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A US-based private equity (PE) major is investing Rs 5,000 crore into Hotel Leelaventure, the parent company of one of India's leading hotel chains – Leela Palaces, Hotels and Resorts. Industry sources said the PE firm is most likely Blackstone. “Leela and Blackstone have been in talks for a while,” they said. This would be one of the biggest private equity investments in an Indian company. Speaking to TOI, chairman of the Leela Group, Capt C P Krishnan Nair confirmed the investment. “We have got close to Rs 5,000 crore worth of funding, which will be spent on our ongoing projects and for expansion purposes,” he said. But he declined to divulge the name of the PE firm or state how much equity dilution had taken place. Leela has four properties across the country and has six more in the pipeline – in Chennai, New Delhi, Hyderabad, Pune, Udaipur and Jaipur. […]
IDFC Private Equity Co. Ltd has invested in Rs35 crore in Ahmedebad-based water management company Doshion Ltd, making the private equity fund a top investor in clean technology. Luis Miranda, president and chief executive of IDFC Private Equity, said this brings the fund’s total clean technology investment—which he defines as renewable energy, water and natural gas—to about $130 million (Rs510.9 crore). The fund has invested $22 million in natural gas transmission company Gujarat State Petronet Ltd, $40 million in manufacturer of solar cells and modules Moser Baer Photo Voltaic Inc., and has a pending investment of $60 million in a natural gas company that IDFC Private Equity seeded. There are a increasing number of private equity investors interested in clean technology, including water management. Many investors, however, have recently found it difficult to find investments in this sector. In 2005, ICICI Venture did a buyout of water treatment company VA Tech WABAG Ltd, India from its parent VA Tech WABAG GmbH, Austria. […]
Old Lane Mauritius III, an investment vehicle of Old Lane India Opportunities Funds, has invested $26 million (around Rs 104 crore) in Hyderabad-based KVK Energy's flagship company – KVK Energy and Infrastructure Private. The investment by Old Lane in KVK Energy and Infrastructure will primarily help fund the latter's projects including the 1,200Mw KVK Nilachal power project in Orissa, a project being monitored by the Inter Institutional Group (IIG) set up by the ministry of power, and the 120Mw SV power project in Chhattisgarh. KVK Group, operating across conventional as well as renewable sources such as natural gas, LSHS, coal, biomass and hydro power, currently owns stakes in 9 power generation projects spread across 6 states. The Old Lane India Opportunities Funds were established in July 2006, and are sized at $518 million with a 10-year life. […]
ePlanet Ventures, the world’s leading global venture capital firm headquartered in Silicon Valley, California, announced an investment in India’s leading medical technology company Trivitron. The US$11 million investment, by ePlanet Ventures and HSBC Private Equity (Asia) Limited, will facilitate Trivitron’s ambitious manufacturing business plans through acquisitions and joint ventures and will be used for the infrastructural development for its forthcoming medical technology park. The proposed Rs 250-crore medical technology park is a first of its kind initiative and will promote indigenization of medical technology in India. Trivitron has also requested the Government of Tamil Nadu to allot 25 acres of land near Chennai to start this project. […]
YES BANK, India’s new age private sector Bank, today announced that its Capital Raising Committee of the Board of Directors approved the decision to issue 14.7 million equity shares, on a preferential basis, to Orient Global Tamarind Fund Pte Ltd (Orient Global Tamarind). Orient Global Tamarind is part of the Orient Global group, a Singapore-based private investment company founded by Mr Richard Chandler. This preferential issue of Tier I equity capital, constituting 4.99% of the expanded share capital of the Bank, is subject to necessary regulatory and YES BANK shareholder approvals. The shares have a lock-in period of one year from the date of issue. The resulting investment of INR 3.31 billion (approximately USD 84 million) will enable YES BANK to further accelerate its growth initiatives and build on the significant momentum it has generated across its various businesses since it commenced commercial operations in August 2004. […]
Nalanda Capital Pte Ltd, a Singapore-based private equity firm floated by Pulak Prasad, former managing director of Warburg Pincus, the Europe-based private equity giant, has picked up a 14.9% stake in precious stones and jewellery maker Vaibhav Gems. Of this, 9.9% stake was bought by Nalanda’s India Fund through global depository receipts, while 5% was through subscription of warrants. The total transaction size, if warrants are exercised, will be about $35 million. Warburg itself has 27% stake in the company. Prasad, who made the famous investment in Bharti Airtel for Warburg, which resulted in profits in thousands of crore for the private equity firm, will get a slot on the Vaibhav board. “We are very pleased to have Nalanda Capital on our board,” said Sunil Agrawal, chairman of Vaibhav Gems. “We look forward to their insights and expertise to take Vaibhav to the next level.” The board had taken a decision to this effect at its meeting on October 12. Among other things, it had also approved the issue of warrants to Surawell Pacific Ltd. […]
International Finance Corporation (IFC), the private sector lending arm of World Bank, will pick up stake worth Rs 143.39 crore in Mangalore-based Karnataka Bank through preferential issue of shares. Karnataka Bank will issue 63.73 lakh shares to IFC on preferential basis at Rs 225 apeice after obtaining the approval of Reserve Bank of India, the private sector said in a communique to the Bombay Stock Exchange. On October 5, the bank had issued bonds worth 10 million dollar to Washington-based IFC on private placement basis. (The Hindu) […]
Shriram Properties, a Bangalore-based property developer, has raised $100 million by selling a minority stake to Walton Street Capital, a US- based real estate private equity fund having assets worth $14 billion, to develop real estate projects in India. Shriram Properties is part of the diversified Rs 25,000 crore Shriram Group, and plans to utilise the funds to build land bank in north and west of the country. The company, which began operations in 1995, has so far completed five million square feet of properties in Bangalore, Chennai, Hyderabad and Coimbatore. According to M Murali, managing director, Shriram Properties, “the money raised will be utilised to buy land in Gurgaon and Pune. The funds are to be invested in less than one year.” “The investment of Walton Street Capital is an extension of our relationship we had in taking up the development of the Hindustan Motors factory land in Kolkata through a special purpose vehicle (SPV),” he added. […]
Printo Document Services Pvt. Ltd (Printo), India’s first organized retail venture which has drawn out an ambitious pan India roll out plan for its print & document services chain, with an investment of over Rs 1000 million, today announced that Sequoia Capital Partners, one of the world’s premier venture capital firms, has made a strategic investment to a tune of Rs 250 million in Printo. The Investment by Sequoia Capital would be a big boost for Printo as it validates the need for a professional provider of print solutions and reiterates the potential of the Indian print & document services industry, currently estimated to be around Rs 170,000 million. The investment by the venture capital major, marks coming of age for the Indian print & document services sector which hitherto was predominantly run as mom & pop stores in the unorganized segment. […]
London-based Foreign Institutional Investor (FII) Promethean Investment has picked up a 8.57 per cent stake in leading flooring solution company Nitco Tiles through open market transactions. The investment has been made out of the $115-million Promethean India Fund, listed on the Alternative Investment Market (AIM) in London, the fund's Founder Partner Gaurav Burman told reporters here. With this acquisition, Burman will be taken on the Board of Nitco Tiles, its Managing Director Vivek Talwar said. As per estimates based on the current share price, the stake purchase could have cost around Rs 25-30 crore. Promethean has till date deployed approximately 50 per cent of the Indian fund in total three transactions. Prior to Nitco, it has invested in an auto component company and a mobile payment solution firm, Burman said. In the second quarter ended September 30, Nitco Tiles has clocked a net profit of Rs 13.41 crore, up 49 per cent while the net sales of Rs 140.90 crore, a rise of 45 per cent. […]
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