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Private equity funds (PE funds) seem to be staging a comeback after their near withdrawal from Indian economic landscape in the wake of global economic meltdown in 2008. Deal activities have picked up significantly since last year and are expected to edge higher towards the end of the year. According to recent studies, merger and acquisition (M&A) activities in the country more than doubled in the first month of 2010 as deals worth about Rs 13,950 crore were announced, signifying emergence of the country's economic environment after tough 18 months. January saw as many as 29 domestic deals worth $2,3030 million compared to 14 transactions worth $589 million in January 2009. Telecom, logistics and banking and finance and insurance were the most targeted sector for investment with deals worth $ 2180 million, $ 164 million and $117 million, respectively, according to the study conducted by financial research services provider VCEdge. […]
Hindustan Construction Co Friday said it will acquire 66-per cent stake in Karl Steiner AG, the second largest integrated services contractor in the Swiss realty market, for nearly $33 million. The acquisition will not only give Hindustan Construction access to the European market but also help its entry into the $16.5 billion integrated building construction industry in India, the company said. 'This acquisition has been carried out on the grounds of strategic fit both to capture local market opportunity and to provide us with a presence of European expansion,' the company's chairman and managing director Ajit Gulabchand said at a press conference here. […]
Private equity group India Agri Business Fund will invest $10 million (about Rs 48 crore) to pick up around 22 per cent stake in Gautam Thapar-promoted Avantha Group's food division Global Green Company. The fund will invest another $40 million this year in food and agri sector, said Rajesh Srivastava, chairman & Managing director, Rabo Equity Advisors, the sponsor of the $100 million fund. The investment in Global Green Company will be used to expand the company's domestic business, which is primarily into exports market currently, he said. […]
The government is considering up to 10 per cent equity dilution in the state-owned aluminium producer Nalco, which may fetch the exchequer about Rs 2,200 crore. “The Ministry of Mines will have to take a decision. We have said that they could consider 5-10 per cent stake sale,” Disinvestment Department Joint Secretary Sidhartha Pradhan told PTI. At present, the government holds about 87.15 per cent equity in the navratna company while the rest has been made public. […]
India-focused private equity firm Nine Rivers Capital has taken a $7m stake in Global AgriSystem Private (GAPL), a New Delhi agribusiness supply chain specialist. The promoters of GAPL also participated in the funding round to strengthen the company’s capital base. GAPL provides procurement, storage, processing and distribution services for the fresh fruits and vegetables sector, currently operates six bases in various parts of the country and has expressed plans to expand its footprint to 20 or more over the next three years. According to the company, the demand for all-season availability of produce is increasing in India in light of the country’s growing wealth and emerging middle class. […]
Private equity group India Agri Business Fund will invest $10 million (about Rs 48 crore) in Gautam Thapar-promoted Avantha Group's food division Global Green Company Ltd. A shareholders agreement was signed between the Avantha Group and Rabo Equity Advisors, India Agri Business Fund and Global Green said in a joint statement. Rabo Equity Advisors is the investment adviser of IABF. “We have successfully developed into a multinational food company through acquisitions. As we have aspirations of building our brands and develop a more robust India business, Rabo Equity's knowledge pool will work to our advantage in the next phase of growth,” Global Green Managing Director and CEO Vineet Chhabra said. […]
As part of its strategy to exit from bad businesses, TV18 is selling its entire 50 per cent stake in Jobstreet.com India. The joint venture made no progress and TV18 has taken a hit of Rs 25 million in the entire exercise, a source in the company says. The shares have been sold back to the partner, Jobstreet.com Singapore. Floated in late 2006, the joint venture company was to tap into the rapidly growing job portal space in India and provide consolidated value to Web18, the internet and mobile arm of TV18. The market cap of Info Edge, the holding company of naukri.com, is Rs 25.09 billion. Though Info Edge has other smaller properties like www.jeevansathi.com, www.99acres.com, www.quadranglesearch.com and www.shiksha.com, it definitely provides an indicative valuation of a successful job portal in India. […]
Bangalore-based diversified business conglomerate Siesta Group is slated to raise $20 million through the private equity (PE) route to acquire three logistics trading firms in three Asian countries. Post acquisition, Ravi Naware, ex-divisional chief executive of ITC’s food business, will head the company’s logistics division. Speaking with FE, Siesta’s chairman and managing director Ashok Chattaraj said, “The company will acquire firms in Singapore, Hong Kong and Shenzhen in China.” It has done all the groundwork for the acquisition and deals will be officially closed in the beginning of the new financial year beginning April, Chattaraj added. […]
After real estate, private equity (PE) and venture capital (VC) players are holding on to their investments in information technology (IT) companies coming up with initial public offers (IPOs). Traditionally, PE and VC firms look at IPOs as their main exit option. For instance, Pune-based Persistent Systems has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). It will soon hit the market to raise Rs 150-200 crore. Investors such as Intel Capital, Norwest Venture Partners (NVP), Gabriel Venture Partners and Hewlett-Packard (HP) together hold over 20 per cent in the company. While Intel and HP invested in 2000, Promod Haque of NVP and Gabriel Venture Partners invested in 2005. HP's and a part of Intel's investment have a one-year lock-in, but NVP and Gabriel Ventures have continued to stay with the company. […]
Malvinder to be Parkway chairman; acquisition will form Asia’s largest hospital chain. Fortis Healthcare today announced the largest overseas acquisition by an Indian company in the healthcare space, buying the entire 23.9 per cent stake held by TPG Capital in Singapore’s Parkway Holding Ltd for $686 million (Rs 3,119 crore). Fortis is India’s second-largest healthcare provider after Apollo Hospitals and Parkway is Asia’s biggest hospital operator by sales. The acquisition would form Asia’s largest hospital chain with over 10,000 beds across 64 hospitals in six countries. The deal, announced in Singapore on Thursday, will also see Fortis Chairman Malvinder Mohan Singh appointed chairman of the Parkway board. […]
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