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THE Future Group, which owns India’s largest chain of retail stores, has started formal discussions with private equity (PE) funds to sell equity stakes in new companies that are formed by splitting the operations of its flagship Pantaloon Retail (India). The group plans to raise Rs 1,100-1,200 crore through this divestment exercise, helping it to expand retail footprint from 12 million to 30 million sq ft by 2013. Over a dozen PE funds are participating in a road show organised by Future Group’s adviser Enam Financial Consultants. The road show started two days ago. Apax Partners, TPG Capital (formerly Texas Pacific Group), Temasek, Bain Capital and Eton Park are among the PE players that are discussing the prospects of an equity investment. […]
India-based wind-turbine maker Suzlon Energy Ltd. said Monday it paid EUR30 million ($39.6 million) to Portugal's Martifer Group to raise its stake in Germany's REpower Systems AG to 76%. This is the second installment of a total EUR270 million that Suzlon had in December said it would pay to buy Martifer's 22.4% stake in REpower. The Indian company had paid the first installment of EUR65 million in December to raise its stake to 73.1%. […]
Freight and logistics company Toll Holdings has expanded its presence in India by acquiring a 40 percent interest in New Delhi-based BIC Logistics, with the option of upgrading to a majority holding over the next two years. BIC operates road, rail and air transport across India, with a company-owned fleet of 250 trucks and agreements with rail and air operators. BIC's annual revenue was US$26.17 million for the year ended March 2009. Toll managing director Paul Little told The Australian BIC was a strong fit with Toll's existing operations in India. […]
After a series of forgettable outings despite big hype in the second edition of the Indian Premier League, is Bollywood star Shah Rukh Khan selling his Knight Riders franchise? According to speculation, SRK is in talks with Subroto Roy’s Sahara Group and the Anil Ambani Group for selling around 20% stake in the franchise. However, the biggest hurdle to any deal could be the high valuation of the team, industry sources said. Shah Rukh’s company bought the Kolkata franchise last year for around Rs 300 crore and he would expect the brand to be valued at least around Rs 500 crore. Unfortunately, that expectation appears too high in the current economic climate. […]
Yashpal Khanna, executive vice-president, Star India, has resigned after a 17-year tenure at the company. Confirming the development, Khanna said: “I have enjoyed my stint at Star. I have met and worked with some extraordinary professionals and, hopefully, have contributed to the growth of the company that I joined in 1992. I am leaving because I felt it was time to explore some of my dreams. I am now turning to be an entrepreneur, leveraging my experiences of my 35-year career and the relationships that I have built and nurtured over the years.” However, Khanna would not confirm what he was starting except to say that “the new venture would be in the media and communications space.” Earlier Khanna opted to stay in Star India while other team members joined INX Media. […]
To expand its services in the five-player private direct-to-home (DTH) market, Reliance Big TV Ltd, the promoter of Big TV DTH services of the Reliance ADA Group, plans to sell up to 49 per cent to foreign private equity companies and global DTH players. According to sources, a clutch of leading private equity companies like the Carlyle Group, Sequoia Capital, KKR and US-based DTH firm Direct TV are said to be in talks with Big TV, which launched in August 2008. The company expects to close the deal this quarter, sources close to the development said. […]
Indian mining group Vedanta Resources Plc said on Monday it had bought a 9.5 percent stake in Canada's HudBay Minerals Inc but gave no reason for the move. London-listed Vedanta, India's largest base metals miner, confirmed a Globe and Mail newspaper report that it had bought the stake, 14.5 million hudBay shares, through a subsidiary, Lakomasko BV, a privately-held company based in Amsterdam. “They do control that stake. It (Lakomasko) is an organisation that is controlled by Vedanta Resources,” Vedanta spokesman Robin Walker said in London, declining further comment. […]
UTI Asset Management Company said on Saturday that it would divest 26 per cent stake to a strategic partner in the next three months but is open to acquisition of domestic fund house. “There are three shortlisted parties interested in taking stake and we hope to finalise this in the next three months,” UTI AMC Chairman and Managing Director U K Sinha said here. Sinha declined to name the shortlisted bidders, but said the AMC would induct those that offered UTI a greater global footprint. […]
Tata Steel has picked up a 14.99 per cent stake in Sydney-based Riversdale Mining, which owns coal mines in South Africa and Mozambique. Tata Steel has steadily bought into Riversdale, listed on the Australian Stock Exchange, through its Singapore-based subsidiary Tata Steel Global Minerals Holdings. In a filing before the Australian Stock Exchange earlier this week, Tata Steel Global Mineral said it had acquired a 4.99 per cent stake in Riversdale through market purchases at an estimated investment of $41 million (Australian), or Rs 143 crore. When contacted, a spokesperson for Tata Steel declined to comment. […]
Biotech firm Actis Biologics said it is looking to raise USD 400 million for its operations in India, the US and Malaysia. “We want to raise USD 250 million to invest in Malaysia, USD 100 million in India and USD 50 million in the US,” Actis Biologics President PN Venugopalan told PTI. The company is in talks with a US-based fund and a UK-based fund to raise USD 250 million for the Malaysian project. “We expect to raise USD 250 million in the next four months for the Malaysian project. Once that is in place, then we will look funds for the Indian and the US operations,” he said. […]
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