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Temasek to invest Rs 880 cr in GMR

Singapore-based Temasek Holdings on Friday said GMR Energy Ltd (GEL) has signed an agreement with it to raise capital for energy expansion plans. Temasek Holdings would invest $200 million (about Rs 880 crore) through its wholly-owned subsidiary Claymore Investments (Mauritius) Pte, the company said in a statement here. The investment would be through a structured paper compulsorily convertible into equity. “The energy sector within the infrastructure space is an attractive long-term investment area. India may have historically lagged behind in adding new generation capacity; we believe that enabling regulations and private sector participation will allow the sector to add substantially to India’s GDP growth rate,” Temasek Holdings India head Manish Kejriwal said […]

US firm invests $30 mn in Krishidhan Seeds

Summit Partners, a 25-year-old private equity (PE) firm that has $11 billion under management, said on Friday that it had made its first investment in India with an infusion of $30 million in agricultural biotech firm Krishidhan Seeds Ltd (KSL). The deal, which took three months to close, is also Summit’s first in the agriculture segment. Amit Chaturvedy, vice president of Summit Partners and soon to join the KSL board, said his firm has been looking at entering the Indian market for a year now. The deal took three months to close. “When it came to the Indian economy we did not have a view that we have to invest in a specific sector,” Chaturvedy said. “We just looked for high growth companies and made this investment.” Summit is the latest addition to a list of PE firms, such as Apollo Capital, Bain Capital and Quadrangle, that have made their first investments in India over the past six months. […]

CX Partners buys 8% in Monnet Ispat for Rs 150 cr

Private equity firm CX Partners has bought an 8 percent stake in steel company Monnet Ispat for Rs 150 crore from the secondary market, its first investment since launch in August 2008. “We are looking at a close association with Monnet Ispat and will help build the company further,” said Ajay Relan, promoter of the $500-million firm and former managing director of Citigroup Venture Capital International. A Monnet Ispat spokesman, however, declined to comment. CX bought the stake from a clutch of foreign institutional investors for nearly Rs 390 a share during the last two months. The deal values Monnet Ispat at Rs 1,875 crore against its market capitalisation of Rs 2,083 crore. Monnet Ispat shares fell marginally to close at Rs 435 on the BSE on Thursday. FIIs owned a 33.76 percent stake in Monnet Ispat as per the company's last disclosure to the stock market in December 31, 2009. […]