September 2010
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PE deals zooms seven-fold to over $1 bn in Aug

Private equity firms have invested over $1 billion in Indian companies in August, more than seven per cent from the year-ago period, with investors increased preference towards telecom and financial services sector. “Total private equity (PE) investment in India grew 7.5 times to $1.3 billion as against $179 million in August 2009,” according to data compiled by deal space research firm VCCEdge. While comparing from July, deal value in August was up 60 per cent due to some large deals during the month. “August 2009 had seen the lowest monthly deal value since the beginning of 2009, with the exception of March' 09 which was at $136 million. Since then an upward trend has been witnessed with deal value peaking during August 2010, suggesting a recovery from last years slowdown,” the report noted. Upturn was also witnessed in terms of the number of deals recorded in the last month. In August this year 35 PE transactions were posted, against 24 deals registered in same period in 2009. […]

September 10th, 2010

Axis Bank exiting Rs 600 cr PE fund

Axis Bank is in discussions with the limited partners (LPs) of its Rs 600 crore private equity fund for a suitable way forward as the third largest private sector lender wants to exit the PE fund, said Shikha Sharma, MD & CEO, Axis Bank on Thursday. “We are in talks with the LPs. The PE fund business is not one of our strategic business areas. There is no timeline for the exit to happen. It could be three, six or even more than 12 months before a decision is reached. We want the LPs to be comfortable with the new promoters who will be coming in,” she said on the sidelines of the launch of its first urban financial inclusion initiative in Bangalore. Although Sharma did not disclose the name of the LPs, she said the PE fund is doing well with a professional team on board. Responding to whe­ther Axis Bank is comfortable with the present management of the PE fund buying out the stake, Sharma said: “We are not closed to that option. We will keep the interests of our LPs before taking any decision on this matter.” […]

September 10th, 2010

Piramal, others join race for Paras Pharma

The race to acquire Ahmedabad-based Paras Pharmaceuticals is growing more intense, with healthcare majors such as Piramal Healthcare throwing their hats in the ring. While Piramal confirmed its interest, sources familiar with the developments said Glaxo, Sanofi-Aventis and Abbott are also eyeing the Rs500-crore Indian firm. Fast moving consumer goods companies such as Emami, Dabur and Marico are already in the race to acquire a controlling stake in Paras. “The target is of interest to us,” confirmed Piramal Healthcare Group President and CFO N Santhanam, adding: “The product profile of Paras is similar to ours. There is a fit,” he said. Like Paras, Piramal has a combination of over-the-counter and personal-care products in its portfolio, which falls under the consumer products division. This includes strong brands such as Saridon (a tablet for headaches), Lactocalamine (a lotion), Polycrol (an antacid), Supractiv (a nutritional supplement) and i-Pill (an emergency contraceptive pill) among others. i-Pill was acquired in April from Cipla for around Rs100 crore. […]

September 10th, 2010