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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. […]
The Indian private equity venture of Fidelity International Ltd. has invested $13.5 million in Transpole Logistics Pvt. Ltd., a New Delhi-based company. Fidelity wants to take advantage of the rapid growth of the logistics business as India's economy expands. The move comes about a fortnight after private equity firm Warburg Pincus India Pvt. Ltd. invested $100 million in Chennai-based Continental Warehousing Corp. (Nhava Seva) Ltd., a unit of the NDR Group. Warburg Pincus India has deployed $2.5 billion in the country. Fidelity Growth Partners India has invested in Transpole through an instrument that can be converted into equity at a later date, said Sandeep Upadhyay, who heads the infrastructure and logistics team at Centrum Capital Ltd., which was the financial adviser to Transpole on the deal. […]
Starved by banks who are going slow on loans to realtors and slowing sales of apartments, smaller real estate developers in western India are wooing private equity investors to raise as much as Rs 1,000 crore to invest in their new projects. Real estate developers such as Maharashtra-based Everest Developers, Puranik Builders, Sunjana Realtors and Omkar Realtors are planning to raise around Rs 300 crore each through private equity funds. “In March-April period, residential sales were down and cash flow of many developers has come down. Banks are also very cautious to lend to real estate players. Private equity players are showing interest since they will be able to get better deals,” Ravi Ahuja, director at Cushman and Wakefield, said. […]
Oman Investment Fund (OIF), a sovereign wealth fund (SWF) owned by the Omani government, may buy close to 5% in upcoming Universal Commodity Exchange (UCX), making it the first investment by an SWF in a local commodity bourse and reflecting the growing interest of foreign investors in India's nascent commodity futures market. The deal, if completed, will value the yet-to-be-launched UCX at Rs 400-500 crore, around 30% lower than that of NCDEX, India's second-largest commodity exchange (commex), promoted by Delhi-based broker Jaypee Capital Services and leading sugar refiner Shree Renuka Sugars . “OIF has completed the due diligence process and will bring the money in shortly,” said a person with knowledge of the development. “There seemed to have been some differences over valuation but these have been sorted out with each UCX share likely to change hands at a premium of Rs 30-40 to the face value of Rs 10, or Rs 20-25 crore,” he added. […]
Bangalore-based operations and business support systems provider Subex is mulling sale of 60% stake to a strategic investor. Global management consulting and technology services firm Accenture is learnt to be the frontrunner for buying the stake in a deal that could be in the range of R500-600 crore. Though both the firms denied any such development, people privy to the matter told FE that Subex is in fact in talks with various players in the industry including the Indian arm of Accenture for the stake sale. If the deal materialises, it would be fifth such deal in the technology segment in India in 2011. […]
Providence Equity Partners a leading global private equity firm specializing in equity investments in media, entertainment, communications and information services companies around the world has invested around Rs. 260 crore in a mix of primary and secondary investment in UFO Moviez India Limited. UFO is the world’s largest satellite based Digital Cinema Service with close to 2,500 installations across India and is the only Company in the world delivering MPEG – 4 High Definition content for Digital Cinema via satellite. It has revolutionized the way films are distributed and exhibited through its technology, infrastructure and unique pay per show business model, bringing in a 'First Day First Show' regime for film distributors and cinema owners. Said Bis Subramanian – Managing Director, Providence Equity Advisors India Private Ltd. “Providence is delighted to partner with UFO Moviez, which is an innovative player in the film distribution and exhibition space in India. This is an exciting opportunity as the Company has pioneered a highly cost effective satellite based High Definition Digital Cinema system for delivering movies and other live content and is making a significant impact in the industry. […]
iProf Learning Solutions India, offering personal education tablet and chain of Wi-Fi-enabled e-learning centres, has announced it has secured R22 crore in series A funding from Norwest Venture Partners (NVP) and IDG Ventures India (IDGVI). The capital will be used to fuel expansion of iProf’s e-learning centres (iProf iStudy Zones) in metros and tier II and III cities throughout India and abroad. Besides, it will also launch a large number of new iProf products with partnerships with professors. […]
Yatra Online Private Limited (‘Yatra.com’), India’s leading online travel company, today announced receiving funding of Rs 200 crores from blue chip investors including Valiant Capital Management, Norwest Venture Partners (NVP) and Intel Capital. The investment will help accelerate Yatra.com’s growth plans by enabling the company to increase sales and marketing activities, expand its hotels and holidays business and selectively pursue strategic acquisitions. Based in Gurgaon, India, Yatra.com is a one-stop-shop for all travel-related services. A leading consolidator of travel products, Yatra.com provides reservation facility for more than 3,800 hotels across 336 cities in India and over 90,000 hotels around the world. Yatra.com partners with domestic and international airlines to offer flight-booking services at the best rates. […]
India Inc has favoured the country setting up a sovereign wealth fund to service the needs of fast growing economy, especially the infrastructure sector, says a survey. A majority of the respondents surveyed pegged the size of sovereign wealth fund (SWF) at USD 50 billion, the survey by industry body Assocham said, adding that the fund structure should be based on a public-private-partnership model. […]
ta Steel will sell its 51 per cent stake in group company Tata Refractories to Nippon Steel''s associate Krosaki Harima Corporation (KHC) for Rs 576.3 crore and induct the Japanese firm as a strategic partner “Under this arrangement, KHC will acquire 51 per cent equity stake out of Tata Steel''s current 77.46 per cent stake in Tata Refractories (TRL),” the leading Indian steelmaker said in a statement today. Both the companies have entered into definite agreements for the deal, it added. Tata Steel would continue to hold 26.46 per cent stake in the TRL — the largest domestic refractories manufacturer. […]
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