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Telecom and IT services firm Spanco Ltd is in talks to bring in private equity investment in its BPO business and expects to close a deal in the next six months, an official told Reuters late on Monday. “We will bring in a private equity investor and give an exit through an initial public offering in three years,” Kaustubh Dhavse, vice president, strategy, said. This investment will be a part of the 5-billion-rupee influx of funds approved by the company's board in March. The firm, whose BPO business clocked revenue of 2.1 billion rupees, expects the business to double in FY12 as it expands its operations in both Africa and India, Dhavse said. […]
Janalakshmi Financial Services, a Bangalore-based microlender to the urban poor, raised 650 mln rupees ($14.4 mln) in its third round of private equity funding taking the total amount to a little over 1 bln rupees, Chairman Ramesh Ramanathan told reporters on Wednesday. Funds to India's microfinance sector have dried up after it suffered a setback late last year when Andhra Pradesh, which had the largest microfinance market in India, approved legislation to regulate the industry following complaints about high interest rates, aggressive recovery practices and overextended borrowers. “Coming after a major crisis in the sector, this is a major transaction and is a clear sign that the tide is turning for microfinance,” Ramanathan said. Citi Venture Capital International has acquired a significant minority stake in the company through this latest round of funding, though he did not reveal details. Other investors in this round include TreeLine and other existing private investors. Bangalore-based Unitus Capital was the lead arranger and adviser of the issue. Morgan Stanley also acted as an adviser. […]
Online recruitment firm Jobs in Dubai has been sold to an India-based investor for $9 million (Dh33 million). The firm, which claims to be one of the largest online recruiting portals in the Middle East, announced Tuesday that the deal was inked on June 7. The company is now moving to finalise the sale of the eight-year-old company that claims to have the largest database in GCC and UAE of both jobseekers and companies. Nofel Izz, Jobs in Dubai CEO, told Gulf News in an earlier interview that the aim of the sale was to find a larger entity that could take the success of the company to a larger audience. […]
The Analjit Singh-promoted Max India Friday said that it has got approval for acquisition of private equity firm Warburg Pincus group’s entire shareholding of 16.37 percent in Max Healthcare Institute for Rs.140 crore. ‘The board of directors of the company accorded its approval for acquisition of 47,617,924 equity shares of Rs.10 each of Max Healthcare Institute Limited (MHC), constituting the entire shareholding of 16.37 percent held by entities forming part of Warburg Pincus group,’ the company said in a regulatory filing. The acquisition is expected to be completed by Dec 15, 2011, after receipt of all regulatory approvals. […]
France's Schneider Electric will buy 74% in inverter-maker Luminous Power Technologies for Rs 1,400 crore, making its eighth acquisition in two years in the rapidly-growing market. Luminous Power would continue to operate with the same management and brand. Luminous had debt of Rs 240 crore at the end of March, earned Rs 1,100 crore revenue during the year, and employs about 3,000 people at nine sites in India and China. ET had first reported Schneider's approach on April 1. Schneider Electric India managing director Olivier Blum said the joint venture would provide the company a strong platform to reach out to Indian consumers that is growing at 20% every year. […]
Nippon Steel's associate Krosaki Harima Corporation (KHC), a leading global refractory maker, has completed the acquisition of 51% stake in Tata Steel's group company Tata Refractories(TRL) for Rs 576.3 crore. With this sake sale, Tata Steel's holding in TRL would fall to 26.46%. The company has also inducted the Japanese firm as a strategic partner in the largest domestic refractory manufacturer. Tata Steel shares closed at Rs 589.10 a piece on the BSE today, up 1.51% from the previous close. “The company has completed the transaction and received the relevant consideration for the transfer of 51% equity shares of TRL out of its current stake of 77.46% stake in TRL to Krosaki Harima Corporation of Japan at an equity valuation of Rs 1,130 crore,” said the company in a statement to the Bombay Stock Exchange (BSE) on Tuesday. […]
Consumer goods maker Jyothy Laboratories is close to raising about $150-$200 million from private equity funds, with a deal likely to be announced in 6-8 weeks, three sources with direct knowledge of the matter told Reuters. The Indian maker of fabric whiteners and detergents is in talks with a clutch of private-equity funds including the Carlyle Group, Actis, TPG Capital and Apax Partners to sell a minority stake, sources said. The deal could be the second round of private equity infusion into Jyothy as Actis, CLSA and Baring India had invested and exited from the company earlier. Jyothy Labs recently bought 51 percent of Henkel AG's Indian arm for 5.7 billion rupees ($127 million). […]
Godrej Consumer Products (GCPL) has acquired 51 per cent stake in Darling Group Holdings that manufactures and distributes a range of hair extension products across sub-Saharan Africa. The deal is expected to enable GCPL to leverage its product portfolio and capabilities in personal wash, toiletries, household insecticides and air care across the African continent. Also, the company aims to build a global, premium ethnic hair care brand across Africa through marketing and innovation processes. Darling Group’s current management team will continue to manage the business. GCPL will put in place a cross-functional team consisting of current Darling Group management and GCPL’s team members. These teams will work in the areas of marketing, sales, manufacturing, finance and human resources. GCPL believes that over time, this acquisition can provide a strong distribution and marketing platform for taking other home and personal care products from the company’s portfolio to the African consumer. […]
SBI Funds Management Private Limited (SBI FMPL), the asset management company of the SBI Mutual Fund, is a joint venture between State Bank of India (SBI) and Societe Generale Asset Management S.A. (SGAM), a subsidiary of Societe Generale S.A (SG). On 9 July 2009, SG and Credit Agricole SA, entered into an agreement to undertake a global merger of their fundamental asset management business. Pursuant to the Global Merger, which has completed on 31 December 2009, SBI FMPL will shortly become a joint venture between SBI and Amundi S.A. (Amundi), a leading European asset management company. […]
Par Pharmaceutical Cos. will acquire India-based generic drug maker Edict Pharmaceuticals for up to $37.6 million. The company expects the deal to close by the end of the year and add to earnings in 2013. Par, itself a maker of generic drugs, has also been moving into the branded pharmaceutical market by developing updated versions of off-patent drugs. Privately held Edict develops and manufactures solid oral dosage generic drugs with a focus on niche first-to-file, first-to-market formulations. The company has eight abbreviated new drug applications awaiting approval from the U.S. Food and Drug Administration, one application filed in the name of a development partner and 14 products in development. […]
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