March 2011
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United Phosphorus to buy 50% stake in Sipcam Isagro Brazil

United Phosphorus Limited (UPL), India's largest agrochemical company, on Monday said it will acquire a 50% stake in Sipcam Isagro Brazil for an undisclosed amount. The Indian firm will buy the stake from Isagro that currently holds 50% in Sipcam's Brazil arm. Sipcam Isagro Brazil is a joint venture between two Italian firms – Sipcam-Oxon group and Isagro. Both the companies have signed a pact under which Isagro will exit the joint venture and UPL will join with 50% stake, the Indian company said in a statement on Monday. “The deal size is being pegged around $600 million or 2,700 crore,” said a person close to the development. The deal is expected to be closed in the next one month and the acquisition will be funded largely through internal accrual, as the company has enough cash in hand, he said. As on December 31, 2010, the company had nearly 1,800 crore cash in balance. […]

Kotak Realty Fund sells prime Mumbai commercial property to Tata Realty

In the largest real estate fund exit in India, Kotak Realty Fund sold one of its prime commercial property assets in western Mumbai to a real estate fund of Tata Realty and Infrastructure for an enterprise value of Rs525 crore. Kotak Realty Fund, a unit of Kotak Mahindra Bank, was one of India's first private equity funds and has assets worth $850 million under management. The firm's maiden fund, the Kotak India Real Estate Fund – I, made a hefty profit for it within five years, following the sale of Peepul Tree Properties Pvt Ltd, which owns an information technology park in Goregaon. The Peepul Tree IT park comprises 700,000 sq ft of leaseable area and counts among its tenants firms such as Accenture, HP, BNP, Tata AIG and Integron. The fund, which made an initial investment of Rs95 crore in the project, has received over Rs400 crore following the exit. […]