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Intel Capital, Intel Corp.'s global investment organization, announced that it is investing $23 million in three Indian technology companies – July Systems, KLG Systel and MCX. July Systems provides mobile Internet solutions that enable media brands to publish, distribute, monetize inventory and personalize services for consumers. KLG Systel provides smart grid and energy management and efficiency solutions to power utilities and end-users. MCX is a commodity futures electronic exchange in India that has permanent recognition from the Government of India for facilitating online trading, clearing and settlement operations for futures market across the country. […]
A clique of investors, led by Morgan Stanley Infrastructure Partners, has bought a 44% stake in power generation and engineering services firm Asian Genco for $425 million, the biggest private equity transaction in India in almost two years, thus lifting the slowdown’s veil over such big-ticket deals. The deal is also the biggest private equity transaction in the country’s power sector and the first one of over $300 million since 2008. The last PE deal of this size was when Providence Equity Partners invested $428 million in Aditya Birla Telecom in 2008. […]
New York–based hedge fund DE Shaw will buy a 49% stake in Mumbai-based Pegasus Asset Reconstruction Company, subject to approvals from the government and the Reserve Bank of India (RBI). The offshore fund is in touch with the Bhimjyani family, the promoters of Pegasus, and leading investor Rakesh Jhunjhunwala, who owns a sizeable stake in the stress asset firm. As per the proposal, the foreign fund will buy 23% from the Bhimjyani family and 26% from Mr Jhunjhunwala. Post transaction, which puts the enterprise value of Pegasus at Rs 250 crore, the Bhimjyani family and Mr Jhunjhunwala will hold 50% and 1%, respectively. When contacted, DE Shaw country head Anil Chawla declined to comment. A large equity interest in Pegasus is a strategic fit for DE Shaw as it plans to get into a non-banking finance company (NBFC), said a person familiar with the negotiations. […]
Coffee Day Holdings, promoters of Cafe Coffee Day which helped in spreading the coffee bar culture in the country,is set to receive $200 mn from a New York based private equity firm, according to a report in Financial Times. The deal, one of the largest private equity transactions in India in the past year and a half, will give KKR and its partners, Standard Chartered Private Equity and New York-based New Silk Route, exposure to India’s fast-growing coffee house culture, the FT report added. Cafe Coffee day has over 900 coffee bar outlets in the different parts of the country with the rising disposable incomes in urban centres and metros adding to the demand. […]
IL&FS Investment Managers, a private equity arm of IL&FS Ltd, has acquired a 10% stake in The Mobile Store, an Essar group firm, for Rs100 crore, a senior executive from the retail chain said. The stake sale values Mobile Store, a mobile handsets and accessories retail chain, at Rs1,000 crore, added this person who did not want to be identified. A spokesperson for the Essar group confirmed the transaction but declined to elaborate any further. The chain, managed by Rewant Ruia, a scion of the Ruia family and son of Ravi Ruia, vice-chairman of the group, has been on an expansion spree. […]
Mayfield India Fund and SIDBIVenture today announced a new investment in Fourcee Infrastructure Equipment Pvt. Ltd. (Fourcee). Under the terms of the investment, Mayfield India Fund and SIDBIVenture will invest Rs.50 crore in Fourcee to expand their tank terminals, add more uniquely designed containers and grow their infrastructure. This new investment reflects Mayfield India Fund's investment theme of adding value to growth stage companies in the consumer and infrastructure segment. The alliance comes at a time when the industry has shown consistent growth, even in these challenging economic times. Currently, Fourcee is the only company focused on providing end to end logistics solution for liquid cargo through road and railways using its own specialized designed containers. Mayfield India's and SIDBIVenture's investment provides an exciting opportunity for Fourcee to expand its footprint and offer unique logistic solutions in India […]
Leading foreign institutional investor Fidelity International is said to have sold around 2% stake in MCX to Passport India, an existing shareholder in the commodity bourse, according to market sources. The sale is in keeping with government norms that restrict a single foreign investor’s shareholding in a commodity bourse to 5% by March 31, 2010. With this, Fidelity’s stake will come down to 7% while Passport India’s shareholding in MCX will rise to 5%. No confirmation was available on the pricing of the transaction. Fidelity had picked up around 9% in MCX in 2006 for $49 million, valuing the exchange at around $540 million. When NYSE picked up a 5% stake in MCX in 2008, the exchange was valued at $1.1 billion. When contacted, officials from MCX and Fidelity declined to confirm the development. […]
Manipal Universal Learning, the corporate education arm of the education-cum-healthcare Manipal Group, said on Tuesday it had raised Rs200-crore ($43.3 million) in private equity investment from PremjiInvest. PremjiInvest is a $1-billion fund promoted by Wipro Group chairman Azim Premji. According to Manipal Universal CEO Anand Sudarshan PremjiInvest, together with several other PE investors in Manipal Universal-Capital International and IDFC Private Equity would hold a hold a significant minority stake in the firm. The firm had received substantial investments to the tune of $40 million and $30 million from Capital International and IDFC around three years ago. Sudarshan said the funds would go towards building a new campus in Dubai, expansion of the Antigua campus, the dental stream in Malaysia and upgradation of technology for next-generation virtual and distance-learning education system, EduNxt for which capital outlays of around $82-$90 million would be required. […]
Baring Private Equity Partners (India) is the front-runner to buy about 15% stake in Mumbai-based drugmaker Famy Care for around $40 million, or Rs 185 crore, a person familiar with the matter said. Privately-held Famy Care is one of the world’s largest maker of oral contraceptives pills. “If the talks fructify, the deal could be closed within a month or two,” the person, a pharma industry executive asking not to be named, said. The deal will value Famy Care at Rs 1,230 crore, making it one of the biggest private equity investments in the pharma sector in recent times. When contacted by ET, Sanjeev Taparia, MD at Famy Care, said: “We are in discussions with potential PE funds. But we can’t share names as nothing has been finalised.” He also declined to share the financial details about the company. Mr Taparia leads the company owned by Taparia family. […]
Actis, an emerging markets private equity specialist, announced today that it has invested US$50 million (INR 235 crores) to acquire a substantial minority stake in Integreon, the leading global provider of legal support, research and business services to law firms, financial institutions and corporations. As part of this investment, JM Trivedi, Actis's Head of South Asia, and Gautham Radhakrishnan, a Director at Actis, will join Integreon's board of directors. Actis has invested alongside Ayala Corporation, the oldest and one of the leading conglomerates in the Philippines, which initially invested in Integreon in 2006 through LiveIt Investments, its business process outsourcing holding company. Ayala Corporation will continue to hold a majority stake in Integreon. Today, professionals at leading organisations including 11 of the top 50 global brands such as Microsoft; 32 of the AmLaw 50 such as Clifford Chance and DLA Piper US LLP; and 9 of the top 10 global investment banks focus on their “highest and best use” by trusting high-quality research, document, and legal solutions from Integreon. Integreon revenues have grown at an 83 per cent CAGR since 2006 to an $89 million revenue run rate in Q4 2009. […]
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