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Private equity giants Blackstone and Carlyle Group have jointly expressed interest to bid for Reliance Communications Ltd's tower business, said two sources briefed on the matter. The potential investors are holding initial due diligence that may lead to a bid offer valuing the enterprise at about $4 billion, they added. Reliance Communications (RCom) has put Reliance Infratel, which owns at least 50,000 towers, on the block looking at a valuation of around $5 billion. RCom is open to selling its entire 95% stake in its tower arm. Blackstone and Carlyle may face a competing bid from another private equity consortium consisting Apax Partners and Advent International, said one source, but the same could not be ascertained at the time of going to press. […]
Rising consumer spend on luxury couture is leading to a sharp spike in private equity investment in the apparel sector. Investors have put in $98 million of risk capital into high-end luxury apparel firms this year, up from a meagre $4 million invested in the sector last year. More global fashion houses are seeking to partner with Indian firms. Waiting in the wings is Spanish luxe chain Massimo Dutti which is looking to sew up a joint venture with the Tata Group's retail firm Trent. L Capital, the PE arm of luxury brand LVMH, plans to showcase ethnic haute couture through a joint venture with Genesis Luxury to promote work of leading Indian designers such as Sabyasachi Mukherjee, Rohit Bal and Tarun Tahiliani in addition to bringing international brands. […]
A fund managed by JPMorgan Chase & Co has agreed to invest about $400 million in India's SKIL Infrastructure for a stake of just under 20 percent, two sources with direct knowledge of the development told Reuters. SKIL, which controls ship-builder Pipavav Defense and Offshore Engineering Ltd and has a 21 percent stake in Everonn Education, will use the funds to pare debt and fund its growth, one of the sources said. Part of the funds will be used by SKIL to repay loans it took to buy about 20 percent of Pipavav from construction firm Punj Lloyd last year, the source said, adding SKIL will also invest in defense and education. Pipavav, which is now 43 percent owned by SKIL, was previously known as Pipavav Shipyard. […]
Private equity firm Ascent Capital has invested Rs 200 crore in Karaikal Port Private Ltd (KPPL), a subsidiary of Chennai headquartered Marg Ltd. The funds will be used for the Marg Karaikal Port-Phase 2A expansion, which is expected to enhance its capacity from the planned 21 MMTPA to 28 MMTPA and involves an additional capex of Rs 600 crore. KPPL had entered into definitive agreements with Ascent and as per the terms of the agreements, the latter would invest Rs 200 crore by way of secondary purchase of promoter equity shares amounting to Rs 150 crore and by way of primary infusion of Rs 50 crore by subscribing to compulsorily convertible preference shares. The deal values KPPL at Rs 1,330 crore on a pre-money basis. […]
LeapFrog Investments has invested Rs 67 crore ($15 million) in Shriram Credit Co Ltd for a 10% stake in the company. This is LeapFrog's first investment in India and the Rs 600-crore fund is focused on insurance and financial services firms catering to the under served market in Africa and Asia. “Nearly 30% of the fund would be dedicated to investment in Indian insurance companies,” said Dr Jim Roth, co-founder, LeapFrog. The fund has earmarked Rs 180 crore for investment in Indian firms that underwrite or distribute insurance. […]
SMS GupShup, Indias largest social network and group messaging provider, announces today that they have raised $10 million in funding. The company will use the funds to drive product innovation, increase sales and marketing, and expand globally. Tenaya Capital joins existing investors Globespan Capital Partners, Helion Ventures and Charles River Ventures in the Series E round, taking the companys total fund raise to $47 million. SMS GupShup has cemented itself as the dominant social network in India, demonstrating that the company truly understands the Indian consumer and their needs […]
International Finance Corporation, or IFC, has bought into Bandhan Financial Services, a microfinance institution, with the investment valued at close to 135 crore, an indication that the troubled industry is on course to attract funds again from lenders and investors. The private investment arm of the World Bank has acquired a stake of close to 11% for Rs 130 crore to Rs 135 crore in Bandhan, which provides small-ticket loans to women in West Bengal and other states, two people close to the deal said. The investment by IFC – the second such capital support by an institutional investor after the state-run Small Industries Development Bank of India, or SIDBI – will boost the micro finance institution's net worth to close to Rs 510 crore from Rs 377 crore at the end of March 2011. […]
e equity firms Sequoia Capital and Nexus Venture Partners together invested $12 million in unlisted technology firm Druva for a minority stake, the Indian firm said on Wednesday. Druva, which provides advanced enterprise data-protection solutions for corporate networks, will use the funds for its expansion plans, in a statement. Druva's software provides data back-up for enterprise laptops including supports for smart phones and tablets, it said. […]
Ascent Capital, the Bangalore-based private equity fund, is set to pump in $45 million for expansion of Karaikal Port, located in the East Coast of India in the state of Tamil Nadu. The fresh infusion of funds will be as part of a Rs 700 crore expansion which Karaikal Port is embarking on to expand the capacity by as much as 6 times to 28 million metric tonnes from the current 5.2 MMT. The expansion is expected to happen over a period 12-18 months. Karaikal Port is controlled by Marg Ltd and this is the second round of private equity fund raising which the port is executing. The company had raised Rs 150 crore during early 2010 from IDFC Project Equity. The port majorly handles import of coal and also handles good quantity of cement and sugar exports. Raja Kumar, founder & CEO, Ascent Capital, confirmed that the deal is happening but declined to spell out more details. This is the third major deal which Ascent Capital is executing after investing in GMR Energy and IVRCL from the fresh $350 million fund it raised during early 2010. […]
Private equity arms of JP Morgan, IL&FS and Morgan Stanley may invest $125 million in Shriram Properties, which wants to refinance projects under development and acquire distressed real estate assets. Bangalore-based Shriram Properties is the real estate arm of Rs 25,000-crore Shriram Group, but has TPG, Starwood and Walton Street Capital as large shareholders making it a heavily private equity backed Indian real estate developer. These three investors hold over 40% in Shriram Properties, which is developing 30 million sq ft of residential and office space across southern states in the next 2-3 years. Shriram Properties MD M Murali confirmed fresh $120-125 million fund raising at the project level, but declined to identify potential investors. “We are still talking to various investors and nothing is finalized,” he said. Sources said JP Morgan was holding talks to invest $75-80 million in Shriram Gateway, which is a 6.3 million mixed use development in Chennai. JP Morgan's investment could be deployed for refinancing funds raised from Germany's troubled Hypo Real Estate Bank, which had taken an exposure in this project four years ago. […]
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