August 2012
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Cos eye listing abroad for smooth exit of PE firms

Indian companies are mulling overseas listing to pave the way for smooth exit of their Private Equity (PE) investors, experts say. A large number of international PE funds made investments in India during 2006 to 2008, but they are holding on to their portfolios firms for lack of good exit opportunities. According to investment bankers, some possible listing candidates include mobile software companies like InMobi, IMIMobile, One97 Communications, iYogi, online travel portal Yatra.Com and e-commerce players like Flipkart and SnapDeal.


Goldman Sachs picks up 26% in Nova Specialty Surgery

Short-stay surgery provider Nova Specialty Surgery has raised 300 crore from Goldman Sachs and existing investor New Enterprise Associates, to expand its network of centres and fertility clinics in the country. The private equity arm of Goldman Sachs Group, which led the round, has invested 220 crore for a 26% stake in the company that makes it the largest shareholder. Other investors in the company include Omani industrial group OMZEST and GTI Group, a New York-based investment firm. “It is […]

Gita Piramal divests 95% stake in BP Ergo to HNI Corp

Gita Piramal, business historian and the author of Business Maharajas, has divested her entire 95% stake in office furniture company BP Ergo for an undisclosed amount to American furniture major HNI Corp. Investment banking officials said the total enterprise valuation of the company is around Rs 200 crore. The deal will help the world’s second largest furniture company to own capacities capable of providing furniture to two lakh people annually in a fast-growing market like India.

BP Ergo’s manufacturing facilities […]

PE investments slips 35 per cent

The gloom on the economic front both domestically and abroad has resulted in private equity investments in the country falling 35 per cent during the April-June quarter, a report has said. Private equity funds invested USD 1,616 million in 97 deals during the quarter, which is 35 per cent lower in value terms and 23 per cent down when compared with number of deals, the report by consulting major PwC has found. “As the global economic environment continued to remain […]

Piramal Enterprises picks up 27% stake in Bluebird Aero Systems

Piramal Enterprises, of the Ajay Piramal-led group, joins the list of Indian companies that see a growing opportunity in the Defence sector. It has picked up a 27.83 per cent stake in Bluebird Aero Systems, an Israel-based unmanned air systems manufacturer, for about Rs 40 crore ($7 million). Bluebird is set to bid for contracts in India. Piramal’s deal with Bluebird Aero Systems is considered unique as the company is an initiative of former engineers of the Israel Defence Forces. […]

L&T may buy entire stake in Audco

India’s biggest engineering and construction conglomerate Larsen and Toubro Ltd (L&T) is planning to acquire the entire stake of US-based Flowserve Corp. in their 50:50 joint venture (JV) Audco India Ltd, according to an internal discussion held last week, to strengthen its core valves business. The development was confirmed by three company executives who declined to be named as they are not company spokespersons. They said the company is reviewing its partnerships and will mostly seek majority shareholding in JVs […]

L Capital plans LVMH-like model in India

PE firm L Capital is in talks with top Indian designers to create an Indian luxury house on lines with its parent company — Paris-based LVMH Moet Hennessy Louis Vuitton. According to sources, the company is in final stages of talks with two of India’s top fashion designers — Rohit Bal and Sabyasachi Mukherjee – along with specialist multi-designer retailer Evoluzione for the planned venture.

Along with consolidating their separate labels under a single corporate structure, each of them will […]

India gets first domestic hedge fund in Forefront

India has just got its first hedge fund, with the Mumbai-based Forefront Alternative Investment Trust registering itself with the Securities and Exchange Board of India (Sebi) under the new alternative investment funds rules, which were notified in May.

The list of new AIFs put up by Sebi over the weekend placed Forefront Alternative Investment Trust in Category-III, a segment reserved for hedge funds.

As per Sebi’s May notification, a Category III AIF can employ “diverse or complex trading strategies and […]

PE exits drop to $108 million in Q2

Private Equity players have offloaded stakes worth $108 million in the second quarter of this year through 12 transactions, a decline of a whopping 89 per cent from the comparable period a year ago.

According to a research report by PricewaterhouseCoopers, in the April-June quarter there were just 12 private equity exits worth $108 million, witnessing a decline of about 89 per cent in terms of value and 33 per cent in terms of number of deals a year ago.


Kamdhenu in talks with PE firms to raise up to Rs 100 cr

Kamdhenu Ispat today said it is in talks with private equity firms to raise up to Rs 100 crore for setting up a plant to produce raw material for its paints division and meeting working capital needs. “We are in talks with private equity firms, both domestic and international, to raise up to Rs 100 crore for expanding the paints division. The deal is likely to happen in a couple of months from now,” Kamdhenu Ispat’s Chief Financial Officer Harish […]