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Singapore state investment firm Temasek Holdings is in talks to buy a stake worth $170 million in GMR Infrastructure Ltd.'s energy unit, a person familiar with the situation said Wednesday. “Temasek is one of around five companies that have shown interest in GMR Energy,” the person, who declined to be named, said. “They've been talking since last year.” GMR Infrastructure, the listed unit of GMR Group, has said in October it is planning to sell a 10% to 15% stake in the energy unit and may offer shares through a private placement and an initial public offering. GMR group Chief Financial Officer A Subba Rao declined to comment on a potential deal with Temasek, saying it is not the company's policy to reveal any details on a deal until it reaches a definitive stage. […]
SMS GupShup, a social SMS service that allows users communicate and connect with family, friends and fans using mobile handsets, has raised $12 million in Series D venture financing round. This latest funding round is led by by Globespan Capital Partners with existing investors Charles River Ventures and Helion Venture Partners participating in the round. With this new financing round, the total funding of SMS GupShup comes to $37 million. According to the company, the new funding will be used to expand into other markets such as the Philippines and Indonesia, for product development and to hire new staff in engineering, advertising and marketing. Webaroo Technology is the parent company of SMS GupShup, and is founded by Rakesh Mathur and Beerud Sheth. […]
Mcleod Russel, a wholly owned subsidiary of Borelli Tea Holdings, has acquired the equity stake in Uganda-based Rwenzori Tea Investments. With this acquisition, Borelli has gained control over James Finlay Uganda (JFUL), which owns six tea estates in Uganda and is engaged in growing, manufacturing and marketing of black tea, and is a subsidiary of Rwenzori. As a result of this acquisition, Rwenzori and JFUL have become step down subsidiaries of the company. In December last year, Borelli Tea had signed a Share Purchase Agreement with James Finlay and James Finlay International for the acquisition of 100% of the share capital of Rwenzori Tea Investments, Uganda (Rwenzori) for a provisional consideration of $25m. The acquisition is expected to give Mcleod a presence in Uganda, which could lead to possible expansion in future. […]
ZEE Entertainment Enterprises Ltd (ZEEL) has approved the move to acquire a further 45 per cent stake in Taj TV Limited Mauritius, owners of Ten Sports. This will increase ZEE Network's control in the popular sports channel to 95 per cent. Up until now, ZEE Network had a 50 per cent stake in the channel, which it had acquired from the Bukhatir Group for $114 million in 2007. ZEEL has also acquired additional 50 per cent stake in its subsidiary Taj Television (India), which handles the distribution and ad sales for Ten Sports India. Together the two deals were worth $44.15 million. […]
Venture Capital investment in Indian companies slumped 43 per cent to $475 million (around Rs 2,200 cr) in 2009, but analysts hope that the fund raising would pick up in the coming months. Venture capital (VC) firms invested $475 million over 92 deals in India in 2009, the data compiled by research firm Venture Intelligence in association with Global -India Venture Capital Association showed. VC funds had invested USD 836 million across 153 deals in 2008. “Liquidity position of the limited partners is improving and this will bring back the pace of VC investment in 2010. We have already seen an improvement in December quarter funding and it is expected to increase further going ahead,” Venture Intelligence chief executive Arun Natarajan said. […]
Anil Ambani Group's financial services firm Reliance Capital is considering divesting up to 20 per cent stake in its mutual fund arm, Reliance Asset Management Company, to an overseas strategic partner. Induction of global partner would help Reliance Asset Management Company to expand its reach and help improve product, technology and process, sources told. Reliance Capital holds 93.37 per cent in Reliance Asset Management Company, the largest mutual fund house with asset under management over 1.18 lakh crore. When contacted, Reliance Capital spokesperson said, “As a policy, we do not comment on speculations.” In 2007, Reliance Capital sold 5 per cent stake to global investor Eton Park for Rs 501 crore, at an equity valuation of Rs 10,000 crore. […]
IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition. IDBI Bank has also completed due diligence, an exercise undertaken by the acquirer to assess the value of the entity before purchasing it, a source close to the development said. When contacted, Federal Bank Managing Director & CEO M. Venugopal declined to comment on the matter. The acquisition, if it materialises, would enable IDBI to consolidate its position among State-run banks by strengthening key segments such as branch network, human resources and client acquisition, besides augmenting its deposit-base. […]
Aditya Birla Capital Advisors (ABCAP), the private equity arm of the Aditya Birla Financial Services Group (ABFSG), announced the first closing of the Aditya Birla Private Equity – Fund I, today. The maiden fund has been very well received by domestic high net worth clients and institutional investors and has commitments of over Rs. 675 crores, despite an uncertain market environment. In view of continued strong patronage of investors, the Fund will continue to accept applications for a limited period and would announce its second and final closing shortly. Commenting on the occasion, Mr. Ajay Srinivasan, Chief Executive – Financial Services, Aditya Birla Group said “Private Equity plays an important role in delivering the commitment of the Aditya Birla Financial Services Group to meet all the needs of our target customers. We have ambitious plans for this business and our maiden fund’s mobilization of over Rs. 675 crores is a good first step in that direction. Our strong investment team will now put this money to work for our investors.” […]
Puneet Dalmia, managing director of Dalmia Cement, has said the company is close to raising USD 100–200 million by diluting 10-15% stake in the company and is in talks with various foreign institutional investors (FIIs), reports CNBC-TV18. Additionally, he said, the company was also looking to offload stake in Dalmia Cement Ventures, a wholly-owned subsidiary, to about four-five private equity players. Gautam Dalmia, the joint managing director, said there were no listing plans for the subsidiary, for the next 12 to 18 months. On cement prices, he said the current volatility was expected and that prices have recovered from November lows and had bounced back 10%. […]
Bahrain's investment firm GBCORP and telecom firm Batelco Group have announced a strategic partnership for acquiring 11% stake in S-Tel, India, a joint venture between the Batelco Group and the Siva Group of India. “We are greatly pleased to partner with the Batelco Group in their joint venture telecom project in India. The partnership with Batelco is a significant measure of our way forward strategy of building investment bridges through strategic partnerships, identifying new investment opportunities and diversifying our investment portfolio,” said GBCORP Vice-Chairman & Managing Director Abdul Rahman Mohammed. Batelco Group Chief Executive Peter Kaliaropoulos said the company was delighted and welcomed GBCORP as their investment partner in BMIC Limited, the subsidiary company of Batleco that will hold a 49 per cent stake in S Tel India, subsequent to GBCORP's investment. […]
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