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GE India on Monday picked up 15% equity in Titagarh Wagons Ltd, marking the entry of group firm GE Equipment Services into the country. Under a strategic tie-up with Titagarh Wagons, GE Equipment Services will have preferred access to wagons manufactured by the West Bengal-based company. GE will lease the wagons to the Indian Railways and private shippers in India. GE Equipment Services will also become the preferred provider of vendor financing for Titagarh. With GE’s investment, Titagarh plans to step up the pace of manufacturing wagons. Titagarh, which manufactured 2,232 wagons during 2006-07, plans to raise its annual manufacturing capacity to 3,600-4,000 wagons after the tie-up. […]
Carlyle has picked up around 5% stake in Great Offshore (GOL), formed by demerging the offshore division of GE Shipping, India's largest private shipping company. The deal, struck on Friday, is believed to be valued at around Rs 165 crore. Sources said the private equity fund from Mauritius picked up shares from mutual funds — mostly from Merrill Lynch, UTI and HSBC, for Rs 860 a share. The deal was arranged by Motilal Oswal. On Friday, GOL's share price rose almost 5% on BSE to close at Rs 861. Post-deal, LIC, GIC and other mutual funds will hold around 7% stake. Vijay Sheth holds around 20% of GOL. Other promoters, including the families of Mulji and Asha Sheth, wife of late Vasant Sheth, one of the founders of GE Shipping, hold around 8% stake. […]
Apeejay Surrendra Park Hotels Ltd, owners of The Park Hotels chain, on Thursday said it has raised $55 million through a private equity deal with Credit Suisse. The money will be used to fund future expansions, a release issued said. “This infusion of capital will be a catalyst enabling us to expand our footprint throughout the region,” Apeejay Surrendra Park Hotels' Chairperson Priya Paul said. The Park Hotels is India's first collection of contemporary luxury boutique hotels with properties in Bangalore, Chennai, New Delhi, Kolkata, Navi Mumbai and Visakhapatnam. […]
PE players, including Blackstone, Warburg Pincus and Carlyle, are eyeing a 10% stake in Moser Baer Photo Voltaic (MBPV) business for a consideration of about $150 million. Moser Baer may look at options of spinning off the PV business as a separate entity and may subsequently look at an overseas listing for its PV arm. When contacted by ET, MBPV CEO Ravi Khanna said: “While there is a lot of interest from PE players in the PV business, we have not yet reached the valuation stage. PV is a fast growing business worldwide and firms with good proposition do generate a lot of interests. As far as listing is concerned, there is no decision as yet.” […]
Indian telecom services provider Reliance Communications (RCom) has sold a 5% stake in the unit that owns its telecom towers to a group of institutional investors at a price that was sharply above what the market expected. The price tag of Rs14 billion ($337.5 million) values the entire unit at $6.75 billion and sets a powerful benchmark for a planned initial public offering that, according to RCom’s chairman, will take place “in the near future”. The listing, he said yesterday, will give investors “another attractive opportunity to participate in India’s incredible telecom growth”. […]
US-based mobile value-added services provider Kirusa has received 10 million dollars in funding from venture capital firms Nexus India Capital and Helion Venture Partners, reports Our Bureau in Mumbai. As a result of the investment, Helion Venture MD Ashish Gupta and Naren Gupta from Nexus would join the board of directors of the company. […]
A clutch of private equity funds, including Softbank Capital and Blackstone, are in the race to acquire a minority stake in Flag Telecom, the submarine cable arm of Reliance Communications. Reliance Communications is planning to raise over $500 million by diluting a 20-25 per cent stake in Flag Telecom. The company is planning to go in for a private equity placement prior to a public offering. “The unlocking of value in Flag Telecom, which operates our undersea cable network, will be done through a private equity placement of equity and/or international listing of shares of the company by the end of this year,” Chairman Anil Ambani told Reliance Communications shareholders at the company's annual general meeting on Tuesday. […]
Reliance Technology Ventures Limited (RTVL), led by Mr Harshal Shah, played a pivotal role in Reliance Communication's acquisition of US based Yipes Holding, Inc (Yipes), the leading provider of managed Ethernet Services. Reliance Communications, through an affiliate, is acquiring 100% of Yipes, in an all cash deal valued at Rs. 1,200 crore ($300 mn). RTVL has advised and/or invested in deals to the tune of over $700 million. Yatra.com, India's largest on-line travel portal is one of its portfolio companies. RTVL has also led the investment in an unnamed technology company which formed the basis of the largest venture capital transaction in India. […]
Engineering company RSB Group on Monday announced private equity placement worth Rs 154.35 crore by IL&FS Investment Managers as lead investor along with Evolvence. RSB will use the funds for capital expansion and to grow organically through joint ventures and acquisition, the company said in a release here. “We believe that auto ancillary and construction equipment sectors in India are high growth areas, driven by increased infrastructure spending, development of roads and highways and rising exports,” IILM's Vice Chairman and Managing Director Shahzaad Dalal said. […]
Leading private equity players Baring and CVC are picking up 7.5% equity each in Madhya Pradesh-based KS Oils. At a price of Rs 419 per share, each would be investing Rs 90 crore in the company. While KS Oils has roped in Baring Private Equity Asia to directly acquire 7.5% in the company, CVC would be investing by way of private placement of GDRs, or Global Depository Receipts. CVC already holds 14.9% equity in the company. This is part of KS Oils’ drive to raise Rs 400 crore for its expansion plans. The company board has also approved Rs 120 crore to be raised through foreign currency convertible bonds and Rs 100 crore from the promoters’ by way of subscription of convertible warrants. […]
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