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After pushing the Government to allow foreign airlines to invest in domestic airlines and seeking a debt recast from banks, debt-ridden Kingfisher Airlines may be looking for investment from China. Hong Kong-based private equity firm, Bravia Capital is said to be eyeing an investment in Kingfisher Airlines. When contacted, a spokesperson for the airline merely said, ‘no comments’. And e-mails sent to Bravia Capital remained unanswered. Government sources said that there were no restrictions on investments from China, including Hong […]
Kishore Biyani’s Pantaloon Retail (India) Ltd, today denied a newspaper report that said the company had sold its stake in Future Capital Holdings and Future Future Generali Life. The Mumbai-based group informed the stock exchanges that it denies any such transaction “at this stage.” The denial came after The Economic Times today reported, citing people close to the development that the retail entrepreneur will sell his financial services units to Deccan Chronicle and Industrial Investment Trust (IITL), through two separate […]
State-run Bank of India said late on Saturday it would acquire a 51 percent stake in Bharti AXA Investment Managers Pvt Ltd, an asset management company to Bharti AXA Mutual Fund. Bharti AXA Mutual Fund is a joint venture between Bharti Enterprises and AXA Investment Managers, the bank said in a statement. The remaining stake will be held by France’s AXA Group , it added. Financial terms of the transaction, which was advised by Ernst & Young, were not disclosed. […]
Nashik-based Valle de Vin, maker of Zampa wines, will merge with Bangalore-based Grover Vineyards within a month to create the country’s second largest vintner after Sula Vineyards. The merged company will be called Gover Zampa Pvt Ltd, Valle de Vin owner Deepak Roy said.
Roy said Grover Vineyards owner Kapil Grower, Valle de Vin co-owner Ravi Jain and himself will make up the executive committee to manage the merged entity, but refused to share the post-merger shareholding pattern. He […]
Carlyle, New York Life PE in talks to invest $100 million in parent, arms.
Everonn Education, India’s largest technology-enabled education firm, is getting ready to enroll more global marquee investors.
Two months after the Dubai-based Varkey Group came on board, global private equity majors — Carlyle Group and New York Life Capital Partners — are in advance talks with the company to pick up a stake, said two people following the development. Once completed, it could be the largest private […]
UTV Software Communciations has acquired the promoter and employee shareholding of 30.02 per cent in Indiagames — mobile and online gaming developer and publisher — for Rs 94.56 crore. Walt Disney already owns majority stake in Indiagames, as it acquired media conglomerate UTV in a Rs 2,000-crore deal in July this year. This values Indiagames at Rs 300 crore, six times its FY10 revenue of Rs 54 crore, making the deal one of the largest in the Indian gaming space. Disney will own 86.02 per cent stake in the company from its earlier 56 per cent. An announcement from UTV on the Bombay Stock Exchange said it was also in talks to acquire the 14 per cent stake from other investors. […]
Reliance Capital Asset Management Ltd, the mutual fund arm of the Anil Ambani-controlled Reliance Group, may sell a 26% stake to Japan’s Nippon Life Insurance Co. Two Reliance Group officials said that the companies are in advanced talks and the transaction may be clinched at a valuation of up to Rs4,000 crore, which would be a record for a mutual fund stake sale. “Nippon Life has vast experience in managing assets. They bring expertise and scale on board. On the other hand, Nippon gets direct access to the growing financial services market in India through one of the most profitable Indian fund houses. So it benefits both,” said one of the two Reliance Group officials, both of whom declined to be named as final approvals are yet to be secured. […]
Marquee ethnic wear chain Fabindia has acquired majority stake in the UKbased womenwear retailer EAST. The New Delhi-based Fabindia has the option to buy the balance stake and take full control of the foreign retailer within a year, said a top company executive. Although the deal size could not be independently ascertained, industry insiders peg it between Rs 35-40 crore for 62.5% stake. “With the acquisition, we have the option of getting EAST products into India and also improving our apparel line using their design capabilities and technology,” said Sunil Chainani who represents Fabindia on the board of EAST. He, however, refused to disclose the deal size. Fabindia, known for its handcrafted jewellery and Kurta made from hand-woven fabric, acquired a 25% stake in EAST, for an undisclosed amount in early 2009 with the option of acquiring the rest in the next three years. […]
Bank of India (BoI) is “revisiting” its plan to buy 51% stake in Bharti AXA Investment Managers, a source with the public sector bank said. “Considering the current market conditions, we will revisit this plan and the board will take a final call on the deal,” the source said on condition of anonymity. An email query sent to Bharti AXA Investment Managers on Tuesday remained unanswered at the time of going to press. Bank of India, which had exited the mutual fund business in 2004, has confirmed that it is committed to re-entering the asset management business now. […]
GAIL has once again set the cat among the pigeons by offering to buy the Asian Development Bank's entire 5.2% stake in Petronet LNG Ltd, a private company promoted by state-run oil companies for importing gas in ships. It has written to petroleum secretary G C Chaturvedi, who is the company's ex-officio chairman, that the stake can be equally split among the three other state-run promoters of Petronet if they too wanted a share of the pie. GAIL, ONGC, BPCL and IOC have 12.5% stake each in Petronet . French major Gaz de France holds 10%. The shareholders agreement gives all five of them the first right of refusal in case the ADB sells its stake. […]
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