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Petrochemicals-to-refining conglomerate Reliance Industries Ltd, which agreed to buy a telecoms company last week, will now make a foray into power sector, the Economic Times said. The largest listed Indian company, with a market value of about $73 billion and controlled by billionaire Mukesh Ambani, has identified power, telecommunications, financial services and pharmaceuticals for investments in the near future, the newspaper said. “The company will venture into power after telecom,” it quoted an unnamed person familiar with the discussions as saying.The newspaper said Ambani would unveil new plans at the company''s annual general meeting in Mumbai on June 18. Details of Reliance's entry into power will unravel by the month-end as bidding opens for the country's ultra-mega power projects, it said. The paper said a Reliance Industries representative declined comment. […]
Delhi-based kidswear brand Gini & Jony is planning to spread its wings by opening more stores in India. It plans to raise up to Rs 150 crore through a private equity investor for the expansion. The kidswear firm is geared up to launch almost 100 stores to tap the targeted consumers. Currently, the company has 235 exclusive stores in the country. The core attraction for the financial investors in taking the stake in the apparel firm would be 17-18 per cent profit margin. The market for the kids’ garment is calculated to be around Rs 21,000 cr. The company also has plans to raise the funds through public issue of shares in the coming 18-24 months. The company recorded revenue of Rs 280 crore in the last fiscal. […]
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. […]
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, 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. […]
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. […]
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. […]
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. […]
The International Finance Corporation (IFC) which is a part of World Bank group, is planning to acquire 20 per cent shareholding in Swadhaar FinServe (SPFL) with an equity investment of Rs 10.5 crore(US$2.25 million approximately). Swadhar Finservie an urban microfinance institution based operating in Mumbai and it’s surroundings and has 27 outlets in Mumbai, Baroda and Pune and plans to expand its operations to Rajasthan and Central India.The word “swadhaar” in Hindi means self-support. […]
Foreign fund house Goldman Sachs Investment Partners Mauritius today picked up 6 per cent stake in the leading low-cost airline SpiceJet by converting the 1.5-crore warrants it has purchased from the airline in December 2008 into equity. The airline has allotted 1.53 crore shares, representing 6 per cent stake, of Rs 10 each at a premium of Rs 29.46 per equity to GS Investment Partners Mauritius consequent upon conversion of same number of warrants earlier issued to them on preferential basis, SpiceJet said in a filing to the Bombay Stock Exchange (BSE). In December 2008, SpiceJet had issued 1.53 crore warrants to Goldman Sachs Investment Mauritius with a lock-in period up to December 11, 2009. […]
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