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CarZ, a Hyderabad-based start-up which is into the multi-brand auto solutions space, is looking at raising Rs 120 crore (around $25 million) private equity investment by February next year. “We are in discussion with multiple PE investors from India as well as abroad. We may raise the money from a single investor or multiple investors,” Venu Donepudi, co-founder and managing director of CarZ, told Business Standard. The company has 16 CarZ outlets across Andhra Pradesh, Karnataka and Kerala. “We have […]
Tech Mahindra, on Monday announced the acquisition of 51 per cent stake in mobile value-added services (VAS) provider Comviva Technologies, a Bharti Group company, for Rs 260 crore. The acquisition is expected to shore Tech Mahindra’s top line. With the new brand identity, Mahindra Comviva, the mobility business of Tech Mahindra and Mahindra Satyam combined is expected to clock revenues of Rs 1,000 crore by March 2013. At present, Tech Mahindra and Mahindra Satyam get around Rs 500 crore of […]
In what can be seen as the first consolidation move in the Rs 20,000 crore-plus micro finance industry, IntelleCash Microfinance Network Company (P) Limited, an arm of the Intellecap group of companies, has bought 60 per cent stakes in the Kolkata-headquartered MFI Arohan Financial Services. The unique series of back-to-back transactions in IntelleCash and Arohan amounted to over Rs 52 crore and was facilitated by Aavishkaar Goodwell II, a fund that invests in entrepreneurial microfinance and financial inclusion businesses in […]
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 […]
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. […]
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 […]
Founder-chairman V.G. Siddhartha of Amalgamated Bean Coffee Trading Co. Ltd (ABCTL) has bought back the entire stake that venture capital investor Sequoia Capital acquired in the company that runs the Café Coffee Day chain of coffee shops, said two persons close to the development. It’s the latest in a series of stake buy-backs by company promoters. Sequoia had invested $20 million (Rs.110 crore today) in 2006 for an undisclosed stake in ABCTL, which runs 1,300 cafes that it plans to […]
Sahara Group has agreed to buy a controlling stake in New York’s landmark Plaza Hotel for $570 million, Elad Properties said. The 105-year-old luxury hotel overlooking New York’s Central Park, is jointly owned by Elad Properties and Saudi-based Kingdom Holdings Co. Elad said it would receive 1.6 billion shekels ($400 million) for its 60 percent stake, while Kingdom will receive the rest. Kingdom, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, will hold a 25 percent stake once […]
Intensifying row with its minority stakeholder, Norway’s Telenor-controlled Indian venture Uninor on Wednesday put on auction its entire telecom business for a minimum of Rs 4,000 crore, a move opposed strongly by Unitech. The Nordic countries’ biggest phone operator wants to scrap the joint venture with Unitech and migrate its business to a new company to seek fresh operating licences as the JV’s 22 telecom permits were among the 122 quashed by the Supreme Court in February. Telenor, which holds […]
Malaysia’s Maxis Communications Bhd. has held preliminary discussions with bankers representing Sistema JSFC about the sale of its Indian unit Aircel Ltd. to the Russian firm, the Economic Times reported Wednesday, citing an executive close to Maxis.
The executive said Maxis will “listen to offers in the wake of regulatory and policy uncertainty” in India, according to the report.
Maxis Communications owns 74% of Aircel, with the balance held by India’s Sindya Securities and Investments Pvt. Ltd.
Sistema has an […]
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