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KKR near Rs 225-cr Emcure investment

In what would be the second-biggest private equity investment in the Indian life sciences sector in the last 12 months, global PE firm Kohlberg Kravis Roberts & Co (KKR) is close to investing nearly $50 million (around Rs 225 crore) in Pune-based Emcure Pharmaceuticals, said industry sources. The biggest PE deal in the segment recently was New Silk Route’s $55 million (Rs 248 crore) investment in Chandigarh-based Nectar Life Sciences this February. The Emcure and Nectar deals signal the recovery of PE investments in the Indian life sciences sector, which had hit a low in FY2009 following the global financial crisis. According to sources, KKR and PE giant Blackstone had been talking to Emcure for some time now, but KKR is the front-runner now. As on December 31, 2009, KKR has $52.2 billion (Rs 2,34,900 crore) in assets under management worldwide. […]

Mauritius PE firm to buy 80% in INX Media

Within three years of its launch, home-grown INX Media—launched by Indrani Mukerjea and ex-Star India CEO Peter Mukerjea—will become a foreign-owned entity. Mauritius-based private equity firm New Silk Route (NSR) is set to scale up its stake in the loss making INX Media from the current 20% to 80% by buying out stakes of some of the existing foreign and domestic investors. Going forward, NSE Mauritius will also fund the expansion of INX Media that is going to launch nine new television channels under the 9X brand. INX has been amidst a financial restructuring since last 10-12 months as a result it divested 9X to Zee Tele Films last month. In order to resurrect INX Media, NSR has not only agreed to infuse Rs 55 crore but will also pump in more money as per the business needs of the company. NSE Mauritius has taken upon itself to weave the turnaround of INX Media, sources said. Upto 100% foreign investment is permitted in the non-news channels. […]

US Darby among bidders for Axis Bank private equity arm

US-based Darby Private Equity and India's IL&FS Investment Managers are among six bidders for the private equity arm of Axis Bank, the Economic Times reported on Tuesday. The bidders include Aditya Birla Private Equity and Shapoorji Pallonji Group, both based in India, the newspaper said, citing two unidentified executives involved in the process. The last date for receiving the bids was May 15, it said. […]

Carlyle adjusts to new reality

The Carlyle Group spent half of its invested capital last year on “corporate and real estate transactions”, as the private equity giant concentrated on fundraising during a difficult time for dealmaking and exits in the buyout industry. According to its annual report, released yesterday, Carlyle invested and committed $5.2bn (€4.1bn) last year. Of that amount, $2.7bn was spent on 47 “new corporate and real estate transactions with a cumulative enterprise value of more than $4.4bn”. These transactions included 23 in new real estate deals worth $524m and an additional $501m in residential mortgage-backed securities. Like other private equity firms, Carlyle generated few exits from its investments last year. Four of its Chinese portfolio companies went public, raising $3.8bn, and US-based SS&C Technologies Holdings raised $160.5m through its listing on the Nasdaq stock exchange. […]

Bank of Rajasthan to merge with ICICI

Private sector Bank of Rajasthan (BoR) Tuesday said its board has approved merger with India’s largest private sector lender, ICICI Bank, through a share swap. BoR’s managing director and chief executive G. Padmanabhan said the board has given its in-principle approval for the merger. The share-swap ratio is likely to be decided by May 23. In a regulatory statement, BoR said: “The dominant shareholders of the Bank of Rajasthan (transferor bank) have entered into an agreement on May 18 with the ICICI Bank (transferee bank) for proposing an amalgamation of both the transferor bank and transferee bank.” […]