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Private equity firm New Silk Route (NSR), which owns a majority stake in telecom tower company Aster Infrastructure, has initiated talks with the Ruias-owned Essar Telecom Infrastructure (ETIL) for a merger. If the deal goes through, NSR will get a stake in the combined tower company. Besides, NSR and ETIL will then look for joint placement or stake sale in the combined entity, a top executive familiar with the development told ET. The Ruias had recently appointed Barclays Capital to find out strategic partners or offload a stake in its tower arm. Executives tracking the deal said that in addition to NSN-owned Aster, the Essar Group is also in talks with two other strategic investors for a stake sale or even a complete sale of its tower assets. […]
TVS Shriram Growth Fund, managed by Chennai-based TVS Capital Funds Ltd, will invest Rs35 crore in Bangalore-based Dusters Hospitality Services Pvt Ltd and Mumbai-based Total Solutions Facility Management Pvt Ltd. Total Solutions will be merged with Dusters Hospitality in the next 2-3 months and the invested funds will go into the combined business. Both firms provide facility management services and are headed by brothers Shamsher Puri (Duster Hospitality) and Jasmer Puri (Total Solutions). […]
The Aditya Birla group is launching a $500-million Mauritius-based real estate fund that will target investments in India. The fund, which is called the Aditya Birla India Real Estate Vision Fund, has been launched by the group’s asset management arm, Birla Sun Life Asset Management. The real estate fund has a targeted corpus of $350 million and a greenshoe option of up to $150 million. The greenshoe option of the six-year fund is still open. Sources in the Aditya Birla group confirmed the development. […]
PTC India Ltd, a power trading company, said on Thursday it has selected Ashmore group as its joint venture partner for setting up a third-party fund. The fund structure and joint venture agreement is under negotiation with the partner, the company said in a statement to the exchanges. In May, PTC India had raised 5 billion rupees through a private placement for launching the fund. (Reuters) […]
ICICI Bank, Singapore state investor Temasek and another large shareholder have revived plans to sell their stakes in back-office firm Firstsource Solutions in a deal valued at $285 million at the current market price, sources said. ICICI, Temasek's Aranda Investment and U.S.-based banking technology group Metavante together own 68 percent of Firstsource and have hired Citigroup to arrange the deal, the sources with direct knowledge of the deal, said on Monday. […]
Srei Venture Capital (SVCL), the wholly owned subsidiary of Srei Infrastructure Finance, is in the process of floating another fund. Disclosing this, Hemant Kanoria, chairman and managing director (CMD) of Srei Infrastructure Finance, told Financial Chronicle: “Currently we are holding road shows or you can say our men are pilot fishing around the world, particularly in countries like the US, the UK, Japan and Hong Kong.” “They will be back in the next three to four weeks time with their feedback. And then we will take a call on which plan, which funds and which country we would go with,” said Kanoria, adding, “Our idea is to slowly but surely moving into becoming one of the most innovative venture capital players in the country.” […]
Private equity investors JM Financial and the Mauritius-based SRS Orion Investments, which invested Rs 600 crore in Maytas Properties early 2008, are seeking government intervention to recover their investment after the property firm failed to return the funds despite an arbitration award in favour of the investors. In a letter dated November 4 to the Company Law Board, ministries of finance, corporate affairs and commerce and industry, the PE investors have requested the government to assist them in the recovery of over Rs 900 crore, including the principal and the interest as directed by the arbitrator, due to them from Maytas Properties. […]
After venturing into the private equity (PE) space earlier through a joint venture, financial services provider Religare is now planning to go solo. The company is planning to launch a $500-million (around Rs 2,350 crore) pan-Asian fund targeted at emerging economies. The fund would mainly invest in Southeast Asian markets such as Indonesia, Malaysia, Thailand, the Philippines and Singapore, and partly in India, sources close to the development said. Religare would shortly open representative offices in Singapore, Bangkok and Kuala Lumpur. […]
Private equity (PE) firm Milestone Capital is looking to raise a $250 million (about Rs 1,175 crore) offshore fund independently or jointly with Delhi-based Religare, its existing partner in a fund that invests in the healthcare and education space in India, an industry executive, familiar with the matter, said on conditions of anonymity. The new fund will raise money from the overseas markets including the US, Europe, and the Middle East. At present, Religare Group and Milestone have a 50:50 joint venture (JV) fund, Religare Milestone, with a corpus of Rs 600 crore. The fund focuses on local companies in tier II and tier III cities in the education and healthcare space. The fund has already invested Rs 25 crore in test preparation firm IMS Learning Resources and is also in talks to invest similar amounts in 2-3 hospitals in the country. […]
Temasek Holdings and the Government of Singapore Investment Corporation (GIC) have both pared their stakes in ICICI, India’s second-largest lender. Bombay Stock Exchange filings stated that Temasek trimmed its interest in ICICI to 5.76 per cent as of Sept 30 from 7.6 per cent at the end of June. GIC cut its stake to 1.53 per cent at the end of last month from 1.66 per cent at the end of June. Collectively, their stakes have been cut from 9.91 per cent in the March quarter to 7.29 per cent as of Sept 30. Temasek has also been cutting its holdings in other financial firms. It recently sold its entire stakes in Bank Internasional Indonesia, Bank of America, Barclays and China Minsheng Bank. […]
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