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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. […]
Several non-resident Indian (NRI) businessmen in the Gulf have demanded that private investors must get a majority stake in a public limited company set up to develop and manage the proposed new international airport at Kannur in Kerala. Kerala Chief Minister V.S. Achuthanandan, also the Chairman of the company who presided over an investors’ meeting in Thiruvananthapuram recently, said their demand would be considered at the next meeting of the Board of Directors of the Kannur International Airport Limited (KIAL). Prominent NRIs who attended the meeting include Yousuffali M.A. of the UAE-based Emke group, P. Mohammed Ali of Galfar group, Oman, and C.K. Menon of the Doha-based Behzad group. Yousuffali and Ali are also Directors of the Cochin International Airport Limited (CIA) in which private individuals and institutions hold the majority stake. […]
Private equity (PE) deal activity in India continued its momentum in the April-June quarter of 2010 from the prior quarter, though the total deal value was lower. In the second quarter of calendar year 2010, India saw 57 PE deals at $1.5 billion. This is the second highest quarterly performance in the previous seven quarters. Although total PE deal size in 2Q2010 was 30 per cent lower compared with the prior quarter, it was 70 per cent higher compared with the average quarterly aggregate PE deals in 2009, says an Ernst & Young. Both 1Q2010 and 2Q2010 registered deals worth over $1 billion after a subdued 2009, during which no quarter crossed the $1 billion mark. Also, the aggregate deal value for the first six months of 2010 ($3.5 billion) is now almost equivalent to that of the whole of 2009 ($3.54 billion). […]
Bandhan Microfinance is looking for a private investor who can infuse Rs.100 crore into the company, a top company official said here Wednesday. The company is having talks with two-three foreign institutions. 'We are looking for a private investor. We are in talk with two-three international players. Hopefully, it will be finalised by December,' Chandra Shekhar Ghosh, founder and chief executive officer, told reporters, adding that Bandhan is expecting a Rs.100 crore infusion from the investor. At present, Small Industries Development Bank of India (SIDBI) is the only institutional investor in Bandhan. It picked up 11 percent stake for Rs.50 crore in 2009. […]
Pharmaceutical major Cipla today announced that its board has approved the acquisition of Meditab Specialities for an aggregate consideration of Rs 1.33 billion. Meditab has smallimid-sized formulation manufacturing facilities at multiple locations which are substantially manufacturing formulation products for the company. In addition to Pill control over Meditab`s aforesaid manufacturing facilities which would result in improvements in operational and cost efficiencies, […]
The Planning Commission today said that Rs 50,000-crore Infra Debt Fund for financing infrastructure projects will become operational by beginning of next fiscal. A panel constituted by the Commission to look into the changes required in the regulatory framework for facilitating the setting of the Infra Debt Fund (IDF) is expected to give its report by next week. “If everything goes well, the Infra Debt Fund would be reality by the beginning of the next fiscal,” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here. He said, “The committee headed by SBI Chairman O P Bhatt which is looking into the changes required in the regulatory framework for creating IDF would submit its report by next week.” […]
Real Estate company Lodha Developers has generated Rs 500 crore by selling a 10% stake in its project of constructing a 117 storey residential tower in Mumbai to HDFC Venture Funds. Abhisheck Lodha, MD of Lodha Developers said, “The deal shows the investor’s appetite for quality real estate projects in India”. HDFC, the home loan lender has promoted HDFC Venture Funds. Other investors in the project are GIC, Temasek and Abu Dhabi Investment Authority. The deal is the 2nd biggest private equity investment in India’s real estate sector and values the project at Rs 5,000 crore, two-and-a-half times its projected cost. […]
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