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Bennett, Coleman & Co Ltd (BCCL) has picked up Rs 60 crore worth preference shares in Mumbai-headquartered real estate major Mantri Realty Limited, which has operations in both Mumbai and Bangalore. Mantri Realty is an associate concern of Mantri Enterprises. The company, which has so far completed over 35 residential and commercial projects with over 3 million sq ft built up area across 15 cities, has a land bank of more than 1,400 acre. Mantri Realty will use these funds for developing new projects. Commenting on the deal, Mantri Realty chairman Sunil Mantri said: “Having made a mark in real estate sector, we will make a major foray into the infrastructure sector with our power projects. Through our subsidiary Mantri Power Ltd, a 540 MW thermal power plant with an investment of Rs. 2,400 crore would be set up near Nagpur. The plant will be fully functional by 2012 and 60% of the power generated out of the plant will be supplied to the Maharashtra state power utility.” […]
Infrastructure-focused private equity investor IDFC PE today said it has pumped in Rs 40 crore in Emergent Ventures India, a carbon credit advisory firm. “We have been actively exploring investment opportunities in the area of clean and renewable energy. We look forward to partnering with Emergent Ventures in delivering green solutions,” IDFC PE MD Satish Mandhana said. The investment made by IDFC PE would be utilised to enhance Emergent Ventures' existing businesses in South and South-east Asia, IDFC PE said in a statement. Emergent Ventures provides solutions under the UN Clean Development Mechanism programme, which range from project origination to assistance with project implementation and the monitoring or delivery of certified and voluntary emission receipts in the domestic and international carbon market. […]
Kotak Realty Fund and Japan's Shinsei Bank have jointly acquired a 5.9 per cent stake in Lemon Tree Hotels for 30 million dollars. Calculated at this rate, the New Delhi based hospitality firm is valued at more than 500 million dollars. The stake has been picked from the existing shareholders, a release said here today. “This is an investment in India's booming economy… no hotel company has matched Lemon Tree's track-record in growth,” Shinsei Corporate Advisory Services' Head Sanjay Sachdev said. Kotak Realty Fund is already an existing investor in Lemon Tree. […]
Hyderabad-based ECI Engineering and Construction Company (ECI), raised Rs 1 billion of private equity capital through a preferential allotment to Sabre Abraaj India Private Equity Fund I (Sabre Abraaj), a fund managed by Sabre Capital. ECI will use these proceeds to expand its construction business, finance its investment in hydro power BOOT projects and also build a modern manufacturing unit to fabricate steel towers required for their core power transmission and distribution (T&D) business. […]
A consortium of Mahindra & Mahindra (M&M) and ICICI Venture Funds on Tuesday signed a definitive agreement to acquire 100% stake in Italian gear maker Metalcastello. Company officials refused to divulge details of the deal. The acquisition is part of M&M’s larger strategy to consolidate its gear business in the European market. ET first reported the deal on November 6, 2007. There were four other bidders, including a couple of European funds and an Indian industrial house along with a private equity player. The promoters of the Bologna-based Metalcastello had approached all the bidders to hike their respective quotes, which ranged between e80 million and e100 million. […]
Private equity arm of Franklin Templeton Investments Darby Overseas Investments has picked up an undisclosed stake in coffee chain Cafe Coffee Day for $25 million. Darby's Asia Mezzanine Fund II has invested USD 25 million in Bangalore-based Amalgamated Bean Coffee Trading Company Ltd (ABCTC), the owners of Coffee Day, the company said in a statement without disclosing further transaction details. This is Darby's third investment in India in the last 12 months, it added. Coffee Day is one of the largest integrated coffee players in India, with operations across the coffee value chain, from procurement and processing to retailing. It owns and operates coffee cafes in India under the brand “Cafe Coffee Day”. […]
Gateway Rail Freight, a subsidiary of Mumbai-based Gateway Distriparks, is in the processs of raising around Rs 330 crore from private equity investors. PE firms like The Blackstone Group, India Value Fund, New Silk Route and Temasek Holdings are said to be in the fray to pick up equity stake. Gateway Distriparks closed at Rs 98.05 on the BSE. (ET) […]
A change of management is underway at plywood firm Kitply Industries which owns the popular brand Kitply with Hong Kong-based ADM Capital infusing Rs 120 crore for restructuring the company. India Debt Management, a group company of ADM, has infused capital in Kitply Industries, which will be used partly to repay the lenders and partly to revive its operations. The proposal to bring in a private equity (PE) player ADM on its board was recently cleared by the board of Kitply Industries and its lenders. The company had outstanding loans of Rs 500 crore to about 15 lenders. Bankers said that the company ran into trouble owing to an earlier slowdown in the economy and a family dispute over management control. The restructuring of Kitply was referred two years ago to the corporate debt restructuring (CDR) forum — a platform where lenders get together to revolve stressed loans. The restructuring package envisages Rs 75-80 crore being used to repay the lenders while the balance Rs 40-45 will be infused into the company. While some of the lenders have already sold their loans to Asset Restructuring Company of India (Arcil), other lenders like ICICI Bank, SBI and IFCI would continue as lenders. […]
Real estate developer Prozone Enterprises has sold a 27% stake in its subsidiary to Triangle Real Estate India Fund for a total consideration of Rs 457 crore. The subsidiary holds stake in four projects that are being developed in Aurangabad, Indore, Nagpur and Jaipur covering approximately 16 million sq.ft. There have been concerns that the high real estate prices in the country is a bubble. However, this deal highlights that investments from foreign companies including real estate funds are continuing unabated. Triangle Real Estate India Fund is co-promoted by ICS group and Old Mutual Investment Group Property Investments, the property division of Old Mutual. In India, Old Mutual is well known as Kotak Mahindra's partner in the insurance business. […]
Private equity firm Henderson Equity Partners said on Monday it has completed a $21.5 million investment in Sharda Worldwide Exports Pvt Ltd, an Indian agrochemical company based in Mumbai. Founded in 1987, Sharda registers and markets off-patent agrochemicals in 50 countries and across the herbicide, fungicide and insecticide sectors. “The Henderson team has spent a lot of time reviewing the agrochemical sector and we believe that the sector and Sharda will be strong beneficiaries of increasing regulation of agrochemicals and increasing crop acreage,” said Vishal Marwaha, a partner of Henderson Equity Partners. […]
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