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Private equity firm Ascent Capital has invested Rs 200 crore in Karaikal Port Private Ltd (KPPL), a subsidiary of Chennai headquartered Marg Ltd. The funds will be used for the Marg Karaikal Port-Phase 2A expansion, which is expected to enhance its capacity from the planned 21 MMTPA to 28 MMTPA and involves an additional capex of Rs 600 crore. KPPL had entered into definitive agreements with Ascent and as per the terms of the agreements, the latter would invest Rs 200 crore by way of secondary purchase of promoter equity shares amounting to Rs 150 crore and by way of primary infusion of Rs 50 crore by subscribing to compulsorily convertible preference shares. The deal values KPPL at Rs 1,330 crore on a pre-money basis. […]
After growing nearly 10 times in the past six years—from handling $300 million (Rs.1,395 crore today) of assets in 2005 to $3.2 billion in 2011—IL&FS Investment Managers Ltd (IIML), the largest private equity (PE) firm in India, plans to focus on consolidating its position this fiscal even as it is raising three funds. “In 2005, given the growing opportunity base and stability of the PE industry, the strategy was to splice the business and create well-defined funds,” said Archana Hingorani, chief executive and executive director, IIML. Accordingly, IIML grew the business along three business segments—growth private equity, infrastructure and real estate. […]
Private equity investment in India's real estate sector declined by around 20.2 per cent to $ 831 million (about Rs 3,740 crore) in the first five months this fiscal due to sluggish demand. Factors like the tight availability of funds with PE players and delays in project execution prompted fund houses to adopt a cautious approach toward the real estate sector, according to data compiled by research firm Venture Intelligence. PE players had pumped $ 1,041 million (around Rs 4,685 crore) into the realty sector during the April-August period of the previous fiscal, as per the data. […]
LeapFrog Investments has invested Rs 67 crore ($15 million) in Shriram Credit Co Ltd for a 10% stake in the company. This is LeapFrog's first investment in India and the Rs 600-crore fund is focused on insurance and financial services firms catering to the under served market in Africa and Asia. “Nearly 30% of the fund would be dedicated to investment in Indian insurance companies,” said Dr Jim Roth, co-founder, LeapFrog. The fund has earmarked Rs 180 crore for investment in Indian firms that underwrite or distribute insurance. […]
Sanlam Ltd (SLM), a South African-based insurer, is to buy 26 per cent in Shriram Capital Ltd (SCL), part of the Rs 30,000-crore Shriram Group. The estimated investment is Rs 2,000 crore. According to sources in the Group, $266 million (Rs 1,200 crore) will come as cash from Sanlam. The additional amount will come as upstream investment in the insurance business. “They (Sanlam) will now have indirect holding in the insurance business, through Shriram Capital. Both the companies are waiting for the regulators' nod,” said the source. Sanlam joined hands with Shriram Group five years earlier to launch Shriram Life Insurance Company Ltd. A 26 per cent stake was taken by Sanlam. After the this, the partners launched a non-life insurance company, Shriram General Insurance Ltd, three years before, in which Sanlam again took 26 per cent. […]
The Planning Commission expressed its desire that India should set up a sovereign wealth fund with an initial corpus of $10 billion, mainly to invest in energy and mining assets overseas, reports said, quoting Deputy Chairman Montek Singh Ahluwalia He said “Sovereign Wealth Fund is something that the Finance Ministry is looking at. We have suggested to start with $10 billion.” Sovereign Wealth Fund is a government-owned corpus where money is pooled in from state resources to invest in overseas assets. India has been mulling to set up its own fund to acquire strategic overseas assets in mining and energy segments to meet its future needs. […]
The Tommy Hilfiger Group, which is wholly owned by PVH Corp., announced that it has completed a transaction with the Murjani Group resulting in its acquisition of a direct interest in the Tommy Hilfiger business in India. The transaction includes the buyout of the Murjani Group's license for the Tommy Hilfiger trademarks in India and the acquisition of its 50% interest in Arvind Murjani Brands Pvte. Ltd. (AMB). AMB has been the apparel sublicensee of the Tommy Hilfiger brand since its introduction in the Indian market. Arvind Limited is the other partner in AMB. The reconfigured joint venture will continue its existing businesses going forward, as well as take on the management of the other sublicensees in India. This move establishes the Tommy Hilfiger Group's direct interest in India and builds upon a pre-existing partnership with Arvind Limited, a seasoned leader in the Indian apparel business. Terms of the transaction were not discloed. […]
India's gaming and hospitality company Delta Corp is in talks with some of the world's leading hotel and casino operators, including MGM Resorts International to sell a stake, the Economic Times reported on Friday. Delta, the biggest casino operator in India, has appointed Citi and UBS to find a strategic investor, the newspaper said, citing its founder Jaydev Mody. […]
India's largest sugar refiner Shree Renuka Sugars is in talks with several private equity companies and strategic investors to sell 25% stake to retire debt in its wholly-owned company Renuka Brasil Holdings, through which it owns two sugar companies in Brazil. Shree Renuka is India's first sugar company with multinational operations. About 50% of the company's revenue comes from its Brazilian subsidiaries. Shree Renuka is also learnt to have tied up with commodities and energy trader Olam International for marketing its sugar and ethanol output in Brazil. The combined cane crushing capacity of the Brazilian subsidiaries is 13.6 million tonne per annum. […]
Shalby Hospitals, an Ahmedabad-based super-specialty hospital, has acquired a majority stake in Vrundavan Hospital Pvt Ltd, a Goa-based hospital. Vrundavan Hospital has three units in Goa state and it is the only hospital in India conducting 3,000 kidney dialysis every month. “We have acquired 55% equity in the Goa-based hospital, which has combined capacity of 120-bed in all of its three units in Goa. As it provides only primary and secondary healthcare, it refers all the cases to hospitals in Mumbai or Chennai for further treatment. Now, such cases would be diverted to Shalby's units in Ahmedabad, where we will give the patients tertiary treatment,” said Vikaram Shah, chairman and managing director, Shalby while announcing the acquisition. Meanwhile, Shalby Hospitals the healthcare provider, known worldwide for knee surgery replacement, has won the award for “Best Operational Excellence in Healthcare, 2011”, from Federation of Indian Chambers of Commerce and Industry (FICCI), New Delhi. While the hospital won the award in the category of best managed hospital in the country, average life of hospital stay, which is 4.5 days in case of Shalby, was one of the main parameters considered for selection. […]
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