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Mumbai-based ANI Technologies, which runs the 'book a cab' service Olacabs.com, has raised its first round of funding from Anupam Mittal and angel investor Rehan Yar Khan along with smaller investors, reports Techcircle.in. Anupam Mittal is online entrepreneur and the founder and Chairman, Managing Director of People Interactive, known for its flagship matrimony site Shaadi.com. Rehan Yar Khan is an angel investor and founder of Flora2000, an ecommerce site for flower retailing targeting global markets. Khan has also invested in Hyderabad-based MyZingo eCommerce Service, which runs BuyThePrice.com, an e-commerce site for consumer electronics and appliances. […]
Kishore Biyani’s Future Ventures India plans to raise its stake in women’s ethnic wear maker Biba Apparels and edutainment company Amar Chitra Katha, and is also seeking new opportunities to invest in the fast moving consumer goods and fashion sectors. Currently Future Ventures holds 17.3% stake in Biba, which will be upped to 28% soon, the company’s chief executive officer KK Rathi said. It also plans to increase its stake in Amar Chitra Katha to 26% from 13.7% presently, he said. Future Ventures is promoted by various Future Group companies. It has invested in several companies including Indus League Clothing, Biba Apparel, AND Designs and Global Desi in fashion; Capital Foods and Future Consumer Enterprises in food and FMCG and Aadhar Retailing in rural retail. […]
Tata Steel, the world’s seventh largest steel producer, on Thursday said it has agreed to sell 51% stake in its unit Tata Refractories (TRL) to Krosaki Harima Corp (KHC), valuing the company at Rs 1,130 crore. KHC is an associate company of Nippon Steel Corporation of Japan. Under this arrangement, KHC will acquire 51% equity stake out of Tata Steel's current 77.46% stake in TRL. The transaction is subject to approval of relevant regulatory authorities in India and Japan, Tata Steel said in a statement. Tata Steel will continue to hold 26.5 % in Tata Refractories. According to the steel major, this transaction will enable TRL to access the latest technology and diversify its product offering. It will also provide TRL an opportunity to easily access markets outside. On Wednesday, Tata Steel had said it signed a licensing agreement with mining major Rio Tinto for commercial development of environment-friendly direct iron smelting process, called HIsarna. […]
air Capital, a US-based private equity group, has emerged as the missing link connecting the foreign shareholders, who according to Reserve Bank of India, acted in concert to acquire over 16% stake in Tamilnad Mercantile Bank. Earlier this week, RBI rejected a 2007 sale of shares by NRI businessman Sivasankaran to foreign investors including, FI Investments, Cuna Group, Kamehemaha Investors and Swiss Reinvestors—all incorporated in Mauritius—through which the investors arranged by Corsair Capital invested, sources said. Although the sale represented over 16% stake in the bank, none of the investors individually bought more than 5% as RBI does not permit any investor or investors in concert to hold more than 5% stake in a bank. […]
Facor Alloys said that it has acquired controlling interest in BEC Power by paying a total consideration of INR 159.9 million. BEC, an independent power producer is in the process of setting up a 600 MW thermal power project in the state of Chattisgarh state for which it has received various clearances from concerned regulatory authorities. India is a power deficit Nation and there is a burgeoning demand of power. Given huge demand supply gap, Company views the business of generation and distribution of power as new growth area. […]
Iron ore miner and political leader G Janardhana Reddy has divested his personal stake in Brahmani Industries Karnataka, a ten-month-old entity planning a mega steel plant in the mineral rich Bellary district, to the Miglani family, promoters of Uttam GalvaSteel, for Rs 285 crore. But Reddy, who is state minister in Karnataka's Bharatiya Janata Party (BJP) government, and his politically influential family will be retaining complete ownership of their flagship steel firm Brahmani Industries, which is setting up a Rs 6,000 crore plant in Kadappa district of Andhra Pradesh. “I have sold Brahmani Industries Karnataka, which was fully owned by me, to the Miglani family, since I wanted to divest all business interests in the state (due to political controversies). But Brahmani Industries, which is owned by our family enterprise, Obalapuram Mining Company, is going ahead with plans to build a 1.25 million tonne steel plant in Andhra Pradesh. […]
US-based travel solutions company Concur on Monday said it would invest $40 million (about Rs 180 crore) in Cleartrip, one of the leading online travel portals in India, to buy an undisclosed minority interest. Concur, which is 15% owned by American Express, aims to expand its corporate travel and expense management solutions business in India through this alliance with the unlisted Cleartrip. The deal comes within a year of Makemytrip, another leading online travel portal, raising $70 million through its maiden public offering on Nasdaq last July. […]
In a bid to achieve the audacious target of doubling the group's turnover to $65 billion by 2015, Kumar Mangalam Birla-owned Aditya Birla Group is in a major acquisitive mode. In its third acquisition so far this year and the second on the trot over the last two working days, the group on Monday announced the buyout of Domsjo Fabriker, a leading Swedish speciality pulp and bio-refinery company, for $340 million (Rs 1,507 crore). The latest acquisition has been routed through its global companies, Thai Rayon Public Company ( Thailand) and Indo Bharat Rayon ( Indonesia), which have acquired the marquee pulp company from a Swedish consortium. The group will pump in an additional $75 million into expansion, taking the total cost to $415 million, which will be funded through a combination of debt and internal accruals. […]
Private equity firm Avigo Capital Partners plans to buy 9.27% stake in Malvinder and Shivinder Singh-promoted Super Religare Laboratories (SRL), ahead of the diagnostics chain's maiden public issue. Avigo Capital Partners, which invests in small and mediumsized firms, will subscribe to around 53 lakh shares of SRL at Rs 189 a share through a Mauritius-based investment arm, according to ET calculations. After the IPO, Avigo's stake in the country's largest diagnostic services firm will drop to 6.6%. Achal Ghai, Avigo's founder & managing director, said on Monday: “We are confident about exponential growth of diagnostic services in India and overseas for SRL.” The private equity firm that has over $365 million under management , is currently investing from its third fund. In its draft prospectus filed with market regulator Sebi, SRL said it was looking to issue around 28 million shares in the public issue, including shares to be sold in a pre-IPO deal. […]
In a move that will enable foreign governments to make more investments in Indian stocks , capital market regulator Sebi has allowed them to buy to a maximum of 20 per cent stake in any listed company without any additional obligations. The proposed threshold of 20 per cent is twice the current limit of 10 per cent, beyond which sovereign wealth funds, or investment arms of foreign governments need to make an open offer for buying any additional stake. Sebi, which will grant any such approval on case-by-case basis, has also sought changes in the relevant central government regulations about foreign investments, said a senior official. A proposal to this effect was approved at a Sebi board meeting on March 25 and the new guidelines would be announced soon, he added. […]
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