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The private equity arm of the diversified Aditya Birla group has acquired a 25% stake in V Mart Retail, a value-retailer owned by the New Delhi-based Lalit Agarwal. The investment is estimated to be in the range of Rs 60-70 crore. V Mart Retail chairman Lalit Agarwal confirmed the development to ET but did not disclose the size of the investment. He said: “We needed the business expertise of the Aditya Birla group. We wish to extend our value for money retailing business in a truly Indian way across the country. We are planning to open 100 stores over next two years. We would implement the Birla group’s strategies on merchandising, logistics and store planning.” The company had reported a turnover of Rs 100 crore last year and targets to achieve a 50% growth in topline this year. The four-year old company has been growing at 40% annually and is expected to continue this trend in next four-five years, said sources close to the company. The format of V Mart can be compared with Big Bazaar, Vishal Mega Mart and Truemart. […]
Mauritius-based private equity fund New York Life Investment Management Jacob Ballas India Fund has acquired a “minority” stake in Mumbai-based drug maker Themis Laboratories for about Rs 90 crore. The unlisted private company, which develops and commercially manufactures formulations on contract basis for big domestic and multinational companies operating in India, will use the fund to expand its business into the regulated American and European markets. When contacted, company sources confirmed the development, but declined to indicate how much stake has been divested. Themis’ products account for about Rs 450 crore in the retail market, but the company’s turnover would be less than that considering that it is not directly marketing them. Themis Labs MD Janak Shah told ET the investment would help the company’s foray into the regulated markets to be a significant player in new drug delivery systems. […]
Wilbur Ross, a US-based distress fund may invest in SpiceJet, reports Business Standard. Last week, a media report stated that Kingfisher Airline is in negotiations with two majority shareholders of SpiceJet to buy the low-cost airline in all cash deals. Kingfisher is negotiating with Gulf based fund Istithmar and UK based Kansagra family. Together they hold 26.3% in SpiceJet; acquisition of more than 20% would lead to an open offer as per SEBI rules. If Kingfisher acquires the airliner it will hold more than 40% market share in SpiceJet and be able to control the pricing on key routes. SpiceJet is looking to raise USD 100 million from the markets. (My Iris) […]
World Bank's private sector financing arm International Finance Corporation will lend $8.5 million to Modern Dairies. The dairy company has entered into a 'Loan Agreement' with International Finance Corporation (IFC) for an External Commercial Borrowing of $8.5 million (about Rs 36 crore) subject to RBI approval, Modern Dairies said in a filing to the Bombay Stock Exchange. The dairy firm had announced that it has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC, under which IFC would acquire 46.50 lakh shares of Modern Dairies for Rs 27.90 crore. Ernst & Young acted as financial advisor to Modern Dairies on the transaction. […]
International Finance Corp (IFC), a World Bank arm, will invest $15 million in Mumbai-based pharmaceutical outsourcing company Hikal by way of equity participation. The equity will be offered on a preferential allotment basis to finance Hikal's expansion plans, the company said in a regulatory statement on Friday. Hikal specialises in crop protection products and specialty chemicals, and exports active pharmaceutical ingredients and intermediates to the US, Europe and Japan. […]
New York-based Clearwater Capital Partners on Thursday said it has invested USD 50 million (nearly Rs 200 crore) in a power equipment park that would be developed by Diamond Power Infrastructure Ltd at Vadala. Clearwater has so far invested USD 500 million in 39 companies across India, which it considers a safe investment destination due to its legal framework that is absent in China, company's Managing Partner Robert Petty said here. He hoped to invest in more companies after operationalising of Indo-US nuclear deal. He said Clearwater currently manages 1.7 billion USD in assets across four funds and boasts of 86 team members across eight locations, including New York, Beijing, Hanoi, Hongkong, Mumbai, Munich, Seoul and Singapore. […]
Real estate firm Sobha Developers Ltd said on Wednesday it has sold 40 percent stake in an upcoming Bangalore project to Dubai's Pan Atlantic LLC for $10 million (433 million rupees). Sobha plans to develop a 1.7-million-sq ft residential township at the plot in south Bangalore. A senior company official said the present value of the land is estimated at 1.05 billion rupees, which has been used as the basis for the deal valuation. The company expects sales realisation of 6 billion rupees from the project, he said. Recent months have seen a spate of private equity deals in the Indian real estate sector, as developers, faced with a cash crunch on one hand and a slowdown in demand due to high interest rates on the other, try to unlock value in ongoing projects. […]
Bumi is a specialist Geo Engineering Company serving the infrastructure sector. Bumi currently operates in India, Singapore, Dubai and Europe. Within India, it currently serves the power and urban infrastructure sub-sectors. Its projects involve several hydro-electric power plants and urban projects including the Delhi Metro. “This investment will help Bumi capitalise on the huge opportunity in Geo Engineering in India and abroad and consolidate its position as an Indian multi-national company in the Geo Engineering space,” said Mr. B Jaikumar, Chairman & MD, Bumi Geo Engineering Pvt. Ltd. Bumi was founded in 2002 by Mr. Jaikumar, an engineer, who has several years' experience in the field of Geotechnical Engineering and worked extensively in Japan, Singapore, Malaysia, Dubai and India. Bumi currently employs more than 2,000 people and is headquartered in New Delhi. […]
Private equity is ramping up presence in India’s out-of-home (OOH) advertising play. ICICI Ventures, Lehman and Goldman Sachs have lined up to pick up around 15-20% stake in Bangalore-based outdoor advertising firm Serve & Volley (S&V) for Rs 250 crore. Sources said Serve & Volley, with key assets like Delhi Metro, Kolkata Metro and Bangalore Municipal Corporation, plans to dilute 15-20% to raise Rs 300 crore. The 11-year-old company vies with sector leaders like Clear Channel, Laqshya and JCDecaux for a pie in the Rs 1,800-crore business, growing robustly at 10-15% in recent times. When contacted, S&V’s COO J Vishwanath declined to comment. Sources said advanced discussions were on with at least three funds for raising Rs 300 crore. […]
Mauritius-based Frontline Strategy's India Industrial Growth (IIG) Fund has picked up a 26 per cent take in Shriram SEPL Composites, a joint venture of Shriram EPC and Strategic Engineering. This is the first investment from the SME-specific IIG Fund, a press release issued here today stated. Frontline Strategy is a Fabiani family office-anchored asset management company with prime focus on private equity investments. The company's Managing Partner Atim Kabra, said that “the investment in Shriram SEPL Composites is a continuation of Frontline Strategy's focus on investing in companies with global scope and capability.” […]
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