May 2011
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India Venture set to launch R500-cr healthcare fund

India Venture Advisors, founded by industrialist Ajay Piramal and former State Bank of India (SBI) chairman AK Purwar to focus on healthcare and life sciences segment, is set to launch yet another healthcare-focused fund by September. It plans to raise R500 crore via new fund. Launched in 2007 the firm has a corpus of R900 crore ($200 million). The new fund will also focus on social infrastructure sectors, like education, sources said. Confirming to FE, the launch of a healthcare-focused fund, Purwar said, “The investors in the fund will be domestic, including institutional and high net worth individuals (HNIs).” India Venture Advisors has invested $11 million in C&C Construction last year and $18.4 million in Sri Kavery Medical Care (Trichy) in 2009. […]

JP Morgan invests $30 mn in Parsvnath project

JP Morgan has invested $30 million in Parsvnath Developers' residential project La Tropicana coming up in the Civil Lines area of New Delhi. The deal includes an additional funding for the real estate group through JP Morgan's local NBFC in India. According to a source close to the development, part of the funds raised has been used by Parsvnath to provide an exit to Red Fort Capital, which had invested Rs 115 crore in the project in 2009. Red Fort has made a 30% return on its investment in the project, sources in the know of the deal said. Ernst & Young, which was the advisor to the deal, and JP Morgan did not comment on the deal. Parsvnath did not respond to ET's queries. […]

Amundi SA to Acquire 37% Stake in SBI Funds

SBI Funds Management Private Limited (SBI FMPL), the asset management company of the SBI Mutual Fund, is a joint venture between State Bank of India (SBI) and Societe Generale Asset Management S.A. (SGAM), a subsidiary of Societe Generale S.A (SG). On 9 July 2009, SG and Credit Agricole SA, entered into an agreement to undertake a global merger of their fundamental asset management business. Pursuant to the Global Merger, which has completed on 31 December 2009, SBI FMPL will shortly become a joint venture between SBI and Amundi S.A. (Amundi), a leading European asset management company. […] raises $16 Million in Series B Funding, an online portal for Indian fashion, raised its series B funding of $16 million led by Tiger Global Management LLC. The existing investors Accel Partners and Helion Ventures also participated in the funding. The amount raised will be used to fund its international expansion plans and sign exclusive contracts with India's fashion designers. Founded in June 2010, the company raised its first round of venture capital funding of $2.8 million from Accel and Helion in November 2010. The site offers a variety of products including jewelry, handbags, crafts, paintings and wedding attire. Their main target audience is the NRIs and it has been catering solely to the U.S. The site plans to reach one million active, registered members in the next few months. […]

PE, M&A activities in logistics, transport sectors to get further momentum

Merger and acquisition (M&A ) and Private equity (PE) activities in the transport and logistics sector in the country during the first five months of 2011 have seen a significant increase as compared to that for the same months last year. Last month alone witnessed five deals, including Warburg Pincus putting $100million in Continental Warehousing Corporation , Fidelity Growth Partners investing $13.5 million in Transpole Logistics and Aqua Logistics taking over Nikkos Logistics. Given the hectic activities, sources familiar with the development are expecting to see at least one deal every month on transport infrastructure and logistics sectors of the country . On the PE side, scores of India-focused funds managing over $20 billion are now eager to deploy capital given the recent slowdown. On the M&A side, the country presents itself as an ideal ground where industry consolidation has only just begun . […]

Oman Investment Fund, hedge fund to buy NSE stake in NCDEX

Oman Investment Fund and an anonymous hedge fund have agreed to buy India’s NSE (National Stock Exchange) stakes in the National Commodity & Derivatives Exchange (NCDEX) in a deal that would value NCDEX at 7 billion rupees, said Reuters citing an Economic Times Report. Oman Investment Fund (OIF) is a sovereign wealth fund owned by the Oman government. The report has left the hedge fund unnamed. If the deal is through, then it would mark the entry of a sovereign fund into India's seven-year-old commodity futures market. […]

Par Pharma to Buy India-Based Generic Drug Maker

Par Pharmaceutical Cos. will acquire India-based generic drug maker Edict Pharmaceuticals for up to $37.6 million. The company expects the deal to close by the end of the year and add to earnings in 2013. Par, itself a maker of generic drugs, has also been moving into the branded pharmaceutical market by developing updated versions of off-patent drugs. Privately held Edict develops and manufactures solid oral dosage generic drugs with a focus on niche first-to-file, first-to-market formulations. The company has eight abbreviated new drug applications awaiting approval from the U.S. Food and Drug Administration, one application filed in the name of a development partner and 14 products in development. […]

Air Works Sells 4.8% Stake to Elephant Capital Unit

A unit of Elephant Capital PLC has bought a 4.8% stake in India's Air Works for 2.45 million pounds ($3.96 million). Elephant Capital's investment is through its Mauritius unit, Tusk Investment Fund 1, the provider of aircraft maintenance, repair and overhaul services said in a statement. Air Works will also get another round of investment from the private-equity firm, it said, without elaborating. […]

India poised for $5 bln wave of PE exits from property – Nomura

Private equity investors are poised to exit roughly $5 billion worth of Indian real estate investments in the next two or three years, a Nomura report said, adding pressure to a sector struggling with access to capital and falling property prices. During the boom years of 2006-2008, India attracted an influx of private equity in property, a big chunk of it structured as debt, and in some cases developers will be forced to buy back the investment from the PE firms, the report said. “This will increase pressure on developers to generate cash flows through affordable pricing and better execution,” Nomura analyst Aatash Shah wrote. […]

Aloe Plans $501 Million Fund to Back Renewable Energy Ventures in Asia

Aloe Private Equity, a Mauritius- based company that focuses on Asia, seeks to raise as much as 350 million euros ($501 million) to invest in companies developing environmental technologies. The company expects to close in the third quarter the first funding round for its Aloe Environment Fund III with capital commitments of about 100 million euros, according to Vivek Tandon, co-founder and general partner at Aloe. It expects to investment in eight to 10 companies in fields such as waste management, recycling, water and energy efficiency that want to expand into Asia, Tandon said in an interview yesterday. “Entrepreneurs in Asia were very quick to realize that being green was a profitable business and the concept of reduce, reuse and recycle could save their companies money,” he said. Aloe has received commitments from two institutional sponsors and some of its existing partners. […]