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Shapoorji Pallonji Group has floated a $500 million private equity fund, mainly focused on real estate, marking its return to the financial services industry. One of the country's richest and low-profile business conglomerates will be joining the growing list of Indian corporates such as Tata, Aditya Birla and Anil Dhirubhai Ambani Group (ADAG) in the private equity play with its Mauritius registered fund, STREF. Shapoorji Pallonji Investment Managers Ltd will be managing this fund, which will shortly announce the first close of $250 million and start investing thereafter, said a senior official at SP Centre, the group's South Mumbai headquarters. The fund manager has narrowed down on a few initial investments, which could include buying minority interest in a pharmaceutical and healthcare special economic zone down South […]
Private equity firms are sitting on at least $20 billion of uninvested capital or dry capital that can be deployed in India as deal activity picks up and the economic recovery gains pace across the country. “The capital overhang will lead to immense competition in the market wherein chase for high quality deals will intensify,” said Sri Rajan, managing director and head of the private equity practice in India at Bain & Company , a global management consulting firm that released the India PE Report 2011 on Tuesday. “Private equity firms who are sitting on dry capital will invest it in other parts of Asia in case if they don't do it in India,” said Rajan adding that the problem of capital overhang exists even in mature markets such as the US. The amount of dry capital currently available in the industry is enough to fund all 2010 deal activity twice over. […]
Private equity firm Matrix Partners India today said it has invested Rs 60 crore in Chetas Control Systems, a solution provider to water utilities. “It has invested Rs 60 crore as the sole investor in the first institutional round of funding of Chetas Control Systems,” Matrix Partners said in a statement. Chetas is a leading provider of turnkey water metering solutions to water utilities in the country. It has installed about 4 lakh domestic and bulk water meters in the country, it said. […]
Chennai-based financial technology company Polaris Software Lab Ltd. has entered the cloud computing space by acquiring an 85.3% stake in IdenTrust Inc., a U.S.-based services provider offering digital authentication services to banks, for an undisclosed sum. IdenTrust was started in 1999 with 20 banks including Citigroup, Bank of America, Chase, Barclays, HSBC, and Deutsche as shareholders. It will now have Zions Bancorporation, a U.S. bank, as a minority shareholder. “With increasing dependency on the internet, security solutions that incorporate identity management are a key element in any cloud offering,” said Polaris Chairman and Chief Executive Arun Jain in a statement to the press. The company said this is a step toward its goal of becoming a one-stop shop for all financial technology needs. […]
Indian fabric whitener and detergent maker Jyothy Laboratories Ltd is in advanced talks to buy Henkel AG's 51 per cent stake in its Indian arm Henkel India for 9 billion rupees ($202.8 million), three sources with direct knowledge of the development told Reuters. On March 16, Jyothy picked up a 14.9 per cent stake in Henkel India from Tamilnadu Petroproducts for 607.3 million rupees. While Germany-based Henkel AG is looking to sell its Indian soap brand Margo separately in hopes of attracting a higher value, the Jyothy bid is for 51 per cent of the entire business, including Margo, the sources said. HSBC represents Henkel in the transaction, while Indian boutique investment bank Mape Advisory Group represents Jyothy Laboratories. […]
The Reserve Bank of India (RBI) is looking at the way in which Standard Chartered Plc acquired a 4.64% stake in Tamilnad Mercantile Bank Ltd (TMB) even as an investigating agency is independently looking at whether the UK bank owns more than the permitted 5% stake in the Indian lender. The UK bank may have done this through a series of transactions involving an escrow account managed by its Mauritius arm, of which Standard Chartered India is a sub-agent, according to an RBI order and an official at the same investigating agency. Under India's banking laws, no entity can own more than 5% in an Indian bank without RBI's approval. The situation is complicated by one of the investors supposedly involved in these transactions, Katra Holdings Ltd, insisting that it hasn't given up its 3.64% stake in TMB. […]
With the Gujarat Venture Finance Limited (GVFL) receiving first tranche of Rs 200 crore from the state government, the venture capital (VC) firm is now aiming to raise around Rs 500 crore of its Rs 1000-crore infrastructure fund – Golden Gujarat Growth Fund Series-1 by June 30, 2011. What's more, GVFL is also in talks with domestic and international funding institutions like private equity companies, banks, insurance firms and pension funds to raise the remaining funds. The first closure is expected by June 2011 with available funds of Rs 500 crore and the final closure will take place after a year, in June 2012. However, the company would start appraising project proposals and would start taking up due diligence of the infrastructure projects from May 2011 onwards. “The first fund closure will take place by June this year. But simultaneously we will also start considering the prospective projects for investments. […]
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