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IL&FS Investment Managers, the private equity arm of IL&FS, is in advanced talks to pick up the Hershey Company’s 51 percent stake in its joint venture with the Godrej Group, the Economic Times newspaper said on Wednesday. The Godrej Hersheys joint venture, which is likely to come apart due to differences in business strategy between the partners, is valued at 5.5-6 billion rupees, the report said, citing investment banking sources. The deal will allow IL&FS to regain ownership of the […] Hyderabad-based Associated Broadcasting Company Ltd (ABCL), which runs a clutch of regional news channels, has mandated Edelweiss Capital to find an investor that also includes complete exit from the business if the valuation is right. ABCL has a fund requirement of Rs 4 billion to launch news channels in Tamil for the Chennai market, Oriya and Hindi for the National Capital Region (NCR). The plan is to expand its fleet of channels to nine. “We are looking at an investor […] IT consulting and outsourcing company, Mahindra Satyam (formerly Satyam Computer Services Limited), has signed an agreement with New Delhi-based Dion Global Solutions Limited to acquire a strategic stake in the latter by way of fresh issue of equity shares. “Mahindra Satyam will pick up around 15% stake in Dion Global initially, which is expected to be increased at a later stage,” a top official of Mahindra Satyam said, requesting anonymity. In a filing to the BSE on Friday, Mahindra Satyam […] Flipkart, the poster child of Indian eCommerce, has acquired LetsBuy for $25 mn. This is a sign of things to come for eCommerce in India as lot of startups are looking for a payday. If 2011 was the year of starting up eCommercing sites selling anything from pots to shoes, 2012 would be an year of reflection and consolidation. The news is broke by Medianama yesterday night. Mainstream media doesn’t have it yet and also the news and other details […] Thomas Cook Group Plc said it will sell the 77.1% stake it holds in its Indian unit if the company gets an attractive offer, and use the funds to reduce debt. The UK-based tour operator said it has received a number of unsolicited informal expressions of interest from third parties to buy its stake in Thomas Cook (India) Ltd and has decided to start a formal sale process. “If the offers are attractive, we will consider selling our stake […] Bahraini telecommunications company Batelco Group on Wednesday said it was selling its stake in Indian mobile operator S Tel for $174.5 million, just days after India’s top court nullified more than 100 mobile phone licenses. Batelco amassed its 42.7 per cent stake in S Tel less than three years ago. It said it hoped to complete the sale to India’s Sky City Foundation by the end of October. Batelco said it had been considering offloading the S Tel stake since […] Healthcare service provider Apollo Hospitals and medical technology company Trivitron Healthcare on Monday announced a joint venture for a chain of dental clinics in the high-end and affordable healthcare segments in the country. The joint venture, Alliance Dental Care, is looking to set up 100 clinics across India over the next 18 months of which 5-7 will be luxury dental spas for cosmetic procedures, 40-50 will be dental studios in major metros and the rest affordable dental care centres. Apollo […] After backing SKS Microfinance, Sequoia Capital is now betting on another microfinance player, Bangalore-based urban poor-focused Ujjivan Financial Services, a member of the Grameen Network, Bangladesh. Sequoia Capital on Wednesday said it had participated in the fifth round of equity financing by Ujjivan, and was now the single-largest shareholder, with a stake of around 15.7 per cent. It added it had raised Rs 127.9 crore ($25.5 million). Two new foreign institutional investors (FIIs), FMO (Netherlands Development Finance Company) and WCP […] Au Financiers (India) Pvt. Ltd, a Jaipur-headquartered non-banking financial company (NBFC), is in talks with private equity (PE) investors for a third round of primary funding, said three people familiar with the development. “The company has initiated talks with Warburg Pincus India Pvt. Ltd, Carlyle India Advisors Pvt. Ltd and other investors,” said one of the persons. Ernst and Young Pvt. Ltd has been given the mandate, confirmed the second person. Two of them are directly associated with the company, […] Starbucks Corp, the world’s largest coffee company, signed a deal with Tata Global Beverages to open its first coffee shop in India, a year after it announced its retail foray into the country. The Seattle-based company signed a pact with Tata Global Beverages in January 2011 to buy coffee from India and open retail outlets in the country. Tata Global Beverages, part of the salt-to-software Tata conglomerate, said it would form an equal joint venture with Starbucks to run cafes […] |