June 2010
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PE investments in India at USD 630 mn in May

Private equity investments in the country zoomed to USD 630 million in May, nearly three times compared to the year-ago period, as investors preferred financial services and healthcare companies. “Private equity investments in India in May 2010 grew by nearly 200 per cent as compared to the same period last year. Deal value was USD 630 million in May this year against USD 211 million in May last year,” deal tracking research firm VCCEdge said in its report. The total deal count also increased by 42 per cent to 28 deals from 19 recorded in May last year. […]

Payback acquires majority stake in i-mint

Germany-based Payback, one of the largest loyalty programme companies in Europe, together with domestic private equity company Peepul Capital, has acquired 86 per cent stake in i-mint, India’s leading loyalty programme company. The deal is valued at $30 million. Payback alone will have a little over 50 per cent stake in i-mint. “The strong platform created by i-mint, coupled with Payback’s proven track record in delivering significant consumer and retail partner value, is a winning combination,” said Sandeep Reddy, MD, Peepul Capital. He added Peepul, instrumental in bringing all partners together, will leverage its wide network in India to support i-mint’s growth. i-mint already has a vast customer base, well-known brands and a strong partner portfolio comprising 1,500 companies including HPCL, Megamart, Gitanjali Group, Ferns n Petals, Bookmyshow.com ,D’damas, Tantra, etc. […]

Global Takeoff to tap VC for $10 mn

Global Takeoff, a city-based provider of converged digital entertainment, communication and advertising, is in the process of raising a $10-million (approximately Rs 46 crore) venture capital fund to take its technologies to the next level. “We are in talks with two VCs – one in the US and the other in India – and should be receiving funds in three months from now, which will be primarily used to scale up marketing, acquire premium content such as new movies and expand our R&D to make sure that the technologies are stable and can be extended to any other parts of the world,” Uday Reddy, chairman and chief executive, told Business Standard. Global Takeoff offers two products – Freedocast.com, a portal to live broadcast user-generated and premium content, and YuppTV.com that offers live streaming of Indian and international television channels on the Internet. […]

Reliance Ind buys Infotel for Rs 4,800 cr

Mukesh Ambani-led RIL entered the telecom arena, hitherto forbidden to it, with a bang, announcing a Rs 4,800 crore acquisition of Infotel that only hours earlier emerged as the sole winner of pan-India broadband spectrum. The acquisition of 95 per cent stake, through fresh equity infusion, values Mahendra Nahata group's Infotel at over Rs 5,000 crore, follows a truce arrived at between Mukesh and his younger brother Anil on May 23 wherein the warring brothers scrapped a non-compete agreement to allow each other's business flexibility. As a result of the acquisition, it would be imperative on part of cash-rich RIL to pay the government Rs 12,872 crore within this month for pan-India spectrum won by Infotel, but no official comment was made on this aspect. […]

Ashok Minda takes the PE route

The auto component maker Ashok Minda Group has recently roped in the PE group Dynamic Oribts and has pumped fresh Rs 125 crore into the business to fulfil the expansion plans of the company. Dynamic Orbits Managing Director B. L. Bajaj said that the PE group is working on plans to raise close to Rs. 100 to 125 crore for the business as it will be used for the expansion plans and acquisition by the company. In fact, the company also said in a statement today that the Rs 1,800-crore group is aiming for expansion plans and acquisitions to keep up with the rising demand of OEMs in the country. […]

ICICI Bank mulling $100 mn fund for SMEs

The country's largest private sector lender, ICICI Bank, is evaluating its options to launch a $100 million (about Rs 460 crore) dedicated venture capital fund for small and medium enterprises (SMEs) and mid-market companies. The “Emerging India Fund” is an ICICI group initiative to provide growth capital to Indian companies in the SME and mid-market segment, an ICICI Bank spokesperson said, as reported my a news agency recently. The Emerging India Fund, which is expecting its first close in the next few weeks at $50 million, has already received firm commitments from several reputed institutions, he said. […]