August 2010
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Cipla India to acquire 25% stake in CMM

Cipla India is to acquire a 25 percent stake in the manufacturing division (CMM) of South Africa's third largest pharmaceutical group Cipla Medpro South Africa, it was announced on Tuesday. Ciplo Medpro SA said it was cognisant of the need to increase volume in CMM and so was inthe process of finalising an agreement with Cipla India regarding the acquisition the consideration of which will be a “nominal value”. “Pursuant to this, Cipla India will provide additional volume and assist us in achieving World Health Organisation (WHO) and Food and Drug Administration (FDA) manufacturing approvals in the near future, resulting in increased orders and business for our factory.” “This will ensure better continuity, increased capacity utilisation and further entrench the relationship with Cipla India,” the pharmaceutical group said. […]

Everstone Capital to raise $350m India logistics fund

Everstone Capital, the India-focused private equity and real estate investor founded by two former Goldman Sachs executives, is seeking to raise up to $350m to invest in warehouses in India, according to Bloomberg. The firm has already invested a quarter of its $240m Indospace Logistics Parks fund, and may seek to begin fundraising at the end of 2011, after 75 per cent of the logistics parks fund has been allocated. The firm is shoring up its reserves for industrial real estate and warehousing infrastructure investment because of a shift in India from a regional tax structure to a goods and services tax regime, expected to result in companies consolidating from regional warehouses to larger, centralised distribution centres. […]

NTPC may offer 49% stake to Qatar Petro in Kerala project

TPC may offer upto 49 per cent equity stake to Qatar Petroleum in its gas-based project at Kerala, to secure fuel supply for its power plant. “We have offered Qatar Petroleum less than 50 per cent stake in our Kayamkulam gas-based power station in Kerala,” NTPC CMD R S Sharma told reporters here. The current capacity of the Kayamkulam plant is 350 MW, which the company is planning to expand to 1,050 MW in the next two years and further expand it to 1,800 MW later. The company may form a special purpose vehicle (SPV) for the last stage (1,800 MW) expansion of the power project, in which it would offer stake to Qatar Petroleum. NTPC is keen to get Qatar in Kayamkulum project, as the Gulf-nation would help in return by bringing gas for the plant. With uncertainty over gas from Reliance Industries' KG Basin, the deal with Qatar Petroleum would give some stability to India's largest power producer. […]

RIL acquires 14.12 per cent in East India Hotels

Reliance Industries on Monday said it has acquired 14.12 per cent stake in hospitality major East India Hotels (EIH), which runs the Oberoi group of hotels. “Reliance Industries has acquired from Oberoi Hotels Private Limited and certain other promoters shares in EIH Limited representing 14.12 per cent of EIH at a total cost of Rs.1,021 crore approximately,” the oil-to-retail conglomerate led by Mukesh Ambani said in a statement. The company made the acquisition through its wholly owned subsidiary, Reliance Industries Investment and Holding Private Limited. The announcement came after the closing of stock markets. […]

DB Realty denies stake sale report

Real estate firm DB Realty Ltd on Monday denied a newspaper report that it is selling a stake in a project in Mumbai. DNA had reported earlier that DB is in talks with private equity players to sell 20 percent stake in a redevelopment project in Bandra in western Mumbai, sending its shares up more than 6%. “The reports published in the media are not attributable to the company and are incorrect and cannot be relied upon,” it said in a statement to the National Stock Exchange. […]

M&M buys 20% stake in Vayugrid Marketplace

Mahindra & Mahindra is focusing on inorganic growth opportunities in the farm equipment space by endorsing clean and green technology. The automaker picked up a 20 per cent stake in the Indian-arm of US-based Vayugrid Marketplace Services last week for Rs 1 crore essentially to create a business model whereby farmers can ensure better productivity and offtake, Pawan Goenka, president of automotive and farm equipment business at M&M, told FC. Vayugrid’s core area of business is contract farming and promoting alternative energies to the rural community — helping farmers to get access to energy to drive productivity and thereby create wealth. In India, Vayugrid is headquartered in Bangalore while in Pune, it has 1,000 acres of farm and agricultural land under cultivation for farmers. “Vayugrid has a business model that ties in very closely to what we want to do in the longer term in our farm equipment business –create opportunities and give knowledge to farmers to make them able to manage their crops much better, get better productivity, thereby guaranteeing a better offtake,” Goenka said. […]

Curbs on insurers' PE investments may be eased

The regulator may allow insurance companies to invest in private equity funds across sectors, a move that may boost returns for policy holders and help capital starved firms to access funds. Insurance companies have sought a relaxation in rules governing their investments in private or venture funds, which now permits them to invest only in the infrastructure sector where companies build roads, ports and power utilities. The Insurance Regulatory & Development Authority, or Irda, is now vetting the proposal, said an executive at the regulator who did not want to be identified. He did not disclose by when a decision would be taken. “It helps bring in more domestic capital to venture capital funds,” said Luis Miranda, president, IDFC Private Equity and chairman IVCA. “It is important for private equity to have a larger domestic base and insurance companies bring in long-term capital.” […]

EID Parry acquires majority stake in GMR Industries LTD

EID Parry India, a subsidiary of USD 3 billion Murugappa Group, has acquired 65 per cent stake in GMR Industries for an undisclosed amount. The company has acquired 1,29,75,110 equity shares of Rs 10 each representing 65 per cent of the paid up and issued equity share capital of GMR Industries, the agri-business arm of GMR Holdings LTD. Through this acquisition, GMR Industries has become a subsidiary of our company with immediate effect, EID Parry India said in a statement here. […]

UNIFI sets up Rs 100 cr Insider Shadow Fund

UNIFI Capital (P) Ltd has launched the Insider Shadow Fund with a corpus of Rs 100 crore. This will be company’s sixth fund. The Chennai-based fund management company has assets under management of around Rs 500 crore and is planning to increase it to Rs 1,250 crore. K Sarath Reddy, chairman, UNIFI Capital (P) Ltd said that the company made a soft launch in June and raised around Rs 75 crore from the existing customers and is planning to raise another Rs 25 crore from the new customers. The company is licensed in India and Mauritius to manage Indian, NRI and institutional clients from India and abroad. Of the total portfolio 60 per cent of investment comes from domestic investors and 40 per cent from offshore, of which 50 per cent will be institutions nd remaining NRIs, he added. […]

Sequoia to sell part of Dr Lal PathLabs stake

Venture capital (VC) firm Sequoia Capital India has agreed to sell part of its stake in diagnostics and pathology services firm, Dr Lal PathLabs Pvt. Ltd, to US-based private equity firm TA Associates Inc., whose total capital base stands at $16 billion (`74,560 crore). The 56-year-old Dr Lal PathLabs offers diagnostic facilities through 875 outlets in India. Sequoia director Sandeep Singhal said at least 20 potential investors competed for the shares. The investment in Dr Lal PathLabs was the last from Sequoia’s first fund, launched in 2000. Sequoia made investments in two tranches, with the first phase of funding coming in 2005, and the second in 2007. “We have held this investment for five years, it’s a fantastic business. We have sold part of the stake and kept the rest,” Singhal said. “We have been pursued aggressively by interested parties for the last 18 months.” The development comes after drug maker Piramal Healthcare Ltd said in July that was selling its diagnostic services unit to Super Religare Laboratories Ltd for `600 crore. […]