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RIL picks up majority stake in Deccan 360

Reliance Industries (RIL), India’s biggest private sector company with large retail interests, will buy into an air cargo firm promoted by Capt GR Gopinath in an attempt to gain an edge over its rivals in the rapid movement of goods across the country. Reliance will buy a controlling stake in Deccan 360 for an undisclosed amount and will get the right to appoint two members on the board. Deccan owns eight aircraft and transports express and normal cargo to about 50 cities which it wants to increase to 100 cities in 12-18 months. It also has a fleet of 1,000 branded vehicles for its economy cargo sector where it transfers bulk cargo over roads. RIL, which is expanding its retail presence, wants a dedicated cargo service that can fly to several destinations and deliver goods quickly. It now has shops in 200 cities and is keen to expand it further. Reliance will use Deccan’s transport fleet to ferry goods from central warehouses to shops across several cities. Deccan 360, meanwhile, will use funds from Reliance to expand connectivity to several more cities and towns. […]

Risk factor dips PE investment in SMEs to 68% in '09

Shying away from risking their capital in small and medium enterprises (SMEs) in the wake of the economic slowdown, Private equity (PE) investment in the SME sector dipped to USD 580 million in 2009, down about 68 percent year-on-year. PE investment in the SME sector last calendar year stood at USD 580 million via 81 deals against USD 1,812 million through 187 deals in 2008, a study by industry body ASSOCHAM said. “Poor returns on investments in the midst of challenging times have forced fund managers to think twice when it comes to putting too much into the (SME) sector,” it added. […]

Brainspark takes 29.9% stake in Indian Restaurants Group

Business Financial Newswire – Investment company Brainspark is taking a 299% stake in Indian Restaurants Group. Brainspark is subscribing for 5,578,994 new ordinary shares for £139,474.85 – 2.5p per share. IRG currently operates three Indian restaurants in the UK and recently opened a restaurant branded in Mela which is situated in Redhill, Surrey. IRG will use the funds for working capital purposes. […]