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Indiareit Fund Advisors Pvt. Ltd, the real estate fund promoted by Piramal group chairman Ajay Piramal plans to raise around Rs.1,350 crore in a debt fund and a rental yield fund early next year. The debt fund will lend to property developers and the rental yield fund will invest in information technology parks and commercial offices in Mumbai, Bangalore, Pune, Chennai, Hyderabad and New Delhi, Indiareit’s managing director and chief executive officer Ramesh Jogani said. Investors could expect a return of around 13-14% in the debt fund and minimum of 12% from the rental fund, added Jogani. A rental yield fund offers lower risk compared with one investing in projects that are still under development, he said. […]
The sale of Axis Private Equity Ltd, the private equity (PE) arm of Axis Bank Ltd, India’s third largest private bank by assets, has stalled even though bids were received from PE firms in June this year, three people familiar with the development said. The investors in the fund, known as limited partners (LPs), are unhappy with the sale and any decision cannot be executed without their consent, the three people added. The LPs in the fund include state-owned banks such as Corporation Bank, Canara Bank, Bank of Baroda, Union Bank of India, United Bank of India, and Punjab National Bank. Meanwhile, Axis Private Equity has stopped raising funds from international LPs. […]
“The proposed fund would be in the range of $100-150 million,” Mr Mohanjit Jolly, Executive Director, DFJ, told Business Line on the sidelines of Carbon Forum Asia 2010 in Singapore last week. DFJ, which invests in early to mid-stage companies, would earmark about a fourth of its India-specific fund to invest in clean technology companies. “The India story has been pretty strong – growing from an experiment to reality. Our Limited Partners (those who invest in a fund) are bullish on the India story. Moreover, with the recent exit, we have completed a full cycle in India,” Mr Jolly said. DFJ, which has a total portfolio of 20 investments in India, recently exited from Reva Electric, which was acquired by Mahindra and Mahindra. […]
Engineering and construction group Larsen and Toubro (L&T) is planning to launch a Rs.500-2,000-crore private equity fund as part of a strategy to become a financial supermarket. ‘We are in the process of putting the pieces. We have to synergise on the skills that the group currently possess. We will start with a fund size ranging between Rs.500 crore and Rs.2,000 crore. The corpus will be domestically raised,’ Senior Vice President (Financial Services) N. Sivaraman told IANS in an interview. He said the group can provide expertise in evaluation of opportunities in the principal business and the organisation. ‘The financial evaluation will be done by an independent professional team.’ Sivaraman said the group is progressing at a steady pace to have its hands in every sphere of the financial services business. The L&T Financial Services group today consists of two non-banking finance companies (L&T Finance and L&T Infrastructure Finance Company), L&T Mutual Fund and L&T General Insurance Company. […]
IDFC Private Equity Co. Ltd, the private equity (PE) arm of Infrastructure Development Finance Co. Ltd (IDFC), will swap its minority stake in SE Forge Ltd for shares in its listed parent company Suzlon Energy Ltd, the largest wind turbine maker in India. On Monday, Suzlon informed the Bombay Stock Exchange that its board will meet to consider an issue of 31.99 million equity shares of '2 each to IDFC Private Equity Fund III (IDFC PE) by way of preferential allotment. After the stock swap, SE Forge will become a wholly owned subsidiary of Suzlon. “This will give us an opportunity to take a broader exposure in multiple components through a stake in Suzlon,” said S.G. Shyam Sundar, managing director, IDFC PE. “It's a methodology through which we can look at liquidity.” […]
US private equity giant Carlyle Group is betting patience will be rewarded in an Indian market where global players have had to content themselves almost exclusively with deals for minority stakes. India's family-run and entrepreneur-driven firms have long been reluctant to sell out, preferring instead to raise money by going public or through bank borrowings. Private equity firms have adapted their strategies by providing growth capital or investing in companies that are already listed. “We don't have a 'runs on the board' approach. We are quite happy to sit on the sidelines and wait for the right deal,” said Devinjit Singh, a managing director at Carlyle. “And if we get the right deal, we go hard after it and are willing to put substantial capital behind it,” he told Reuters in an interview. […]
Blackstone Group is in plans to invest in India over the next three years. As of now, the New York based private equity company has already invested $1.2 billion since it commenced its operations in India nearly five years ago, reports Vinod Mahanta of the Economic Times. “I think we certainly could invest another $1-2 billion in India in the next three years and we have the ability to invest more if the opportunity presents itself. We were very bullish on India,” said Stephen Schwarzman, Co-founder and Chairman of Blackstone. The company seems to be more interested to go for investments in India and it has invested in 12 companies, some of them being Gokaldas Exports and Intelenet Global Services. Blackstone usually uses pools of investor money backed with debt to acquire companies and sell them later to realize profits. But such a strategy did not help them to resist the global economic downturn in 2008 which affected many organizations after the collapse of Lehmann Brothers. But the scene is slightly better now as the deal flows have been increasing and several private equity funds are willing to invest. […]
ICICI Investment Management, a subsidiary of ICICI Bank, has raised USD 50 million (about Rs 225 crore) for its Emerging India Fund, a private equity player that is looking at total size of USD 100 million. The Indian rupee equivalent of USD 50 million has been raised from domestic investors as part of the fund's first closure, the bank said in a statement. The fund seeks to invest in growth capital of mid market and emerging corporates primarily through equity and equity-linked instruments. It will invest across sectors including segments related to services, consumption and infrastructure development. The investors to the fund are mostly domestic institutional and corporate investors. […]
ICICI Investment Management, a subsidiary of ICICI Bank, has raised USD 50 million (about Rs 225 crore) for its Emerging India Fund, a private equity player that is looking at total size of USD 100 million. The Indian rupee equivalent of USD 50 million has been raised from domestic investors as part of the fund's first closure, the bank said in a statement. The fund seeks to invest in growth capital of mid market and emerging corporates primarily through equity and equity-linked instruments. It will invest across sectors including segments related to services, consumption and infrastructure development. The investors to the fund are mostly domestic institutional and corporate investors. […]
Private equity firm TPG [TPG.UL] is selling its 9.3 percent stake in Parkway Life REIT in a deal that could raise as much as S$91.1 million ($69 million), IFR Asia reported on Wednesday. TPG is offering 56.25 million shares at a guidance range of S$1.56-$1.62 each, representing a discount of 6.6 percent to 3 percent to Parkway Life's last traded price. Goldman Sachs is sole bookrunner for the deal. TPG had been expected to sell its stake in Parkway Life after Malaysian state investor Khazanah took control of Parkway, which runs some of the properties owned by Parkway Life. […]
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