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India's real estate developer Unitech Ltd. said Lehman Brothers Real Estate Partners has agreed to acquire a 50 percent stake in the initial phase of the company's project on the Western expressway in the city of Mumbai for around $175 million. The project is being jointly developed by Unitech and its local Mumbai partners, the company said in a filing with the BSE. Lehman Brothers Real Estate Partners will contribute 50 percent of the construction costs with a collective similar contribution from Unitech and its local Mumbai partners. The initial phase entails development of one million square feet of office space out of the total developable area of around 18 million square feet. (Forbes) […]
Private equity firm, Subhkam Ventures, on Thursday said it has increased its stake in steel submersible pump manufacturer, Shakti Pumps, from three per cent to 12.05 per cent. The mode of increase in holding is by way conversion of warrants allotted to Subhkam Ventures on preferential basis, a press release issued here said. “Shakti Pumps has proved its credentials with its quality products. Its energy-efficient product line saves 30 per cent more energy than other competing products,” Subhkam's Director and CEO, Manu Punnoose, said. […]
Itero announced that it has secured a $21 million Series A venture financing commitment. SV Life Sciences, the company's largest shareholder, and Panorama Capital led the financing with additional participation from VenturEast. The proceeds will be used to fund the initial development of Itero's therapeutic protein pipeline.Itero Biopharmaceuticals, a San Mateo, CA based biopharmaceutical company, is focused on developing value-added follow-on and novel therapeutic proteins and antibodies. Bobba Venkatadri, General Partner from VenturEast commented, “We are pleased to be participating in Itero's Series A financing. VenturEast has a long history of investing in early stage opportunities in India, and we look forward to supporting Itero's management team with the experience base that we have established.” […]
Kochi-based Kerala First Health Services Pvt. Ltd, which runs the AyurVAID Hospitals, announced the infusion of equity investment of Rs. 4.5 crore by Acumen Fund, USA, a non-profit venture philanthropy fund that invests in social enterprises in South Asia and Africa. The two-year-old company has two hospitals, one in Kochi and another in Aluva that provides a mix of ayurvedic and modern allopathy treatment to provide relief to chronic ailments, ranging from diabetes to arthritis. AyurVAID plans to leverage the Acumen investment to expand its footprint and pioneer the development of a low-cost health care delivery system that focuses on preventive and curative care, Rajiv Vasudevan, Founder & CEO of AyurVAID said. Acumen’s initial equity investment will enable AyurVAID to open six more hospitals across the country in the next 12 months. AyurVAID has set itself the goal of 60% of its bed capacity for patients from the middle and lower socio-economic classes, he added. […]
BCCL has acquired stake in Culture Holiday (I) Pvt Ltd, a company owning TravelChaCha.com, a travel portal, which provides end-to-end travel planning services. Travelchacha.com specializes in offering single-window booking portal to a traveller for all his travel needs, including flights,hotels, cars or tour packages. The portal provides extensive range of complete tour packages, from a short weekend tour, expansive leisure holidays, hill stations, beaches, pilgrimage, honeymoon and historical tours within India or abroad with the best rates in the industry. Speaking on the tie-up with BCCL, Sanjay Bhasin, CEO said, “We are pleased to take our BCCL partnership to the next level.” […]
IDFC PE-II, a venture fund of Infrastructure Development Finance Corporation, has picked up 22% stake in the Seaways Shipping, for Rs 1.20 billion, reports Business Line. Seaways Shipping is one the leading maritime operators in the country, providing a range of shipping and logistics services. It is learnt that IDFC and JP Morgan had been in discussion for funding Seaways for some time, but the deal was finalized only about a week ago. The investment was made out of IDFC`s second fund, which has a corpus of USD 440 million. Seaways is the second investment out of the fund in the current financial year. IDFC is now looking to raise a third fund, with a corpus of around USD 700 million.(My Iris) […]
Mobile payments solutions provider PayMate Inda has raised $9 million (Rs 38.57 crore) in the second round of funding from three PE funds, led by Mayfield Fund and existing investors Kleiner Perkins Caufield & Buyers and Sherpalo Ventures, for an undisclosed stake in the firm, PayMate said in a statement. “Mobile electronic payments are the way of the future in India. PayMate has figured out how to unleash the potential of the phone as the primary transaction terminal for the over 260 million mobile users in India,” said Nikhil Khattau, MD, Mayfield Advisors, who also join the PayMate board. PayMate works with service providers like airlines and banks to enable transactions on mobile phones and wireless devices. Customers can buy an air ticket by sending an SMS and pay by credit card through a secure IVRS call-back service. […]
Axis Private Equity Limited, (AXIS PE), a company set up by Axis Bank to manage private equity funds has announced two significant investments of Rs. 750mn (USD 19 Mn) and 670mn (USD 17 Mn) in Neesa Leisure Limited (Neesa Leisure) and Corrtech International Private Limited (“Corrtech”) respectively. These investments further reaffirm Axis PE’s commitment to invest in companies involved in infrastructure development of the nation i.e. hospitality, railways, development of oil and gas pipelines, water supply and sanitation.This comes close after Axis PE announced investment of Rs 12mn (USD 30 Mn) in Harish Chandra (India) Ltd. earlier this month “We are very pleased to announce the closure of these investments. Both these investments fall in line with our vision and mission of investing in high growth potential sectors. We have been actively exploring investment opportunities in the oil and gas infrastructure space and believe that Corrtech has immense potential to be a key player in the oil and gas pipeline business,” says Alok Gupta, MD & CEO, Axis PE […]
New York-based PE firm Zephyr Peacock, which has around $1 billion under management globally, has invested in Miles Software, an IT company providing solutions to the financial services sector. The details of the investment were not known. Zephyr’s India MD Mukul Gulati said the private equity firm was bullish on financial services and education in India. “We believe the current downturn in the financial services is temporary. In long run, we are very bullish on the prospects for financial services in India,” said Mr Gulati. The firm is raising an India-dedicated fund from which most of its investments will be made. […]
PVR Pictures, a subsidiary of PVR, has signed agreements with ICICI Venture Funds Management Company and JP Morgan Global Special Opportunities Group for an investment of Rs l20 crore in the company. JP Morgan and ICICI Venture will each invest Rs 60 crore in PVR Pictures. This transaction will enable the parent, PVR, to become a fully integrated film and entertainment company with interests across the entire value chain including production, distribution and exhibition. PVR is already one of the largest multiplex operators in India and contributes 15 per cent of the box office collections of any leading Bollywood film. The expansion into the production and distribution business through PVR Pictures will create further synergy f or the group by leveraging its exhibition circuit. […]
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