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Standard Chartered Private Equity Ltd. invested US$33 million in Firepro Systems Private Ltd., India's largest fire and electronic safety firm, the companies said Wednesday. The capital will be used to expand and upgrade Firepro's business, they said. “The infrastructure protection and safety sector is poised for strong growth and we wish to be at the crest of this opportunity,” N.S. Narendra, chairman and managing director of Firepro, said in a statement. […] A fund without a fund is an oxymoron—but not in the increasingly crowded world of private equity (PE) and venture capitalism. Financiers are using so-called fundless structures as their calling card to enter India, where an estimated 350-400 PE funds are already jostling for space. Jaganath Swamy, a former McKinsey and Co. consultant and a Wharton MBA, has used one such structure when he headed back to India after a short stint with a large PE fund in New York. He chose to launch a pledge fund after he saw that a number of limited partners (LPs) in the US were unhappy with India-focused funds. […] Realty firm Parsvnath Developers Ltd today said it has (PDL) inked an agreement with international real estate private equity fund Sun-Apollo which will invest Rs 75 crore in Parsvnath's premium luxury residential project in Gurgaon. The Sun-Apollo will invest the money for a 50 per cent stake in the project SPV which will develop Parsvnath Exotica Part-II in Gurgaon, a company statement said. […] Private equity funds are not mushrooming anymore as they did in the last Bull Run. Thanks to the savage market of the past two years, investors in them are wiser, as they now demand that fund managers get their “skin in the game”, instead of just throwing templated term-sheets which are of little help when crisis strikes. Wealthy individuals, trusts and endowments, which invest in private equity funds to boost their returns, are now demanding that managers invest substantial money along with them before committing funds, which could ensure that it is managed more carefully than without it. […] Foreign institutional investors (FIIs) have been loading up on shares of the Bombay Stock Exchange Ltd (BSE), driving the price up to Rs300 from around Rs180 apiece in the last six months, as the bourse prepares to list itself.Going strong: A file photo of the Bombay Stock Exchange (BSE). MD and CEO Kannan says only 7-8% of BSE's shares are currently available for sale and that it won't take long for the bourse to list its shares. Abhijit Bhatlekar / Mint”I am told foreign institutions are buying BSE's shares,” Madhu Kannan, the bourse's managing director (MD) and chief executive officer (CEO), told Mint. […] The Russian government will acquire a 19.8 per cent stake in Sistema-Shyam Teleservices Ltd for $676 million (around Rs 3,150 crore). Sistema-Shyam is a joint venture between Russia’s Sistema and India’s Shyam group. New shares will be issued for the stake sale. Subsequently, Sistema’s stake in the joint venture will come down to 54.2 per cent, while the Shyam group will continue to hold 23.5 per cent equity. The approval to the fresh equity issue was given at an extraordinary general meeting of the company here. […] Suzlon Energy, the world's third-largest wind-turbine supplier, plans to sell its remaining stake in Hansen Transmissions, the Belgium-based wind-gearbox maker, reversing out of an acquisition it made only three years ago. Sumant Sinha, Suzlon's chief operating officer, told the Financial Times that as the company completed the refinancing of about $2.5bn of debt over the next two months it would seek to sell its 26 per cent stake in Hansen. India's largest wind-turbine maker would also buy out minority shareholders in Repower Systems, the German wind-turbine maker it took control of in May 2007 and in which it owns 91 per cent. […] Hedge fund DE Shaw has sold a 36 percent stake in a property trust floated by the founders of Indian developer DLF Ltd for $500 million, Indian newspapers reported on Friday. DE Shaw sold the stake to the promoters of DLF Assets Ltd, but still has a 4 percent stake which it plans to sell when the property trust is listed in Singapore, the Economic Times said citing a fund manager with knowledge of the development. A spokesman for DLF declined to comment on the report, and officials at DE Shaw could not immediately be reached. […] Gammon Infrastructure Projects Ltd. Tuesday said it will buy Spanish company Dragados Servicios Portuarios y Logisticos S.L.'s stake in their offshore terminal joint venture, Indira Container Terminal Pvt. Ltd. Portuarios currently holds 50% in the company, with Gammon holding the rest. Gammon Infrastructure said it will initially buy 24% from Portarious and purchase the remaining 26% three years after Indira Container's offshore terminal becomes commercially operational. […] US's media giant Turner will acquire Prannoy Roy-promoted NDTV's entertainment channel Imagine for about Rs546 crore, a deal that will help the Indian media group turn debt-free. While NDTV's 76% stake in NDTV Imagine would be given to Turner for $67 million (about Rs314 crore), the Time Warner company would acquire fresh equity worth $50 million to get 92% control of the entertainment channel launched last year. The deal is expected to help NDTV tide over a financial crisis, as is reflected in the Rs86 crore loss posted by the group during the quarter ending September 2009. […] |