December 2010
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PE investments likely to cross $7bn in 2010: E&Y

India is likely to get over $7 billion in private equity investments in 2010, as robust economic growth is making the country an attractive market for fund mangers, according to global consultancy E & Y. “PE investments are expected to touch $6.5 billion in 2010 up from $3.5 billion in 2009,” Ernst & Young's Partner (Private Equity) Mayank Rastogi said. “This number may well cross the $7 billion-mark if some of the large ticket deals which are currently in works may get announced in the last week of December 2010,” he said. Sectors such as power and transportation, infrastructure ancillaries, consumer and branded products, health care, education and financial services, are expected to increased PE activities next year. […]

December 28th, 2010

iGate-Apax team offers $915 Million bid to buy Patni

The Indian-American IT services company Patni Computer Systems is likely to be acquired by a consortium of Apax Partners and iGate in a deal said to be worth nearly $1 billion. Several media reports suggest that the U.S.-based iGate Corporation and private equity firm Apax Partners are close to striking a deal to buy 63 percent stake in Patni Computers which is valued at around $915 million. According to a Hindustan Times report, the Apax-iGate consortium has offered about 500 a share for the stake. Meanwhile, Patni shares were closed at 486.40 on Bombay Stock Exchange on Monday. Patni had reportedly rejected an earlier bid by a team of Carlyle, Advent International and Akansa Capital. It is said that the present consortium will make an open offer to buy another 20 percent of the company following the agreement. […]

December 28th, 2010

TIL buys 76% in Bachi Shoes, Euro Shoe

The trading arm of the Tata Group, Tata International Limited (TIL) on Monday said it has picked up a 76 per cent stake in Bachi Shoes India Pvt Ltd (BSIPL) and Euro Shoe Components Pvt Ltd (ESCPL) for an undisclosed sum. The Bachi family will continue to hold the residual stake and will work closely with TIL to manage and grow the business. This is the first major acquisition by TIL after Noel Tata took over as managing director of the company. Media reports earlier had pegged the deal at Rs 130 crore, but a company official refused to comment on this. Based in the southern part of the country, BSIPL is India’s largest manufacturer of children’s footwear, supplying to several international brands across Europe. […]

December 28th, 2010

Realty sours for PE

A high networth individual (HNI), invested in a real estate fund in 2005. The fund made some big investments including buying a substantial stake in a building owned by a media group in South Mumbai, but the individual has not made any returns (on investment) till date. The fund, an offshoot of a major private bank, was started in 2005 and made some major investments till 2008. The worried investor, while sharing his story with HT, said that he hopes to make some return when the fund matures in 2012-13. As scams and controversies loom over real estate, private equity (PE) investors are finding it difficult to stand by the sector in times of crisis. While most funds with an eight-year cycle have not yielded returns on investments, investors wanting to raise funds abroad are finding it tough to do so. Investors are complaining about real estate-focused funds that had promised a lot while raising money but are unable to deliver. Even new investors, mostly foreign ones, are acting cautious. […]

December 28th, 2010