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Bangalore-based private equity (PE) firm Forum Synergies is launching one of the biggest India-focused SME funds. The fund, which will raise money from both overseas and domestic investors, is expected to have a total corpus of $150-200 million (Rs 650-850 crore). The PE firm is co-founded by former president & CEO of GE Consumer & Industrial for India Samir Inamdar. Though the exact corpus of the fund could not be ascertained, the PE firm is looking to bring in up to $135 million (Rs 580 crore) from an offshore entity–the India Knowledge Manufacturing Company, a Mauritius-based closed ended fund. This offshore entity will raise funds from high net worth individuals, NRIs besides corporate and financial institutions based in the US, UK, UAE, Qatar, Saudi Arabia, Singapore and Hong Kong. The offshore fund will invest through the window provided for foreign direct investment. Besides, there will be other set of shareholders including Indian investors and the investment manager. […]
A realty fund launched by India's No. 2 listed developer, Unitech Ltd, has raised $300 million from international investors for the firm's projects, a company spokesman said on Thursday. “This is the first tranche. Another $300 million will be raised by September,” the spokesman said. He declined to name the investors. The Economic Times newspaper, citing an identified senior Unitech executive, said a Japanese bank and some Europe-based wealthy individuals were the investors in the Unitech International Real Estate Fund. […]
Private equity (PE) giant Warburg Pincus is seen in discussions with Kerala’s leading luxury resort operator Casino Group to invest Rs 300-325 crore, sources said. The Kochi-based Casino Group of Hotels (CGH), a five decade-old family run business operating 12 environment-friendly resorts, is looking at raising capital for its expansion plans, both domestic as well as overseas. The fund interest has been growing in Kerala’s top draw leisure sector, but this is the first time a bulge bracket global PE is seen in talks to cut a deal. Arguably the best known name in Kerala’s hospitality sector, Casino Group, operating under CGH Earth brand, is believed to have attracted robust private equity interests as it plans to hit the market with fund raising plans. While sources confirmed discussions with Warburg, they said most of the PE biggies would show up to buy into top dollar leisure assets in Kerala. The Dominic family, which entered the hospitality sector in 1954, owns 100% of the company. It is believed that the family may divest up to 20% for raising the funds valuing the business closer to Rs 1,600 crore ($400 mn). […]
U.S.-based venture capital Walden International plans to launch a global fund early next year to raise up to $500 million as it steps up investment in China and India, a top official said on Tuesday. Walden manages more than $1.9 billion in assets, mainly in China and the United States. It aims to invest up to $150 million in the next 12-18 months in India's education, financial and healthcare service firms, Managing Director Rajesh Subramaniam told reporters in Mumbai.The firm was among the first investors in India's Mindtree Ltd , and currently owns 17 percent of the software services firm. It has also bought into unlisted Indian back-office firm Anantara and outsourcer Sierra Atlantic. […]
The $29-billion Tata Group is in the process of making a major private equity push through its flagship financial services company, Tata Capital Ltd (TCL). The plans being drawn up relate to setting up PE funds aimed at mid-cap, technology and healthcare sectors. TCL managing director & CEO Praveen P Kadle told FE: “The plans are currently on the drawing board stage, and we hope to unveil it around September. We are looking at areas like the mid-cap space and technology firms.” TCL sources said each fund would be to the tune of $200-300 million, and would aim at getting investors also from the non-resident Indian community. The PE plan is part of a broader financial services game plan being put in place by the Tata Group under the Tata Capital umbrella. “We plan to leverage the strength and contacts we have in several business sectors through our group companies,” said a source. In the technology segment, IT and communications would be focus areas, where the group has a significant presence. […]
ChrysCapital, private equity fund has acquired around 5% stake in HCL Technologies for USD 220 million and more than 1% in Infosys for USD 200 million over the past three months through secondary market transactions, reports Economic Times. The private equity major has pumped around USD 500 million in Indian companies in the last few months. It has also acquired 7-8% stake in Amtek Auto for USD 80 million.(ET) […]
Sidbi Venture Capital is planning to launch a Rs 1,000 crore fund focussed on small and medium enterprises. Small Industries Development Bank of India (Sidbi) chairman and managing director R M Malla told Business Standard that the sponsors were in talks with other players to set up the fund. “We are trying for 60 per cent domestic participation,” he said. Sidbi Venture Capital Chief Executive Officer Ajay Kumar Kapur said the proposed fund — likely to be called India Opportunities Fund and operational over the next few months — will focus on auto components, food processing and agri products. He, however, refused to disclose details about potential partners, saying discussions were still underway. Kapur said the fund will announce an investment in a clean technology company by the end of July and may also put money into two manufacturing companies. The India Opportunities Fund will invest in medium scale enterprises and those that graduate beyond this stage, besides small scale units, Malla said. […]
Anil Dhirubhai Ambani Group (ADAG) is hitting the private equity road braving the market turmoil. The group is promoting a $2-billion yet-to-be named fund as a standalone entity, and not as part of Reliance Capital, sources said. The group has put in place a fund team that is already chasing deals of at least $50-75 million in size. The general purpose fund has already raised over $500 million with Anil Ambani as anchor limited partner, sources added. Mr Ambani’s infusion is believed to have come from his personal holding companies – Batista and AAA. “The fund hopes to close a few transactions before achieving financial closure. It may have 4-5 LPs besides Mr Ambani himself who is not treating it as just a route for deploying his personal wealth,” a sources explained. In context, sectoral observers said Mr Ambani’s PE play may be different from his peer and Wipro Chairman Azim Premji who recently floated $1 billion PremjiInvest mainly pouring in his personal wealth. […]
Trikona Capital Ltd., the leading fund management firm for institutional investment in infrastructure and real estate, today announced the expansion of its urban rejuvenation platform in Mumbai to continue to foster socially conscious development. The announcement supports Trikona's overall urban rejuvenation initiative to build 100 million square feet of saleable space over the next decade. Trikona has inked a new four-acre project in Bandra, the sought after residential area adjacent to Mumbai's central business district, to fund the refurbishment of middle-class homes and the development of luxury housing. The $40 million deal is a co-investment in the project with German fund manager SachsenFonds. In the past twelve months, Trikona has developed a strong strategic partnership with the fund manager and announced sales of assets to SachsenFonds totaling $170 million. […]
Private equity firm ICICI Venture, a unit of ICICI Bank , said on Friday it had reached a deal with Tishman Speyer to sell its stake in their Indian real estate joint venture to the U.S. firm. ICICI Venture said it will sell its 50 percent stake in TSI Ventures India Pvt Ltd, a real estate joint venture company, to Tishman Speyer, which will now become the sole owner. Tishman Speyer and ICICI Venture would remain equity partners in TSI's three current projects, the Indian firm said in a statement that did not give financial details of the transaction. “Both companies remain open to investing together in Indian real estate in the future,” it said. (Reuters) […]
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