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Tuscan Ventures has concluded an investment in LCL Logistix Pvt. Ltd, formerly LCL Agencies Pvt. Ltd, one of India’s largest freight forwarders and 3PL services provider with 33 offices and 400+ employees. This investment, which gives Tuscan Ventures a 12.45% ownership stake in LCL Logistix for an undisclosed sum, comes in the backdrop of burgeoning trade to and from India and the increasing propensity of the trade to engage professional and experienced service providers to manage their supply chains effectively. […]
World Bank group member International Finance Corporation on Monday said it will invest Rs 55 crore (14 million dollars) in Delhi-based Rockland Hospitals to support its expansion plans. Rockland Hospitals plans to expand its facility in the national capital and set up a 250-bed hospital in Manesar, Haryana. “IFC will provide 10 million dollars through equity investments and another 4 million dollars in convertible preferred shares to Rockland Hospital,” IFC said in a statement. The project will help broaden access to high-quality health care and good administrative and patient care to common people, it added. […]
HDFC Property Ventures is investing $20-25 million into South India's largest central business district (CBD) mall developed by Nitesh Estates in Bangalore. The move probably marks the $900-million HDFC Property Ventures' foray into retail infrastructure in a rather tight-market environment, sources said. HDFC Property Ventures will pick up around 20-25% stake in the 6-lakh sq ft Nitesh Mall, which is being designed by Seattle-based Callison. Nitesh Mall, which is the Bangalore-headquartered real estate firm's first retail play, is estimated to be a Rs 300 crore project. The Nitesh Mall will come up on a 5.5 acre patch near hotel Leela Palace, off the Indiranagar 100-ft road that is considered one of Bangalore's highstreet retail hubs, with most big brands operating their flagship stores there. When contacted Nitesh Estates' director, development, LS Vaidyanathan declined to comment on the deal. HDFC Property Ventures CEO KG Krishnamuthy could not be contacted immediately. […]
Beleaguered UK investment group Dawnay Day's stakes in its Indian businesses are on the verge of being sold. Five to six potential buyers have shown interest in the UK firm's stake in financial services, hotels and real estate ventures here. New Silk Route, the fund promoted by ex-McKinsey chairman Rajat Gupta, is said to be ahead in the race for acquiring the UK firm's 50% stake in financial services joint venture – Dawnay Day AV India. Dawnay Day AV India is a joint venture between Alok Vajpeyi, ex-DSP Merrill Lynch official, and Dawnay Day International, the financial services arm of the UK-based Dawnay Day Group. Mr Vajpeyi holds 25% stake and the remaining 25% stake is held in a trust for the management. Other than the financial services subsidiary, Dawnay Day has two other subsidiaries in India – Dawnay Day Hotels India and Dawnay Day India Land […]
Leading investment bank Nomura Holdings Inc. said Friday it has agreed to contribute USD 16 million to India's digital media and entertainment provider Real Image Media Technologies Pvt. Ltd. The financing deal will allow Nomura to support the booming consumer services and media entertainment industry in India and thus contribute to the country's economic growth, the bank said. Established in 1986, Real Image provides digital cinema technology solutions that address not just the needs of cinema houses for digital cinema equipment and content, but also encompass the needs of the media and in-cinema advertising industry in India, according to Nomura. […]
UK-based `Genesis Asset Managers has picked up a 5% stake in pipe manufacturer Welspun Gujarat for over Rs300 crore from the secondary market. “The fund house has bought the stake from the open market. This shows the long-term viability of the company,” Welspun Gujarat president Akhil Jindal told PTI on 29 July. Welspun Gujarat’s stock was trading at Rs328 in the afternoon on the Bombay Stock Exchange, down from Rs343.1 from the previous closing. The market capitalization of the company was Rs6,115.53 crore. Another UK-based private equity and venture capital company, 3i acquired 6.6% stake in Welspun Gujarat from the secondary market in October 2007. (Livemint) […]
Personal Offshoring, which is driving the next wave of India's outsourcing success story, got a huge boost today when iYogi – a remote technical support provider from India – raised $ 9.5 million in Series B financing from SAP Ventures, a division of SAP AG, Canaan Partners and SVB India Capital Partners, a venture fund affiliate of Silicon Valley Bank. iYogi delivers technical support services directly to consumers and small businesses and is the first, global, technical support brand based out of India. The company offers its customers an unlimited, annual service subscription for $119.99 per desktop that includes support for a wide range of technologies, including PC hardware Microsoft Windows operating system operating systems, software applications, peripherals and multifunctional devices. […]
Private equity fund SUN-Apollo Ventures has invested Rs 300 crore for 35-40% equity in an SPV of Noida-based realty firm Amrapali group. SUN-Apollo is a joint venture between Delhi-based Khemka family’s SUN group and US-based private equity fund Apollo Real Estate Advisors. Apollo’s development and investment portfolio is spread across US, UK, Russia and other European countries, besides India. SUN Group, which has interests in oil & gas, mining, real estate, infrastructure, food & beverage and technology, has been active in India, Russia and other emerging markets. “The SPV will develop a 200-acre township in Jaipur and a 15-acre high-end housing project in Noida. Both projects are likely to be completed in two-and-a-half years,” Amrapali group chairman Anil Sharma said. The Jaipur township will have housing, retail, commercial and IT space. Amrapali group, which has developed six urban residential colonies in the national capital region, is at present executing real estate projects worth Rs 8,000 crore in several cities. […]
JM Financial Ltd said on Friday it will sell a 12 percent stake in its fund unit, JM Financial Asset Management, to raise 1.12 billion rupees to fund expansion. “We want to increase our distribution muscle across India and that requires capital,” Vishal Kampani, director of the fund house, told Reuters in an e-mail. “We want to maintain a 25-30 percent plus growth in the AUM over the medium term,” he said, adding he was not looking at raising more capital for at least two years as the business plan was funded. The fund house has seen average assets surge more than 200 percent to 116.55 billion rupees in the last one year, far higher than the 38.1 percent growth of the industry, according to data from the Association of Mutual Funds in India. […]
iYogi, the Gurgaon-based B2C technology support provider, has secured a second-round funding of $9.5 million from a consortium of VCs led by SAP Ventures, a division of the German software major SAP. This is SAP Ventures first investment in India and the fund is close to investing in couple of other IT and ITeS companies in India. Other investors in iYogi include Canaan Partners and Silicon Valley Bank (SVB) India Capital Partners. iYogi, a remote technical support provider with a customer base of over 50,000, primarily in the US, will use the funding to expand operations in new geographies, to increase execution capability, delivery of new services and to enhance its marketing effort. The company has 450 technical support staff and plans to ramp it up to 2,000 in the next couple of years. It has a unique offshoring model that focuses on providing technical support to individual retail customers (personal offshoring) rather than enterprise customers, as most BPOs do. […]
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