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Deutsche Bank, IL&FS, Lehman Brothers and Sabre Abraaj are looking to pick up an equity stake of around 10% in Ramky Estates and Farms, a wholly-owned subsidiary of the Rs 1,600-crore Ramky Group. “We are in talks with these private equity funds to raise around $100 million (Rs 407 crore). The plan is to raise money in 2008,” said a company official. The Ramky group has raised around $128 million (Rs 532 crore) for two of its subsidiaries — Ramky Infrastructure and Ramky Enviro Engineers. IL&FS and Sabre Abraaj have picked up a 13.5% stake in Ramky Infrastructure for $28 million (Rs 125 crore), while Deutsche Bank, Lehman Brothers and IL&FS have picked up a 10% stake in Ramky Enviro Engineers for around $ 100 million (Rs 407 crore). “We are looking at a similar pattern for Ramky Estates and Farms as well,” the official said. Crisil is in the process of evaluating the real estate company. […]
George Soros' Quantum Fund has picked up an undisclosed stake in India-based Future Capital Holdings (FCH), the financial services arm of retail czar Kishore Biyani's Future Group, The Economic Times reported without naming sources. Och-Ziff Capital, one (NYSE:COF) of the world's largest hedge funds, has sold part of its 10 pct stake in FCH to Quantum, the report quoted the unnamed sources as saying. It added the deal is believed to value FCH, which is expected to launch its IPO within a few weeks, at 1 bln usd. FCH chief executive Sameer Sain declined to comment, the paper said. According to the report, the move is part of the investment strategy of Soros to pick up stakes in the booming Indian real estate, retail and financial services sectors. Quantum Investment Fund currently has a stake in India's Reliance Capital.(CNN Money) […]
Tata Capital, the financial services arm of Tata Sons, is learnt to be closing its first private equity deal. The company, formed in June 2007 to mark the group’s re-entry into financial services, is learnt to be in advanced stages of discussions with Solapur-based auto component manufacturer Precision Camshafts for buying a 32% stake for Rs 36 crore. This would value the company at nearly Rs 110 crore. An e-mail sent to Tata Sons did not elicit a response as the official spokesperson was not available for comment.Sources in the industry said Tata Capital was looking to close the deal over the next few weeks, which would mark its foray into private equity. The company is also looking to close a few more transactions, which are also in the sub-$50 million range. Precision Camshafts is the largest manufacturer of camshafts in India. It supplies camshafts to automakers including Tata Motors, Maruti, GM, Hyundai and Ford. […]
Indiareit Fund Advisors, the venture capital firm controlled by the Piramal Group, plans to invest in a housing project along Mumbai's eastern coast, seeking to overcome a land shortage and rising prices in the city center. Mumbai-based Indiareit will invest 1.5 billion rupees ($38 million) in Samira Habitats, a company that's developing luxury villas and apartments in Alibag, on the mainland across from the Mumbai island, Managing Director Ramesh Jogani said in an interview yesterday. “It will be a way out of Mumbai's congested infrastructure,'' Jogani said. “The projects will make Alibag a base of primary homes, instead of holiday and weekend homes as in the past.'' Residential prices in south Mumbai have more than doubled in the past three years, as India's booming economy bolstered the spending power of local residents and prompted overseas companies to bring in workers. Mumbai also has the second- priciest offices in the world after London, according to CB Richard Ellis Group Inc.'s semi-annual Global Market Rents survey. […]
Leading private equity and hedge funds D E Shaw, Rand Corporation of South Africa-promoted proprietary fund Satwa based in Hong Kong and Infrastructure Leasing and Financial Services Ltd (IL&FS) have collectively bought 10 per cent in Argentum Motors. Argentum Motors is a company floated by B V R Subbu, former president of Hyundai Motors India, Ajay Singh, promoter of budget airline Spicejet, and Ashish Deora, who runs a broadband company. The company took over the Daewoo Motors India factory near Delhi, which shut shop four years ago, for Rs 800 crore and is planning to set up one of the country’s largest auto ancillary units and function as a third-party manufacturer for auto companies. The three funds have collectively forked out Rs 200 crore for the 10 per cent stake and have also provided the company a loan worth Rs 100 crore. […]
DLF, India's largest real estate developer by market cap, on Monday said it has sold 49 per cent stake in some of its residential projects to private equity investors for a total consideration of Rs 1,675 crore. Merrill Lynch & Co has bought 49 per cent equity in seven residential projects in Chennai, Bangalore, Kochi and Indore for Rs 1,481 crore, DLF said in a communique to the Bombay Stock Exchange. The mid-income housing projects would get fully developed in about 7-8 years, it added. […]
The whiff of global private equity is percolating to each and every sector and corner in India. Argonaut Partners, the Massachusetts-based private equity firm with $2 billion under management, is investing Rs 30 crore in Kochi-based Vallabhdas Kanji Ltd, one of the largest spices exporters in Asia. Both companies could not be reached for their comments. VKL is the Rs 150-crore flagship company of the $100 million Kanji Moorarji Group, which includes Kancor Flavours and Extracts and Autohangar Indi. Kanji Moorarji is a well-established name known for its quality in the spice trade. This is the second round of investment the firm is securing after the $6 million it received from UTI Ventures during November 2006. VKL has significant interests in flavours and extracts, and exports to over 40 countries. VKL is a key supply-chain and ingredient-solutions partner to fast food, snack-food, processed food, ready-to-eat meal and other food companies in India and abroad. Its clients include McDonald’s, Pizza Hut, KFC and Domino’s in India. […]
Private equity (PE) fund Capital Partners and a prominent Delhi-based industrialist are planning to pick up 5-7% stake in Acme Telepower. The deal size is estimated to be around Rs 600-800 crore, pegging the valuation of the company at around Rs 11,200 crore ($2.8 billion). When contacted, the company management refused to comment on the development. It is also learnt that Acme Telepower is planning an IPO in the immediate future. The company is set to submit its Draft Red Herring prospectus with the markets regulator Sebi, sources said. The Delhi-based industrialist who is interested in Acme runs companies associated with chemicals and pharmaceuticals, sources added. Acme Telepower’s revenues have grown from Rs 30 lakh in 2003 to over Rs 200 crore in 2005-06 and Rs 650 crore in 2006-07. As per industry estimates, Acme is on track to post revenues of Rs 1,200 crore in 2007-08. Acme is in talks to buy a Ghana-based telecom shelter company and had recently acquired a Czech-based fuel-cell company for about $50 million, sources added. […]
ICICI Venture Funds Management Co. Ltd, the private equity arm of ICICI Bank Ltd, India’s second biggest lender, is planning to invest about $800 million (Rs3,148 crore) to pick up a stake in Jaypee Infratech Ltd, a unit of the cement-to-construction conglomerate Jaypee Group, said a person familiar with the matter. Mint couldn’t ascertain the size of the proposed stake. Jaiprakash Associates and ICICI Venture declined to comment. Jaypee Infratech is a fully-owned unit of the Jaypee Group and was floated to implement the Taj Expressway project, a 165km highway connecting the cities of Noida and Agra in Uttar Pradesh along the banks of the Yamuna river. The company has also got the right to develop 25 million sq. m of land along the expressway, according to annual report of group company Jaiprakash Associates Ltd, which won the rights to build the road. The rights will be transferred to Jaypee Infra-tech, the report said. […]
Sovereign government funds of Singapore, Dubai and Abu Dhabi are in race to buy 5% stake in Reliance Power in a private placement ahead of its proposed IPO. The US private equity firm Blackstone is also in talks with the company and the stake is being valued at around $1 billion. The Anil Ambani-promoted company is planning to raise up to $2.8 billion by tapping the capital markets by the year-end, making it the biggest IPO in Indian history. The company will dilute a little over 10% stake to the public and this pre-placement exercise is being done to put a valuation benchmark for the IPO, which is awaiting Sebi’s clearance. According to i-banking sources, the expression of interest from various players gives Reliance Power a valuation of over $20 billion. The company may dilute any thing between 2.5% and 5% stake to raise around $500 million to $1 billion. The stakes will be diluted to three categories of investors — the sovereign, PE and financial institutions. […]
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