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Goldman Sachs, Wachovia Bank and Bayer Capital have together acquired about 9% stake in Gurgaon-based real estate firm Vatika group for about $250 million. The fund infusion into the group from the three investors will be complete by March, 2008. Vatika group also plans to hit the capital markets with an IPO early next year. The company will use proceeds from the PE placement and the IPO to part finance its ongoing development plans. The company has recently undertaken a 1200-acre integrated township project in Jaipur and is developing about 3.8 million square feet of residential projects in Gurgaon. Vatika Group has also got a board of approvals’ (BoA) clearance for developing a 53-acre IT special economic zone as part of its Jaipur township. […]
mGinger, a Bangalore-based start-up in mobile advertising, today announced that it has attracted $2 million in funding from Draper Fisher Jurvetson and NEA-IndoUS Ventures. The company will use proceeds of the financing to significantly grow its business, build up their technology stack and ramp up their marketing and sales force. mGinger provides advertisers with permission-based, targeted marketing. mGinger enables advertisements including offers, vouchers, news and more, sent in the form of SMS on consumers’ mobile phones. These advertisements are specific to consumer interests and demographics mentioned during sign-up (www.mginger.com) and received only in the timings that consumers specify. An additional value-add for consumers, is the earning potential of receiving these advertisements, which is redeemed through a gift cheque from mGinger. “We at mGinger believe that there is much more to mobile phones than receiving advertisements through text messages.” said Chaitanya Nallan, CEO, Gingersoft Media Private Limited. “With this funding, we look forward to bringing a lot more innovative services to mobile users in the near future and opening up this potentially huge market in India. We are delighted to have investors like DFJ and NEA partner with us in this venture.” “We are ecstatic about not only what mGinger has accomplished but what the prospects are.” said Mohanjit Jolly, Executive Director, Draper Fisher Jurvetson. “The ubiquitous presence of the mobile phone in India and the SMS usage makes this a highly promising market and serves as a potential ‘holy grail’ for consumers as well as advertisers.” […]
DE Shaw, one the largest global providers of alternative assets, is investing close to $60 million (Rs 240 crore) in Gemini Industries and Imaging, Chennai, one of the oldest media houses in the country. The Gemini Group has its interests in film production, equipment hiring and lab processing for the motion picture business. The group has over 75 per cent market share in the equipment hiring business and over 50 per cent market share in the processing lab business for motion picture across Tamil, Telugu and Malayalam film industries. However, when contacted Anil Chawla, CEO, DE Shaw India declined to comment on the issue. The Gemini group equipped with this equity infusion, plans to set up the exhibition business in Tamil Nadu and Andhra Pradesh over the next 24 months. The first of 11 multiplex screens will kick start their operations by the end of 1st quarter of 2008 in Chennai. By 2011 they are expected to control over 300 screens. […]
Bennett, Coleman & Company (BCCL) has acquired a stake in Chennai- based MARG Constructions. MARG Constructions is among India's fastest growing diversified infrastructure development companies. Established in 1994, MARG Constructions is listed on the Bombay, Madras and the Luxembourg stock exchanges. The company is promoted by G R K Reddy, who channelled MARG into infrastructure projects as diverse as IT Parks, power, ports, roads, retail and real estate. Commenting on the tie-up, Reddy, CMD of MARG said, ‘‘We aspire to maximize value to our stakeholders by continuously identifying opportunities, developing people, processes and systems. Our methodology integrates innovation and world-class technologies with professionalism and social responsibility. Times Group's investment would reinforce our confidence in the company's future.'' […]
3i India Infrastructure Fund, part of the London-based private equity and venture capital company 3i Group Plc, has invested $101 million (about Rs 404 crore) for a minority stake in Hyderabad-based engineering and construction firm Soma Enterprise Limited. Soma Enterprise Director Ankineedu Maganti and his family will continue to hold a majority stake in the company. This is the second investment made by 3i in India. The fund had in October 2007 invested $227 million for a minority stake in Adani Power, a subsidiary of Adani Group, marking its first investment in India. Soma Enterprise, with an order book of over $1.6 billion, specialises in multi-disciplinary engineering, procurement and construction (EPC) contracts across segments such as roads, irrigation, hydropower and urban infrastructure. […]
ICICI Venture Funds Management Co., a unit of India's ICICI Bank Ltd., paid $800 million to buy a stake of between 10 percent and 15 percent in New Delhi-based Jaypee Infratech, Business Standard reported, without saying where it obtained the information. The purchase is India's biggest private equity deal, the report said. Jaypee Infratech, a unit of the Jaypee Group, is constructing a 165-kilometer (103-mile) expressway connecting the northern Indian cities of Noida and Agra. (Bloomberg) […]
In the first deal of its kind in the country’s general aviation sector, New York-based private investment firm Global Technology Investment and construction firm Punj Lloyd have bought 33% stake each in Airworks India. Airworks is one of the oldest family-owned aircraft maintenance firms in India. The two investors are putting in close to Rs 100 crore to rejig the Mumbai-based company, that will now broaden its horizon to more areas of aviation infrastructure and services. The Menon family that owns Airworks, will retain the balance 33% stake. Airworks India is India’s largest provider of maintenance services for business aircraft since 1951 with operations at various airports across the country. The firm has Director General of Civil Aviation (DGCA) approvals for over 40 types of aircraft and helicopters. Airworks India director Ravi Menon spoke to ET on the firm’s transition from a medium-sized family-owned business to a larger set-up with the ambition of catering to the entire region. He said: “The aim is to take the business forward without losing out on the passion that the founders have for aviation.” We have chosen two partners who will bring international practices and capital without us losing our identity, he added. […]
US-based private equity fund Citi Venture Capital (CVC) has picked up nearly 30% stake in Mumbai-based bulk drug maker Unimark Remedies for Rs 113 crore. The transaction, one of the largest investments in the pharma sector in 2007 and CVC’s first in the pharma sector, is made through its Indian arm — CVC India. “We have made an investment of Rs 113 crore in Unimark Remedies at a pre-funding company value of Rs 380 crore. It’s a mid-sized company and as PE investors we find value in the investment,” CVC India MD Ajay Relan told ET. When contacted, a Unimark Remedies spokesperson declined to comment. It is learnt that the company is planning to list the company soon. For the year ended March 31 ‘07, Unimark Remedies had reported total revenues of $90 million or around Rs 360 crore. However, the size of the stake that will be diluted is not known. Unimark Remedies is focused on manufacturing speciality active pharmaceutical ingredient (API) in cephalosporins, ace inhibitors, anti bacterials, anti-inflammatory, narcotics, oncology products and controlled substances segments. The company also manufactures advanced speciality intermediates. […]
Global private equity player Sequoia Capital has invested Rs 100 crore in Hyderabad-based contract research organisation GVK Biosciences. The investment comes close on the heels of Sequoia picking up an 18% stake in Hyderabad-based CRO SAI Advantium, signaling the PE major’s interest in the contract research space. GVK Biosciences plans to use the money to fund acquisitions in the CRO space and also add to its existing capacities. “We are looking at targets both in India and abroad for expanding our work. Low-cost destinations are not a priority for us because we are open to making acquisitions even in the US and Europe,” GVK Bio president Manni Kantipudi told ET. According to him, the acquisitions would be made to compliment the company’s existing activities in the pre-clinical and clinical research areas. […]
India Infoline announced the approval of an equity investment of USD 76.7 million (approximately Rs 3 billion) into its consumer finance subsidiary India Infoline Investment Services (IIIS) by the Singapore-based investment institution Orient Global, which will acquire a 22.5% stake. The capital will be primarily utilized for the expansion of IIIS`s subsidiaries, Moneyline, which is in the business of personal and auto loans, and India Infoline Housing Finance, which is in the business of home loans. Moneyline will make use of the group`s expansive network of 600 branches to provide credit to a large segment of the populace which currently does not have access to organized credit. Moneyline plans for an active presence in 60 cities by the end of 2008. With a combination of decentralized distribution and service, supported by centralized risk management and back office operations, Moneyline aims to leverage technology to reduce costs, deliver superior service and offer a pleasant overall borrowing experience to the customer. […]
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