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Apollo, ICICI Raising $350M Fund

U.S. private equity firm Apollo Global Management and ICICI Venture, the private equity arm of No.2 Indian lender ICICI Bank, are close to raising $350 million to invest in distressed assets in India, two sources with direct knowledge of the matter told Reuters. Few funds in India specialize exclusively in distressed assets, but a sharp slowdown in economic growth is expected to create opportunities to invest in struggling companies. U.S. private equity firm Apollo Global Management LLC (APO.N) and ICICI […]

JSPL buys stake in Gujarat NRE Oz arm

Jindal Steel and Power will acquire a little over 10 per cent stake in Gujarat NRE Coal’s Australian subsidiary, Gujarat NRE Coking Coal Ltd, for AUD 25 million (about Rs 135 crore). Besides, JSPL will also buy 5 million tonnes of coking coal over a 10-year period from the Australian subsidiary of the Kolkata-based firm, Gujarat NRE said in a filing to the BSE. “Gujarat NRE Coking Coal Ltd is pleased to announce that it has entered into an Option […]

Blackstone, Carlyle call off Reliance Communications deal

According to reports, private equity firms Blackstone and Carlyle have pulled out of their proposed deal with Reliance Communications. If finalized, they would have owned a majority stake in the telecom service provider’s telecom tower unit. Mr Anil Ambani’s Reliance Communications has long been looking for prospective buyers. Blackstone and Carlyle were reportedly on the final stages of buying a 95% stake in Reliance Infratel tower unit. The company is severely cash-strapped, and saddled with a debt equaling almost $7 […]

Warburg leads $32 mn Quickr investment

US private equity firm Warburg Pincus along with existing investors have pumped $32 million in fresh funds into India n online classifieds firm Quickr, the e-commerce company said on Tuesday. Quickr, which aims to use the cash to expand across online and mobile platforms, said existing investors that participated in this round include online retail giant eBay Inc, private equity Matrix Partners India and global venture capital firm Norwest Venture Partners. Rising incomes and aspirations to own big brands at […]

PE, VC, realty, hedge funds in Sebi ambit

Aiming to bring unregulated and lightly regulated investment funds like hedge funds and private equity-venture capital funds under its ambit, Sebi on Monday came out with a comprehensive framework called Alternative Investment Funds (AIFs) Regulations. Market players feel that regulating hedge funds and investment vehicles that trade with short-term objectives is a step in the right direction. But VC industry veterans feel the steps could make capital raising by Indian-origin funds difficult.

“AIFs Regulations endeavour to extend the perimeter […]

Birlas to buy 27.5% stake in Living Media

The big boys of India Inc are foraying into the media business . After RIL chief Ambani invested in Network 18 group , the billionaire chairman of the Aditya Birla Group, Kumar Mangalam Birla, is buying a 27.5% stake in Living Media Group, the publisher of India Today weekly magazine.

In a statement, which did not give details on the size of the deal, the AV Birla Group, which has interests ranging from metals to telecoms, said Living Media […]

PE industry to see moderate growth during 2012

Private equity and venture capital investors expect tempered growth of 10-25 percent in the PE industry during this calender year largely due to challenges in exiting investments and regulatory uncertainty.

According to the latest findings of Bain & Company’s India Private Equity Report, in 2011, the total deal value surged about 55 percent to USD 14.8 billion over the previous year, whereas this year over 65 percent private equity (PE) and venture capital (VC) investors surveyed expect moderate growth of […]

Carborundum Universal to buy out 3M’s stake in joint venture company Wendt India

Carborundum Universal (CUMI), part of Chennai-based Murugappa Group, has reiterated its intention to buy out 3M’s stake in joint venture company Wendt India, which has proved to be a bone of contention between the two for over a year now.

“I think still nothing has moved since last time,” CUMI MD K Srinivasan said in the company’s fourth quarter conference call. “”They have not come back to the table for any discussion or negotiations. And the Company Law Board […]

Jain Irrigation to buy remaining 50% stake in Israeli JV NaanDanJain

The Indian irrigation and sustainable agriculture giant, Jain Irrigation announced today that it has signed an agreement with Kibbutz Naan, to acquire the remaining 50% of the Israel based irrigation solutions Company NaanDanJain, which till now has been equally owned by Jain and Kibbutz Naan. This acquisition realises the call option that Jain Irrigation has held since acquiring the first 50% in 2007. Since signing the first agreement in 2007, NaanDanJain has increased its sales turnover more than 25%. In […]

Logistics firm DTDC buys 53% stake in Eurostar Express

Logistics major DTDC Courier and Cargo has acquired 53% stake in UAE-based Eurostar Express for an undisclosed amount.

“The acquisition allows DTDC to combine its strength with Eurostar and penetrate and consolidate its presence all over the West Asia, including GCC and MENA areas, more comprehensively,” said Suresh Bansal, director and head of international business, DTDC.

DTDC’s move to invest in a global company comes at a time when foreign companies are largely investing in firms in India. […]