|
|
Indian real estate developer Lodha Group said on Thursday it has sold 45 percent stake in a residential-cum-commercial project at Hyderabad, to HDFC Sponsored Funds for $54 million. The Mumbai-focused company plans to develop a 2.5-million sq ft luxury township in Hyderabad, its first project in the south Indian city. Last year, it had acquired 12.9 acres of land there, for 2.56 billion rupees. The project is to be completed in 42 months. HDFC Sponsored Funds comprise offshore funds sponsored and advised by HDFC Ventures, the company said. The deal would be through the foreign direct investment route. […]
Financial Times publisher Pearson has sold its 13.85 percent stake in Indian business daily Business Standard for an undisclosed sum, the Indian newspaper said on Friday. The stake was sold to Infina Finance Pvt Ltd, an associate of India's Kotak Mahindra Group, it said. Business Standard and the FT have “realigned the licence agreement … whereby Business Standard will continue to have access to FT content till the end of the year”, the paper said in a note on its front page. Pearson, whose India business also includes Penguin Books and Pearson Education, said recently it would significantly increase investment in the fast-growing economy over the next three years. Revenue for newspapers in India grew 17 percent in 2007, according to estimates by PricewaterHouseCoopers, and some local media reports have indicated that Pearson may seal a deal with a new venture partner for its Financial Times daily. Foreign firms can own up to 26 percent in Indian newspapers. (Reuters) […]
Citigroup’s real estate arm is set to invest around Rs 400 crore ($100 million) in Bangalore-headquartered Golden Gate Properties for about 10% stake, sources said. The deal is expected to value the tier-II real estate firm at a little over $1 billion. This marks Citigroup’s back-to-back deals in the domestic real estate space in the last fortnight. Early last week, the global financial giant unveiled $160 million play in Delhi-based BPTP. Golden Gate is primarily into residential market with about 20,000 units under development totaling 23 million sq ft across southern cities such as Bangalore, Chennai and Hyderabad. The company also has substantial land holdings extending into emerging centres like Mysore and Mangalore. Besides, Golden Gate is believed to be foraying into SEZ and mixed use development. […]
Real estate firm Parsvnath Developers Ltd has sold 30 percent stake in a Mumbai project to foreign funds for 1.86 bilion rupees, the company said in a statement on Thursday. Parsvnath will sell 15 percent stake each in the Kurla bus depot redevelopment project to Euronext-listed Yatra Capital and recently-launched Saffron India Real Estate Fund-I. Both are promoted by U.K.-based fund manager Saffron Asset Advisors. Yatra and Saffron have picked up the stake at land-value basis. They will also proportionately fund all future development and construction activities for the project, Parsvnath said.(Reuters) […]
Mercatus Capital, a Singapore-headquartered angel investment fund, has closed its maiden investment in India by funding i-Flapp Technologies, a company founded by a group of Bangalore engineers with operations in Singapore. The fund hasn’t disclosed the quantum of investment but said that it typically invests $250,000 to $2 million dollars in each venture. In i-Flapp’s case, while the company will bring in technology expertise, the fund will help the start up gain a foothold in the commercial space. The engineers at i-Flapp have developed AppsD, a storage device that resembles a flash drive. The difference in this case is that instead of just files or images, the entire applications saved in a particular computer, can be loaded on to the AppsD. For example, an entire set of applications and settings on a desktop, such as Microsoft Outlook or Adobe can be saved in AppsD. […]
Breaking from the tradition, the $5 billion TVS Group has, for the first time, let a private equity investor Goldman Sachs invest nearly Rs. 100 crore and pick up an undisclosed minority stake in the Rs. 338-crore turnover TVS Logistics Services Ltd., setting the stage for an eventual IPO (initial public offer). TVS Logistics is hoping to use the money, reach and contact of Goldman Sachs to further speed up its growth. The company has set itself a turnover target of Rs. 1,000 crore to be hit by 2010. Addressing a press conference here on Friday, Suresh Krishna, Chairman, TVS Logistics, said the private equity (PE) option was forced by “market reality”. Answering a volley of questions, he said the PE money did not come through stake sale. It came via issue of additional shares at a premium, he added. The equity capital of the company stood at Rs. 12 crore prior to the induction of the PE fund. “We will go in for an IPO at an appropriate time. We will wait for the right time,” he added. R. Dinesh, Operating Director, however, said it (IPO) would not be in the next 18 months. […]
Global investor Lehman Brothers has picked up a 40 per cent stake in the upcoming IT park project of property developer Peninsula Land (PLL) in Hyderabad. Lehman is expected to pump nearly Rs 50 crore into the project. PLL is expected to hold the remaining 60 per cent. The initial cost of the project, including land, is Rs 125 crore and the development cost is nearly Rs 1,400 crore. The company is planning to fund the project through debt and draw more funds from Lehman if required, sources said. Recently, PLL and Lehman tied up to invest in the realty projects of Peninsula. In the Rs 700-crore joint venture, Lehman invested Rs 500 crore and held a 75 per cent stake, while PLL subscribed to the remaining equity at an investment of Rs 200 crore. The Hyderabad deal was the first such investment from Lehman, sources said. […]
The private equity arm of Future Capital, acquired 10% stake in Percept, the flagship company of the Percept group, for nearly Rs 650 million, reports Business Standard. The deal values Percept, an entertainment, media and communications player, at Rs 6.5 billion. Percept has a presence in advertising, public relations, media communications, film and TV content production and distribution, talent management, sports and events marketing in India and West Asia.( My Iris) […]
Bennett, Coleman & Company (BCCL), India's largest media group, has acquired a stake in the city-based Nouveau Dietetique. Nouveau Dietetique is engaged in the business of functional and medical foods. Its health foods are marketed under the brand name 'Satva'. The products are being commercially launched in Chennai, Bangalore, Mumbai, Delhi, Pune and Ahmedabad. Some of its products are Choco-de-lite, a chocolate without sugar and Getrima, a nutritional drink designed to fit into weight maintenance programme. […]
Citi group’s realty arm, Citi Property Investors (CPI), has bought 40% stake in each of the four Special Economic Zones (SEZs) of Delhi-based real estate group BPTP for $160 million (approx Rs 640 cr). The fund raised will be used to pay the first instalment of Rs 5,006-crore Noida land deal which BPTP bagged recently, a BPTP official said. CPI, which manages approximately $13.0 billion in gross real estate assets globally, had last year taken an equity stake of 5.89% in BPTP by investing Rs 322.5 crore. Besides Citi, Merrill Lynch’s real estate arm also invested in the BPTP group last year. Merrill bought 49% stake in an SPV developing 4.5-acre IT park on the Gurgaon Expressway for Rs 112.55 crore. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|