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Legatum, a private firm that invests in global capital markets and in initiatives that support social development, on Monday said it has invested Rs 34 crore (US$ 8.4-million) in Intellecap. Intellecap provides business advisory services for investors and companies that seek both a financial and sustainable social return on investment. “Intellecap is an innovative and entrepreneurial company that has created a unique niche, intermediating financial capital into development-oriented businesses operating in India's poorest communities,” Legatum's Senior Vice-President, Philip Vassilou, said in a statement issued here. “Intellecap will now seek to extend and develop its combination of world-class services and people, delivering independent, impartial and insightful enterprise solutions,” he added. […]
Citigroup is buying a minority stake in Indian real estate firm Nitesh Estates, a newspaper reported on Tuesday, but a source familiar with the matter said no deal had been done. The Economic Times, quoting unidentified sources, reported that a fund run by the U.S. bank's property investment arm, Citigroup Property Investors, was investing around $250 million. It would pick up a minority stake in Nitesh Estates and hold stakes in individual special purpose vehicles to build at least five luxury hotels, the paper said. But a source told Reuters: “Citigroup has not taken a stake in Nitesh”, although the two were working with other developers on a US$100 million luxury hotel in Bangalore. A spokesman for Citigroup in India did not immediately return a call seeking comment on the report. Nitesh Estates declined to comment, the Economic Times said. David Schaefer, the Asia head of Citigroup Property Investors, told Reuters in an interview in April the unit was investing around $400 million of a recently raised fund in India.( Reuters) […]
Powerica Limited, a leading genset manufacturer and provider of power solutions announced that its Board had approved an issue of equity shares to Standard Chartered Private Equity. The total investment by the fund will be USD 50 mn (Rs 200 crore). Powerica Limited, an ISO: 9001-2000 Company has been providing Power Solutions with CUMMINS engine powered generating sets to Indian industries for well over 27 years and is operating in India with 8 manufacturing units – in Navi Mumbai, Daman, Silvasa, Bengaluru and Chennai-SEZ and has 16 Sales and Marketing offices. “The funds would be deployed in upgrading the existing manufacturing, marketing and execution facilities and also for opening a new state of the art integrated generating set manufacturing facility at Khopoli (on the Mumbai-Pune Express Highway) on a recently acquired 22 acre plot,” said Naresh Oberoi, Managing Director, Powerica Limited. The plant at Khopoli will also house complex control panel manufacturing facilities, regularly required by large and multi-genset users. […]
It has been learnt that, Bharti Airtel is in talks to sell around 10% in its hived tower company `Bharti Infratel` to a private equity (PE) player for around USD 1.1 billion, reports Economic Times. According to sources, the company has been in talks with two leading PE players for the deal, namely, Singapore government`s investment arm Temasek and US-based Warburg Pincus. The company however, is currently in the process of transferring its mobile telecom towers and related infrastructure to Infratel, its wholly-owned subsidiary. The company had about 40,000 towers during March 2007, and as part of an ongoing USD 3.5 billion expansion plan it is currently in the process of doubling the numbers by the fiscal end. Last week, the company announced that its subscriber base has crossed 50 million. It has seen around 90% increase in subscribers from 19.6 million in financial year 2006 to 37 million in the financial year 2007. Relince Communications recently completed the private placement of 5% in its telecom infrastructure company, Reliance Telecom Infrastructure (RTIL) for Rs 270 billion and Bharti`s move to unlock value in its tower arm follows it. […]
Private equity fund SAIF Partners has invested $10 million in Amoha Education Pvt Ltd, the holding company of spoken English training academy Veta. With this investment, US-based SAIF Partners has increased its Indian portfolio of investments to 14 companies, including NSE, Sify, IL&FS Investsmart, Intelligroup, Makemytrip.com, HomeShop18 and Slashsupport, among others. Armed with fresh funds infusion, Veta is set to extend its success in India into the global arena, Veta chairman V Rajagopalan said. From 150 centres in 90 Indian cities currently, Veta plans to upgrade this to 500 centres on its educational rollcall by 2010. The company operates a centre in every district of India, and will commence operations in Singapore by December, before diversifying to other Asian countries like Malaysia, Thailand, Korea, Indonesia and China. ''China will be a huge market for us with 350 million people in that country wanting to converse in English,'' Sreenadha Reddy, general manager – branding, Veta, said. ''We also plan to reach out to American and European markets.'' […]
The realty-oriented private equity firm, Infinite India Investment Management, backed by JM Financial Ltd, is investing Rs200 crore (about $50 million) in realty firms belonging to the Kolkata-based Shrachi Group. The funds would be allocated for projects proposed in the eastern cities of the country. For Infinite India, which has drawn up plans to invest $400 million in the country’s realty business over the next two years, this is its largest single investment commitment to date. It will be picking up an undisclosed minority stake in both Shrachi’s wholly-owned subsidiaries Shrachi Developers Pvt. Ltd and Shrachi Realty Pvt. Ltd. Shrachi itself has drawn up plans for investing about Rs500 crore over the next couple of years. The funding will help Shrachi accelerate expansion plans, said Rahul Todi, managing director, Shrachi Developers. Infinite India has committed about $200 million in investments for projects across the country, said Karthik Sarma, chairman of Infinite India. The proposed projects include a 32-acre mixed-use development in Mumbai, 1.8 million sq. ft IT park in Chennai, and entry-level investments in realty and hospitality players in Bangalore, Kolkata and New Delhi.(Livemint) […]
ICSA (India) Ltd, one of the top runners in the mid cap segment has caught the attention of large investors like UBS Securities Asia Limited, Merrill Lynch & Morgan Stanley. The three entities have picked up 3.47 per cent (2,80,665 shares), 3.32 % (2,68,540 shares) and 1.83% (1,48,292 shares) respectively in ICSA (India). “It is our privilege to get associated with international investment companies like these. This reasserts the confidence of investors in the long term growth of ICSA,” said Mr. G Bala Reddy, CMD, ICSA (India). The move would help ICSA build further on its strengths for providing products to the global marketplace. “There is immense scope for embedded software products that provide solutions for power and gas supply networks,” added Mr. Reddy. Early this year, Goldman Sachs, a global investment bank, invested $46 million through FCCBs apart from acquiring 3,50,000 Convertible warrants. ICSA (India) has recently declared a final dividend of 38% on equity shares for the financial year 2006-07. It has also announced sub-division of its shares where in an equity share with a face value of Rs 10 each has been converted into 5 equity shares of face value of Rs 2 each.(Money Control) […]
Standard Chartered Plc said on Thursday its private equity arm would invest $50 million in an Indian power generating equipment maker, which has potential in electricity deficient India. The investment will give it a 10-15 percent holding in Powerica Ltd, Nainesh Jaisingh, managing director of Standard Chartered Private Equity, said. Powerica Managing Director Naresh Oberoi said the cash would be used to build an integrated generating set making facility near Mumbai and for upgrading existing facilities. (Reuters) […]
Reliance Power, a unit of the Anil Dhirubhai Ambani Group (ADAG), will offer 5% to an overseas power utility or a private equity (PE) fund on top of the 10% it is selling to the public, a person familiar with the development said. Group officials are in talks with some Asian and Middle-East power utilities and global private equity funds. The transaction is likely to be concluded soon, the person added. The sale would be on top of the 10% that Reliance Power is selling to the public and the new investor may also get an option to increase his stake later. The sale is being structured on the lines of the sale of equity to US giant Chevron Corp last year by Reliance Petroleum (RPL). In that transaction, Reliance Petroleum had sold 5% to Chevron just before its Rs 8,100-crore IPO. Chevron also got an option to increase its stake to about 29% some time before the commissioning of RPL’s 5,80,000 barrels per day refinery in Jamnagar. The sale was done at Rs 60 per share, the same as the IPO price. […]
The hunger for a piece of the hospitality pie in the country seems to be growing by the day. Kotak India Real Estate Fund has just acquired around 11.11% stake in Mumbai-based The Pride Group of Hotels at a cost of Rs 45 crore. Earlier this year, in May, Temasek Holdings had acquired a 21.74% stake in GL Hotels, also based in Mumbai, for Rs 125 crore. DNA Money had, in June, reported a possible stake acquisition in the Pride Hotel chain to the tune of Rs 50 crore. S P Jain, chairman, had then said that the management was talking to a very prominent company for the equity investment. The group, which currently operates four five-star hotels, has chalked out a Rs 350 crore expansion-cum-renovation plan. The expansion plan includes setting up new five-star hotels in Mumbai, Goa, Bangalore and Hyderabad in addition to a resort hotel-cum-spa at Alibaug. At its three existing properties in Pune, Ahmedabad and Nagpur, on the other hand, the hotel chain is adding room inventory. Each hotel will see an addition of around 50 rooms. […]
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