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Citigroup , Singapore's Government Investment Corp (GIC) and other international investors are buying 15 percent of a real estate venture of India's Shapoorji Pallonji group for about $300 million, Indian papers reported. The deal involved investments in six projects in the commercial, residential and shopping malls sectors in Kolkata, Pune, Nagupur and other cities, the Economic Times reported on Tuesday, citing an unidentified source. It said the deal was worth $290 million, while the Times of India said the stake was valued at $320 million. A spokesman for Citigroup in India declined comment. The Shapoorji Pallonji group is run by Pallonji Mistry, whose family is the single biggest shareholder of Tata Sons, the holding company of the Tata Group. […]
Resurgere Mines & Minerals India Ltd. announced that Merrill Lynch International has taken a 12.74% stake in the firm. Resurgere Mines & Minerals India is engaged in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The Company's diverse product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and Iron ore fine etc. and bauxite. It sells all these products domestically except iron ore fines which it exports to China. It is one of the few Companies in the mining industry to have obtained ISO 9001:2000 and ISO 14001:2004 Certification from UKAS, United Kingdom. Furthermore, the Company is a recognised Star Trading House of India and is also member of various business councils i.e. CAPEXIL, FIEO, FIMI etc. The Company proposes to enter the capital markets with a public issue of 5,000,000 equity shares of Rs 10 each through 100% book building process and it has filed DRHP with SEBI for the purpose. Motilal Oswal Investment Advisors Pvt. Ltd is the BRLM for the Issue. The company proposes to fund purchase of plant and machinery for setting up of its extraction and crushing facilities at the mines, and purchase railway rakes to set up its logistics infrastructure facilities through the net proceeds of the Issue. […]
Global private equity major CVCI to invest 125 million dollars in JBF Global Pte Ltd, a wholly owned subsidiary JBF Industries Ltd. These funds are meant to be used for international operations of the Company, for expansions and acquisitions. With this transaction, CVCI’s investment in JBF Industries is worth Rs 560 crores since June 2005. “The investment is through a preferential allotment of security. Given the fact that the company has huge potential and has consistently performed and delivered since our first investment, we are very happy to continue our association with JBF and participate in its growth “Says Mr P R Srinivasan, Director CVCI. The Company has begun production at its RAK plant, JBF RAK FZ LLC, in Emirates, a joint venture with RAKIA (Ras Al Khaimah Investment Authority) for setting up a Polyester PET resin packaging in the Emirate of Ras Al Khaimah. The plant, a world class manufacturing facility with a capacity of 900t/day polymerization will address the markets outside India. One line in the plant is for production of thick film while the second line is for longer width thin film. Equipments are from Dornear, Germany. This is the first plant of this size set up by an Indian company in the Emirates. The new facility started its first phase production in July 2007. In the 2nd Phase ” JBF RAK FZ LLC, is expected to start production of Polyester Film (BOPET) by quarter ending 31st December 2007. JBF RAK FZ LLC will be part of JBF Global Pte Ltd. […]
IDG Ventures India, a $150 million (Rs594 crore) early-stage technology venture capital fund, has made an undisclosed investment in Bangalore-based 3D Solid Compression Pvt. Ltd, a 3D content creation and visualization start-up incubated jointly by Stanford University and Indian Institute of Science(IISc), Bangalore. Sudhir Sethi and Hemir Doshi, who lead IDG’s investment team, will join the 3D Solid Compression board. The company was born out of an on-campus academic research project by Stanford University professors Krishnan Ramaswami and Fritz Prinz. Ramaswamy later moved to IISc where he teamed up with B. Gurumoorthy, a faculty member at IISc, to take the project forward. This is the first instance of a US-India cross-border technology research project being spun out into a start-up and successfully roping in venture funding. ( Livemint) […]
Manappuram General Finance and Leasing (MAGFIL), the flagship company of the Manappuram Group has arranged a fund infusion of Rs 70 crore from Sequoia Capital and India Equity Partners (IEP). Sequoia Capital and IEP will invest Rs 35 crore each in two tranches to bankroll Manappuram’s expansion plans for MAGFIL and other group companies. “Eight-five per cent of Manappuram’s portfolio is investment-worthy and this was a primary guideline in the pre-money valuation,” sources said. An agreement to this effect is expected to be signed on Friday, though the date of closure of funding is unclear. MAGFIL, the BSE-listed non-banking finance company, which is the flagship of the Manappuram Group, had earlier this month finalised the raising of Rs 46.80 crore in working capital from Sequoia and Hudson Equity Holdings, an investment vehicle of IEP, a $300-million private equity fund. […]
Hyderabad-based infrastructure company Soma Enterprise has diluted equity to the tune of Rs 400 crores to 3i India Infrastructure Fund, company’s director Akineedu Maganti said on Wednesday. The company plans to utilise the funds to invest in Build Operate and Transfer projects. Maganti said the company is not looking at an initial public offer immediately. “We are carrying out our projects from internal accruals and as and when we are in need of funds we will think of floating an IPO,” Maganti said. The Rs 1,200 crore Soma Enterprise is at present implementing projects worth over Rs 6,500 crores in sectors including roads and highways, hydro electric power plants, irrigation and water resources development and urban infrastructure. “Soma Enterprises has also won the bid for 4-kilometer underground stretch for the Delhi Metro from All India Institute of Medical Sciences to 7 Race Course Road. We will design and build the stretch in joint venture with Continental Engineering of Taiwan using the twin tunneling technology, our venture partners have immense experience in tunneling technology and we hope to complete the stretch before the original completion schedule of late 2009” Maganti said. […]
Engineering and construction giant Larsen & Toubro (L&T), Infrastructure Development and Finance Company (IDFC), Lehman Brothers and Singapore-based private equity (PE) firm Amansa Capital together have picked up a 7% stake in Hyderabad-based construction firm B Seenaiah & Company Projects (BSCPL) for Rs 152 crore. B Seenaiah seems to have trebled its valuation since its last stake sale 18-20 months ago when it sold around 19% stake to two foreign investors, New Vernon Private Equity Fund and Tiger Veda for Rs 150 crore. Sources said L&T has routed its investment through two of its group companies, L&T Infrastructure Finance and L&T Capital. This is the second round of PE funding in BSCPL. BSCPL is one of the leading construction firms in road and irrigation projects in India. BSCPL, which has a significant overseas presence, has already completed seven road projects in Afghanistan. IDFC SSKI acted as exclusive financial advisor to BSCPL for the deal. IDFC was also the company’s advisor during its first round of PE funding. […]
Offshore services provider Jindal Drilling & Industries Ltd will raise Rs 1.54 billion after its board on Friday approved issuing 1.2 million shares to Citigroup at Rs 1,280 each for a 10.5 per cent stake. The funds will be used for capex and business plans, the company said in a statement. Jindal's board also approved acquiring 49 per cent in Singapore-based Virtue Drilling Pte Ltd. ( Economic Times) […]
Leading financial services groups ICICI, IL&FS and Kotak have bought a combined 9.55% stake in Multi Commodity Exchange of India (MCX), India’s largest commodity derivatives exchange. The transactions put the valuation of MCX at over $1 billion. ICICI Venture has picked up 3.55% stake, while IL&FS and Kotak bought 5% and 1% respectively. This brings down promoter Financial Technologies's (FT) holding in MCX to 37.5%. The compelling valuation story in exchanges — as earlier reflected in institutional interest in leading bourses like NSE and BSE — has been the driver behind these investments. “We are currently not looking at any further dilution of stake. The equity from the current stake sale will be deployed in improving the exchange infrastructure,” said MCX MD and CEO Jignesh Shah. Earlier during the year, FT had sold 5% stake each to Citi and Merrill Lynch at similar valuations. The comex, it may be mentioned, has already expressed its intention to go for an IPO. […]
Sequoia Capital and a Singapore-based private equity fund are learnt to be in the race to invest upwards of Rs 100 crore in Mysore-based e-learning firm Excelsoft. Excelsoft is a six-year-old firm which provides a range of customised learner-centric learning systems, test and assessment systems, and desktop tools. According to industry information, the company, which has a topline of around Rs 50 crore is expected to be valued in the range of Rs 350-400 crore for the stake sale. A deal is expected to be sealed by early-January 2008. Industry sources further indicate that in addition to Sequoia and the Singapore fund, ICICI Venture is also in the fray to invest in this high-margin firm. Estimates are that Excelsoft has a net profit of close to Rs 25 crore due to its business model of taking the product licensing route on which services and consulting add value and stickiness. […]
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