March 2010
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PE firms acquire 44% in Asian Genco for $425 mn

A clique of investors, led by Morgan Stanley Infrastructure Partners, has bought a 44% stake in power generation and engineering services firm Asian Genco for $425 million, the biggest private equity transaction in India in almost two years, thus lifting the slowdown’s veil over such big-ticket deals. The deal is also the biggest private equity transaction in the country’s power sector and the first one of over $300 million since 2008. The last PE deal of this size was when Providence Equity Partners invested $428 million in Aditya Birla Telecom in 2008. […]

SBI awaits RBI nod to buy stake in Tata Motors Fin

State Bank of India on Saturday said it is awaiting Reserve Bank of India’s clearance to acquire up to 30 per cent stake in Tata Motors Finance. “We have written to the RBI. We are awaiting a response,” SBI Chairman O P Bhatt told reporters on the sidelines of an event here.SBI is eyeing around 30 per cent stake in the vehicle financing arm of Tata Motors. Acquiring a stake beyond this level would require approval from the government. […]

Size of bids for new IPL teams surprises all

The Sahara group won the bid for IPL franchise Pune on Sunday. Giving reasons for their choice of city, Abhijit Sarkar, corporate communications head at Sahara, told TOI: ‘‘ It’s close to Aamby Valley. We have our business reasons for choosing Pune.” The second bid was for $333.33 million (Rs 1,533 crore) from a consortium of investors under Rendezvous Sports who opted for Kochi as their base camp. […]

Nimbus joins hands with Times group

In a landmark deal, Nimbus Communications Limited joined hands with the Times of India Group on Sunday, wherein The Times Group will acquire a small ownership stake in Nimbus and its associate Company Neo Sports Broadcast Pvt. Ltd. The deal brings two leading media houses of the country together in a long-term relationship where Nimbus and its associate company Neo Sports will leverage the various media vehicles across the Times Group to advertise its sports and broadcasting businesses. […]

Yes Bank to raise USD 80 mn for cleantech fund

New-generation private sector bank, YES Bank, is likely to raise USD 80 million in the first round of fund-raising for its private equity fund focused on clean technology, a top bank official said. “We will be raising USD 80 million in the first phase. The first closure of the cleantech fund is expected within the next two to three months,” Yes Bank’s COO, Alok Rastogi, told PTI here. The bank is partnering private equity firm Global Environment Fund for the cleantech fund, which is targeting a total corpus of USD 200 million. […]