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Medical diagnostics company Thyrocare Technologies has sold approximately 30% stake to private equity company Cx Partners for Rs 188 crore, A Velumani , founder and chief executive of the company told ET. The additional funds will enable the company to expand into radiology diagnostics like CT Scans and magnetic resonance imaging, or MRIs, he said. These equipments require substantial capital investment unlike clinical chemistry like blood analysis. Dr Velumani said investment will start with Rs 80 crore being spent on a new centre in Navi Mumbai, at the outskirts of Mumbai. The company already has its largest centre in Navi Mumbai where all samples collected at its 570 franchises, around India, are tested and resent. As part of the equity sale, Ajay Relan, founder of Cx Partners and Vivek Chhachhi, partner at the private equity firm will become board members of Thyrocare. […]
ASK Property Investment Advisors, part of the Mumbai-based ASK group, will raise Rs 1,000 crore from high networth individuals and family trusts to invest in residential properties. The ASK Real Estate Special Opportunities Fund planned to raise Rs 500 crore by February 2011 and the remaining in two-three months after that, said Sunil Rohokale, executive director, ASK Investment Advisors. “This is the right time to identify and invest in projects of right developers,” says Rohokale, who was earlier with ICICI Home Finance as managing director. Fund managers such as ASK, ICICI Venture and others are raising money from domestic investors at a time when commercial banks, especially public sector ones, are tightening lending to property developers after RBI’s new norms to curb speculation in the sector and the bribe-for-loan scam. […]
Mumbai-based private equity (PE) firm Tano India Advisors Pvt. Ltd, which is raising a $150 million (around Rs.680 crore) fund, has garnered an initial tranche of $54 million, with California-based Charles E. Johnson and family as the anchor investor, Tano’s managing director Carlton Pereira said. Johnson is a former chief executive of investment firm Franklin Templeton Worldwide. Apart from the Johnson family, Hong Kong-based Asia Alternatives Management Llc also invested in the Tano fund. Asia Alternatives is currently managing two funds—the $515 million Asia Alternatives Capital Partners Lp and $950 million Asia Alternatives Capital Partners II, Lp. “We did the first close by November-end and it took roughly eight months,” said Pereira, who started the fund in 2007 along with his partner Hetal Gandhi. Tano India is aiming for its second close by March 2011. […]
Giving shape to his plans to launch a private equity (PE) fund, Mukesh Ambani, chairman of India’s most valuable company Reliance Industries Ltd (RIL), has contributed $200-250 million (Rs.902-1,127.5 crore) in proprietary funding to jump start investments, according to three persons familiar with the development. Ambani, 53, India’s richest man, has appointed Vivek Gupta, former managing director of consulting firm AT Kearney in India, to lead the venture, said the persons, one of whom is directly involved in the venture. None of the three persons wanted to be identified. Gupta could not be contacted immediately. An investment committee has also been formed to evaluate and approve potential investments. Apart from Ambani, the committee comprises Raghunath Anant Mashelkar, scientist and a director on the RIL board, and Ambani’s trusted aide and key RIL executive Manoj Modi. […]
Baring Private Equity Partners (BPEP), the global PE major, will begin investing in Indian real estate in the next six months, according to a top executive of the fund. BPEP India was looking at investing from its $650 million Baring India Private Equity Fund III, said Varun Batra, partner, BPEP India. BPEP India invested in information technology, healthcare and financial services sectors from its first two funds. The companies included business process outsourcing firm Mphasis and consumer goods company Jyothy Laboratories. “FDI in real estate has been allowed for the past five years and the market has been through one learning cycle” said Batra, who was with Citigroup before joining Baring. BPEP has been investing in India since 1998. The foray comes at a time consolidation is taking place in the real estate PE space. […]
The government plans to set up a Rs 2,000-crore venture capital fund to promote drug discovery and strengthen pharma sector infrastructure. “Initially the corpus would be about Rs 500 crore and it would grow over a period of time,” said Mukul Joshi, secretary, department of pharmaceuticals, on the sidelines India Pharma Summit-2010 organised by Federation of Indian Chambers of Commerce and Industry (FICCI). “The government is in the process of appointing a consultant for the fund which will be run by a board of professionals.” The department of pharmaceuticals will also set up 740 Janaushadhi outlets (low-cost medicine stores) in the country over next two years. “As of now there 79 Janaushadhi outlets operational and we plan to have at least one in each district of the country.” The government will invest Rs 90-95 crore for these stores, which will sell non-branded generic drugs. […]
With the economic gloom over Europe refusing to lift, UK's leading private equity player 3i is looking at India with hope. It is set to launch its $3billion (around Rs 14,000 crore) infrastructure fund for India next year. This is its second India fund in two years. To begin with, the London-headquartered company is exploring possibilities of picking up stakes in companies in ports, power, roads and water management. In fact, the growing infrastructure sector in India is catching the attention of leading investors from across the world. In 2008, 3i had floated its first Indiaspecific fund of $1.2 billion and the company has invested over $505 million in Indian infrastructure. The PE player, one of the oldest in the UK, already has stakes in companies like Mundra Port & SEZ, Adani Power—both controlled by Ahmedabad-based Adani group—Vijai Electricals, International Tractors and Krishnapatnam Port to name a few. While Mundra Port was 3i's first investment in India, earlier this month, it picked up 21.1% stake for Rs 1,200 crore in GVK Energy Limited, a wholly owned subsidiary of GVK Power and Infrastructure Limited (GVKPIL), one of India's leading infrastructure developers. […]
Investors drawn to emerging markets but fund-raising gets more competitive. In the changed scenario of Indian private equity, where institutions and individuals are busy with fund raising, the fund houses are exploring untapped markets. ICICI Venture (I-Ven), India’s largest PE firm, is in talks with a couple of Japanese investors such as major banks and insurance firms to raise money for its infrastructure fund, say sources. The names of the Japanese majors could not be ascertained. I-Ven’s infra fund, aiming at a $750-million (Rs 3,425 crore) corpus, was launched this year. Though Indian GPs (General Partners or fund managers) are busy with raising funds from traditional markets such as the US and Europe, it is rare for them to explore markets such as Japan. According to industry experts, total pension assets in Japan for 2009 were $3 trillion. Japanese institutions invested close to $20 billion in private equity funds in 2009. […]
IL&FS Milestone Realty Advisors Pvt. Ltd and Morgan Stanley are among those looking to buy a Rs.550 crore commercial asset of Kotak Realty Funds Group (KRFG) in suburban Mumbai, said two people familiar with the development. KRFG, the private equity fund of Kotak Mahindra Bank Ltd, bought the multi-tenanted, Goregaon office building in 2006 for Rs.200 crore from K Raheja Constructions, and is now planning a complete exit by selling it off to a single investor. The fund will evaluate offers made by IL&FS Milestone and Morgan Stanley and the deal is expected to close by December, said one of the persons mentioned above. “This has been a phenomenal investment for Kotak with an internal rate of return (IRR) in excess of 40% and (the asset) is a marquee property with stable rentals,” he said. […]
Private equity firm ChrysCapital has made a blockbuster exit , estimated at close to $400 million, from the tech bellwether Infosys Technologies in recent weeks. The marquee private equity investor, with over $2 billion in assets under management in India, recouped more than double its investment of around $175 million made in the company less than 30 months ago, said multiple sources directly familiar with the development. This probably reflects the windfall gains that several private investors—ranging from private equity funds to family offices—are sitting on after mopping up blue chip stocks during the most recent market crash. ChrysCapital is left with a residual stake in Infosys after offloading most of the shares two-to-three weeks ago, sources added. ChrysCap entered the Infosys counter in mid-2008 . Since then the stock vaulted from Rs 1,400 level to over Rs 3,000 earlier this month on the back of a bull run in the domestic bourses. The fund had cornered under 2% stake through open market bulk deals, and the exit bolsters the story of private investment in public equity in markets like India with a large pool of listed firms, and where private enterprise valuations are mostly at a premium to stock markets even in a bull run. […]
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