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SMS Infrastructure Ltd. and IDFC announced today that IDFC has purchased 48.4% equity in one of its SPV viz. SMS Shivnath Infrastructure Limited (SSIL). SSIL owns, operates and maintains an 18.4 kms 2-lane road on National Highway 6 which serves as a bypass to the city of Durg in Chattisgarh. The concession was awarded in 1997 by NHAI under a BOT format, and extends until 2031. The project is amongst the first concessions awarded by the National Highway Authority of India (NHAI). Speaking on the occasion, Mr. Anand Sancheti, Managing Director of SSIL, said that “participation by IDFC, a leading financial institution in the infrastructure sector, in the equity of a Group company, reconfirms our business philosophy of creating enduring value in our businesses. This investment also marks the starting of a partnership approach, which would foster aggressive growth in the years to come in the chosen fields of road, waste management and power which the Group has embarked upon. […]
Fishman Holdings has sold 10% of his Indian real estate development company, Mondon Investment Ltd., to Migdal Insurance and Financial Holdings Ltd. at a company value of $600 million, plus repayment of an owners loan that it provided the company. Migdal will pay an additional $10 million if Mondon goes public within five years at a higher company value. If no IPO is held within this period, Migdal can force Fishman to buy back the stake by exercising a put option. Elazar Fishman promised that a member of his family would stay on Mondon’s board at least until the IPO.(Globes) […]
European financial powerhouse Deutsche Bank (DB) is set to invest $125 million in Bangalore-based Golden Gate Properties (GGPL) for a 15-20% stake. It is believed that Deutsche Bank has emerged as the front-runner in a fund-raising process kicked off by the southern realty player about a year ago. Sources said the initial agreement has been inked even though the deal is not yet closed. Other players in the fray included Credit Suisse and ABN Amro. The transaction, according to sources, is likely to value GGPL at around Rs 2,700-3,000 crore. The company, still ranked among the Tier-II real estate developers, has sizeable land bank in Bangalore, Hyderabad, Mysore and Bangalore. The company currently has seven ongoing projects worth Rs 1,500 crore. GGPL’s top management was not available for comment. […]
Havells India Ltd said private equity firm Warburg Pincus LLC will pick up an 11.2 percent stake in the firm for $110 million. “It will be carried out through a combination of warrants and equity. The warrants will be redeemable in the next 18 months,” a company spokesman said. The Economic Times said on Monday that the equity would be priced at 625 rupees a share and the warrants at 690 rupees. Shares in Havells closed 608.45 rupees Friday on the Bombay Stock Exchange. The electrical and power distribution equipment company is raising funds to retire a part of the debt taken to finance its $300 million acquisition of SLI Sylvania's lighting business and for capital expenditure. “Seventy million dollars will be used to retire debt and the balance will be used for the expansion,” the spokesman said. Havells acquired Frankfurt-based firm SLI Sylvania's lighting business in March. ( Reuters) […]
3i, a leading private equity and venture capital company, will acquire a 6.6% stake in Welspun Gujarat Stahl Rohren Ltd. for US$80mn. ” We believe the company's international footprint, strong customer relationships, cutting edge technology, backed by a strong demand environment, is a winning proposition. We look forward to a close relationship as an actively engaged shareholder, leveraging our expertise in the oil & gas sector to further the company’s prospects,” said Chris Rowlands, 3i Managing Partner, Asia. Welspun Gujarat is the flagship company of the Welspun Group, led by B.K. Goenka, and is listed on the Indian and Luxembourg Stock Exchanges. The company is one of the world’s largest manufacturers of line pipes used by the oil & gas sector and is in the midst of executing an ambitious expansion plan, including adding new capacity, backward integration into manufacture of plates and coils and establishing an overseas presence with a facility in the US. […]
Moser Baer, India's largest optical storage maker, has received its board's approval to raise about Rs400 crore ($100 million) in its wholly-owned photovoltaic subsidiary to partially finance its plan to increase capacity to 500 MW by 2010. The investment will be made by a consortium of investors led by IDFC Private Equity, together with GIC Special Investments, CDC Group plc (a UK government-owned emerging markets fund of funds) and Infrastructure Development Finance Company (IDFC). The company said its subsidiary would use the proceeds to part-finance its plans to increase capacity to 500 MW by 2010, making it one of the largest players in the global photovoltaic industry. The transaction will result in the photovoltaic subsidiary being listed on an “international exchange of repute”, the company's release said. Executive director Ratul Puri said that the deal has set a minimum threshold valuation for the photovoltaic business at $1 billion. […]
A clutch of private equity players are picking up equity stake in telecom tower company — GTL Infrastructure Ltd (GIL) for Rs 1,200 crore. Industry sources said that three PE players were picking up stake in GIL, which included two infrastructure funds from India and one from abroad. GIL is India’s largest standalone tower and telecom infrastructure company. When contacted, a company spokesperson said it was “too early to comment on the who the PE players are”, while adding that the GIL board would meet on October 19 to finalise the proposal of preferential issue of shares or warrants of up to Rs 1,200 crore. GIL is slated to make an announcement with regard to the stake sale in Mumbai on Friday. Industry sources said that GIL, which had initially planned to set up 6,700 telecom towers by March 2008, would scale its targets considerably following the fresh infusion of capital. “GIL had earlier earmarked a capex of Rs 2,030 crore for this fiscal of which Rs 680 crore was through equity share and the rest through debt. […]
Indivision, Future Capital’s private equity arm, has bought 33 per cent stake in Chennai-based wind turbine manufacturer, Regen Powertech, for $25 million. Regen, the exclusive licencee for technology know-how from Germany’s Vensys, will set up a manufacturing facility to produce gearless turbines at Tada, Andhra Pradesh in a couple of months. Initially, the plant will have assembly capacity of 500 MWs and the first shipment is expected by January, sources in the know said. Future Capital Holdings MD & CEO Sameer Sain confirmed the development. “We can not comment further as the company has filed a DRHP with Sebi and we are in the quiet period,” Sain said. […]
In a precursor to a possible initial public offering, technology firm Tejas Networks has made a late-stage share placement worth Rs 95 crore with financial investor Goldman Sachs. A top company official said the funds would be used in product development. The firm is a manufacturer of optical transport equipment and operates in the same space as networking giants Alcatel Lucent, Ericsson and Huawei. One of its largest individual shareholders and co-founders is Gururaj Deshpande, a Silicon Valley serial entrepreneur. Founded in 2000 by four technology professionals — Sanjay Nayak, Kumar N Sivarajan, Arnob Roy and Mr Deshpande — Tejas has gone through four rounds of venture funding. Its other investors are Mayfield Ventures, Battery Ventures and Intel Capital. The company had raised $49 million before the investment by Goldman Sachs. Financial investors own over 50% in the company. “Our time to market is shorter and the innovation capital we require for R&D is also much lower. This is our inherent advantage,” Tejas CEO and MD Sanjay Nayak told ET. Currently, the company is ranked as number two in the Indian market, but does not cover the entire spectrum of products in the optical carrier space. In India, it sells under its own brand name and in overseas markets, through OEM tie-ups with global vendors. […]
Deutsche Bank Singapore has picked up 5% stake in Lavasa Corporation, a real estate project promoted by Hindustan Construction Company (HCC) at Lavasa near Pune, for Rs 500 crore. The deal values Lavasa Corporation at Rs 10,000 crore. Sources said Lavasa would issue fresh equity to Deutsche Bank. HCC was holding 65% in Lavasa through its real estate subsidiary — HCC Realty. Other partners in the project — the LM Thapar group and Venkateshwara Hatcheries — along with other minority stake holders, account for the remaining 35%. When contacted by ET, Lavasa Corporation COO Rajgopal Nogja declined to comment on the deal. However, sources close to the development said a term-sheet had been signed between HCC and Deutsche Bank last week. The deal makes it one of the largest investments by Deutsche Bank in India’s real estate space. A few weeks ago, Deutsche Bank invested around Rs 1,700 crore in a special purpose vehicle (SPV) floated by Mumbai-based Lodha group. […]
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