March 2011
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PE investors see logic in logistics again

Private equity or PE firms are once again actively looking for investments in the logistics sector, which had experienced a drop in the pace of deal activity due to a mismatch in valuations. PE firms were previously looking at deals of at least $50 million, while smaller logistics companies were keen on deals of only up to $20 million. “A good number of PE deals in the sector concluded in the (current) financial year as well as a healthy number of deals in the pipeline are reflective of the strong PE interest in the sector,” said Manish Saigal, executive director and national industry head, transportation and logistics, KPMG India Pvt Ltd. […]

3i invests Rs 200 cr in Ind-Barath Energy

3i India Infrastructure Fund, an investment fund is investing around $45 million (around Rs 200 crore) for a minority stake in Ind-Barath Energy (Uktal), a subsidiary of Ind-Barath Power Infra (IBPIL). Utkal is building a 700 MW (two units of 350 MW each) coal fired power plant based in Orissa. This is the second deal by 3i in this month. Earlier this month the fund invested $111.51 million in KMC Infratech, which develops and operates national, state and urban highways and roads. “Utkal is well positioned to take advantage of the demand for power in India which is growing strongly. This investment allows us to partner with IBPIL which is a power generation company with an established track record of delivery,” said Anil Ahuja, Managing Director and Head of 3i Asia. […]

India govt allows 100% FDI in selected agri- sectors

India government Department of Industrial Policy and Promotion has released 'Consolidated FDI Policy– Circular 1 of 2011', that would kick in 100% FDI in development and production of seeds and planting material, floriculture, horticulture, and cultivation of vegetables & mushrooms under controlled conditions. Besides, animal husbandry (including of breeding of dogs), pisciculture, aquaculture under controlled conditions; and services related to agro and allied sectors has also been allowed 100% FDI. […]

Vodafone to buy Essar stake in telecom joint venture

UK-based telecom major Vodafone Group has exercised its option to acquire Essar’s stake in their joint venture, Vodafone Essar, which will result in a cash flow of $5 billion for the Indian firm. “Vodafone Group announces that the Essar Group has exercised its underwritten put option over 22 per cent of Vodafone Essar Ltd (VEL). Following the exercise by the Essar Group of its put option, Vodafone has exercised its call option over the remaining 11 per cent of VEL owned by the Essar Group, resulting in a total cash payment of $5 billion,” Vodafone said in a statement today. […]