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The Indian Motorsports League (IML), which is close to sealing a $400mn fund deal from two US-based PE firms and a Middle East-based sports fund, is also in the process of teaming up with a production house in Europe for broadcast rights in India. IML will use the funds to set up a race campus, car manufacturing facilities and race tracks. “Once the funds are secured, we will showcase the cars and start the races,” said Raj Kashyap, managing partner […] L Capital Asia, a private-equity arm of LVMH Moet Hennessy Louis Vuitton, is in talks to invest about $150 million to acquire a minority stake in a unit of India’s Raymond Ltd., the Economic Times reported Monday, citing people aware of the matter. L Capital Asia may buy a 10%-20% stake in Raymond Apparel, which owns brands such as Park Avenue, Parx and Notting Hill, sold via its exclusive retail stores, the report said. Source: WSJ Swiss private bank EFG is exiting Indian market with its top brass – managing assets estimated at $250 million – moving over to L&T Finance Holdings. The development marks L&T’s foray into private wealth management, providing it with a robust platform of assets to start, said sources directly familiar with the matter. Troubled by the Eurozone crisis, EFG decided to pull out earlier this year leading to the exit of its chief executive Manoj Shenoy and 12 private bankers, who […] The IT services arm of Indian steel-to-oil conglomerate Essar Group is in talks to raise $500 million to $600 million through a U.S. initial public offering and the sale of a stake to private equity firms, sources familiar with the matter said. Essar’s Aegis Ltd is in talks with private equity investors including U.S.-based Warburg Pincus and General Atlantic to raise as much as $200 million in an equity placement prior to an IPO, sources said, declining to be named […] Ethnic retailer Fabindia is understood to have sold 7% stake in the company to Azim Premji’s Premji Invest for about Rs. 125 crore to fund expansion. About a month ago, L Capital, the private equity arm of luxury conglomerate LVMH Group had also bought 8% stake in Fabindia from Wolfensohn Capital Partners. When contacted, neither Fabindia nor Premji Invest spokesperson offer any comments. Fabindia currently operates 141 retail stores across India and one store each in Dubai, Nepal and Italy. […] Sterlite Industries has offered to pay Rs 16,000 crore to buy government stakes in Hindustan Zinc (HZL) and Bharat Aluminium Company (Balco), in which the majority holding was acquired by the Vedanta group about a decade back. “Government had asked us, if we will be interested to take its stakes in HZL and Balco. We answered in the affirmative. As per the prevailing market price, we have offered Rs 16,000 crore for buying stakes. That was in January,” Chairman of […] Multi-brand car service chain Carnation Auto, promoted by former Maruti Suzuki India chief Jagdish Khattar has secured a fresh equity investment of 85 crore from Gaja Capital Partners, a Mumbai-based PE fund. This new round of financing will enable the privately held Carnation Auto to further consolidate its independent multi-brand auto solution network as well as also scale up its newly launched certified pre-owned car program across the country. “We are looking at rapid expansion both in the […] Rahul Bajaj-promoted Bajaj Holdings and Investment Ltd has picked a 3.06 per cent stake in the listing-bound Multi Commodity Exchange (MCX). In a notice to investors, MCX indicated Bajaj purchased 1.56 million MCX shares from Passport Capital LLC. The deal would lead to a change in the list of top 10 shareholders in the prospectus, the company added. Passport Capital, which operates as a hedge fund, was the fourth largest shareholder in the company with 2.5 million shares or 4.9 […] Australia-based Rapid Nutrition, a natural healthcare company, has entered into a joint venture agreement with in city-based Cheminnova Remedies. According to the JV understanding, Rapid Nutrition will pick up 74% of Cheminnova stakes in the next 24 months, through a special purpose vehicle of the Australian company in India, said Vasudeva Rao, managing director, Cheminnova. “The current holding of promoters is 100% and Rapid Nutrition will hold 74% equity in 18 to 24 months time and we will end up […] Gitanjali Gems, India’s largest jewellery retailer, is close to acquiring a jewellery retail company in China and hopes to announce a deal in the next 2-3 months, a top official said. In December 2011, it acquired Hong-Kong based jewellery manufacturing company Crown Aim, but has so far not disclosed the financial details of the deal. We are looking at another company in China as that market is very attractive for us, Abhishek Gupta, head of corporate strategy, said in an […] |