May 2010
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KKR Invests in Indian Cement Venture

Dalmia Cement (Bharat) Ltd. (DCBL), and Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) today announced the signing of a definitive agreement under which KKR has agreed to invest up to Rs 750crores in DCBL’s wholly owned unlisted subsidiary (“Company”) which will house post restructuring DCBL’s 9MTPA cement manufacturing capacity, DCBL’s stake in OCL India Limited (5.3MTPA capacity) along with the upcoming green field projects of 10MTPA across the country. The use of proceeds will be for both organic / inorganic growth and de-leveraging. “When we realigned our businesses in March, 2010, one of our goals was to create separate pure play entities that could thrive on their own and have flexibility to raise capital. This transaction with KKR is not just about capital but the foundation of a long term relationship. It will enable us to enhance our capacity and market share through organic as well as inorganic routes, while benefiting from KKR’s global network and proven value creation capabilities,” said Mr. Puneet Dalmia, MD of Dalmia Cement (Bharat) Limited. […]

VGN Developers to raise Rs 700 cr from PE funds

Chennai-based VGN Developers Pvt Ltd is planning to raise Rs 600-700 crore private equity (PE) fund to support its proposed investment of around Rs 3,000 crore in various residential projects. The company has developed two million sft of residential projects in the last four years. Over the next 3-4 years, it is planning to develop another 7-8 million sft, said Pratish Devadoss, managing director, VGN Developers. “The total investment, including land, would be around Rs 3,000 crore,” said Devadoss. The company is planning to fund the project through internal accruals, debt and equity. “We just signed an agreement with a PE player, who will invest around Rs 80 crore. Going forward, we are planning to raise another Rs 600-700 crore,” he said without disclosing the name of the PE player. […]

Dabur India in talks to acquire Paras Pharma

Dabur India in talks to acquire Paras Pharma; PE Fund Actis looking to exit Paras Pharma: Sources Dabur India is in talks to acquire Paras Pharma, reports CNBC-TV18 quoting sources. PE Fund Actis is looking to exit Paras Pharma. Actis currently holds almost 60% stake in Paras. Pharma player Paras sells Dermicool, Moov, Krack brands. Actis had first bought 23% stake in Paras for $ 43 million in 2006. Sources said that the talks are at advanced stage level. Dabur first looked at Paras 6 months ago. Dabur India said that the company cannot comment on market speculations. The company continues to look at acquisition opportunities. […]

PE/VC funding needs to grow three times to $30 bn: KPMG-CII

Private Equity (PE) and Venture Capital (VC) funding in India needs to increase three-fold to 430 billion annually from the current level to shore up funding for small but promising companies, said a KPMG-CII report. Besides, it said, as the Indian economy expands, the country's investment needs are estimated to be over $1.25 trillion over the next three years. Higher PE/VC funding can contribute to the requirement by funding the growth of small but promising companies that are not able to tap equity and debt markets at the outset. It said that even in the case of listed companies, 40 per cent have market capitalisation of less than Rs 1.25 billion (Rs 125 crore), with Sensex at 17,000, and 80 per cent of the Bombay Stock Exchange (BSE) listed companies have revenues of less than Rs 100 crore. Thus, making a pitch for greater PE/VC paricipation in the country, the report said, “It is estimated that investments from PE and VC needs to be increased three fold, from a trailing level of $10 billion annually, to $30 billion.” […]