from existing shareholders. T. Rowe Price said India's asset management industry has strong growth potential. […] Srei Venture Capital (SVCL), the wholly owned subsidiary of Srei Infrastructure Finance, is in the process of floating another fund. Disclosing this, Hemant Kanoria, chairman and managing director (CMD) of Srei Infrastructure Finance, told Financial Chronicle: “Currently we are holding road shows or you can say our men are pilot fishing around the world, particularly in countries like the US, the UK, Japan and Hong Kong.” “They will be back in the next three to four weeks time with their feedback. And then we will take a call on which plan, which funds and which country we would go with,” said Kanoria, adding, “Our idea is to slowly but surely moving into becoming one of the most innovative venture capital players in the country.” […] Private lender Yes Bank on Sunday said it will raise about Rs 1,500 crore during this fiscal to fund its growth strategy. “By March 2010, we are looking to raise about $200-250 million through Tier I capital via Qualified Institutional Placement (QIP),” Yes Bank MD and CEO Rana Kapoor said at the sidelines of the India Economic Summit here. (TOI) […] Hyderbad-based Rs2,000 crore company GVK Power & Infrastructure Ltd (GVKPIL), has acquired a 12% stake in Bangalore International Airport Ltd (BIAL) for Rs485 crore from Flughafen Zurich AG through GVK Airport Developers Pvt Ltd (GVKADPL), a wholly-owned subsidiary of GVKPIL. The move also signals GVK’s second foray into the airport projects space in the country, after being involved in the modernisation of the Mumbai airport. According to company sources, the acquisition will be completed on obtaining all the required approvals. […] The microfinance sector, which has doubled its outreach every year over the last five years, is seeing bigger private equity (PE) investments, as risk-wary investors rely more on rural demand than export-oriented markets. Close on the heels of Hyderabad-based Spandana Sphoorty Financial Ltd’s deal with PE major Temasek for raising about Rs 300 crore, another firm from Hyderbad, Share Microfinance Ltd, is set to close a deal for raising about Rs 200 crore. This year, Jan-Oct, saw about 11 PE deals worth $143 million in the microfinance institution (MFI) sector against eight deals worth $61 million in the same period last year. […] Motilal Oswal Private Equity Advisors and Beacon India Private Equity Fund are close to picking up around 15% stake in the Delhi-based CK Jaipuria Group, one of the bottling companies for PepsiCo’s products in India, said two persons familiar with the matter. The first person, a senior executive in the PE industry, said the two firms are collectively looking to infuse about Rs 100-125 crore. This puts the valuation of the company at Rs 650-850 crore. Investments by the two firms separately could not be ascertained. When contacted by ET, CK Jaipuria, the CMD of the bottling company, declined comment. […] Private equity investors JM Financial and the Mauritius-based SRS Orion Investments, which invested Rs 600 crore in Maytas Properties early 2008, are seeking government intervention to recover their investment after the property firm failed to return the funds despite an arbitration award in favour of the investors. In a letter dated November 4 to the Company Law Board, ministries of finance, corporate affairs and commerce and industry, the PE investors have requested the government to assist them in the recovery of over Rs 900 crore, including the principal and the interest as directed by the arbitrator, due to them from Maytas Properties. […] Ikya Human Capital Solutions, the Bangalore-based HR services firm, is likely to be a target for global HR firms planning to set up shop in India. Some of the names floating around are companies like the Dutch USG Group, Spherion, Volt, Robert Half and Michael Page from the US, and Radia from Japan who are looking to enter India and it is likely that they may look at Ikya to start their operations. However, Ikya management denied that they will sell out. Ikya, which describes itself as a human capital solutions company that offers executive search, recruitment, staffing and learning, and development solutions, has now remodelled itself by offering more value-added services. Ikya in 2008 received a funding of $8 million from India Equity Partners (IEP), a private equity fund focused on India. […] Most of these families are looking at private equity funds as a way to earn fee-based income. When Infosys’ Chief Mentor N R Narayana Murthy announced his plans to float a venture fund, he joined a number of rich individuals and families who had traversed the same path earlier. Murthy’s earlier colleague at Infosys, N S Raghavan, Wipro Chairman Azim Premji, Anil Ambani, the TVS Family, the Future Group, the Tatas and the Birlas, and a few others have either raised or are raising venture capital and private equity (PE) funds to the tune of close to $5 billion. […] After investing in four mid-income and low-cost housing projects in the past one year, Indiareit Fund Advisors Pvt. Ltd, promoted by the Ajay Piramal group, wants to refocus its strategy on projects with potential for higher returns. Indiareit will now look at deploying most of its new Rs500 crore domestic fund announced in October in redevelopment and defunct textile mills projects. “There are some 25 mills coming up for development and we want to either bid independently or through a special purpose vehicle,” managing director and chief executive Ramesh Jogani said. […] |