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The auto component maker Ashok Minda Group has recently roped in the PE group Dynamic Oribts and has pumped fresh Rs 125 crore into the business to fulfil the expansion plans of the company. Dynamic Orbits Managing Director B. L. Bajaj said that the PE group is working on plans to raise close to Rs. 100 to 125 crore for the business as it will be used for the expansion plans and acquisition by the company. In fact, the company also said in a statement today that the Rs 1,800-crore group is aiming for expansion plans and acquisitions to keep up with the rising demand of OEMs in the country. […]
The country's largest private sector lender, ICICI Bank, is evaluating its options to launch a $100 million (about Rs 460 crore) dedicated venture capital fund for small and medium enterprises (SMEs) and mid-market companies. The “Emerging India Fund” is an ICICI group initiative to provide growth capital to Indian companies in the SME and mid-market segment, an ICICI Bank spokesperson said, as reported my a news agency recently. The Emerging India Fund, which is expecting its first close in the next few weeks at $50 million, has already received firm commitments from several reputed institutions, he said. […]
The International Finance Corporation (IFC) which is a part of World Bank group, is planning to acquire 20 per cent shareholding in Swadhaar FinServe (SPFL) with an equity investment of Rs 10.5 crore(US$2.25 million approximately). Swadhar Finservie an urban microfinance institution based operating in Mumbai and it’s surroundings and has 27 outlets in Mumbai, Baroda and Pune and plans to expand its operations to Rajasthan and Central India.The word “swadhaar” in Hindi means self-support. […]
Foreign fund house Goldman Sachs Investment Partners Mauritius today picked up 6 per cent stake in the leading low-cost airline SpiceJet by converting the 1.5-crore warrants it has purchased from the airline in December 2008 into equity. The airline has allotted 1.53 crore shares, representing 6 per cent stake, of Rs 10 each at a premium of Rs 29.46 per equity to GS Investment Partners Mauritius consequent upon conversion of same number of warrants earlier issued to them on preferential basis, SpiceJet said in a filing to the Bombay Stock Exchange (BSE). In December 2008, SpiceJet had issued 1.53 crore warrants to Goldman Sachs Investment Mauritius with a lock-in period up to December 11, 2009. […]
The last few months have witnessed a spurt of private equity investments in the kidswear market in the country. In April, Delhi-based kidwears brand Lilliput had two rounds of PE infusion from Bain Capital and the Texas Pacific Group for a 35% stake in the company, followed by Catmoss selling around 30% stake to Hong Kong-based Saif Partners. The investment has been significant. Both Bain and TPG together pumped in more than Rs 350 crore in Lilliput, while the Catmoss transaction was estimated at Rs 70 crore. India’s kidswear market in organised retail, which is estimated at Rs 3,500 crore, is growing at an annual rate of 10%. The premium segment brands such as Lilliput and Benetton are vaulting at 20%. […]
Global private equity firm Carlyle Group today said it has invested $140 million (over Rs 650 crore) for equity stake in four Asian companies, including India's Tirumala Milk Products. The US-based PE major released a statement announcing the closure of four growth capital investments across Asia, including South India's second-largest private dairy player Tirumala Milk Products, China's largest ATM deployer ATMU Inc and two Korean companies, HKucar Global Co and EO Technics. Commenting on the investment, Wayne Tsou, managing director and head of CAGP said: “It reflects the proven abilities of our seasoned local investment professionals in each of the focused markets to seize attractive investment opportunities.” […]
Diversified business conglomerate Essar Group Sunday said it will acquire Avaya's 59.13 percent stake in converged communication solution provider AGC Networks for Rs.206.19 crore ($44.5 million). 'The Essar Group will acquire Avaya's entire 59.13 percent stake in BSE/NSE-listed AGC Networks for USD equivalent of Rs.206.19 crore, or Rs.245 a share, subject to customary Indian regulatory requirements and completion of the open offer,' it said in a statement. The acquisition will help catapult Aegis, in which Essar Services Holdings Ltd (ESHL) invests, into top-tier of solution integrators (SI) space. […]
In the first five months of this year, there were about 15 deals worth $537 million as against $642 million in the whole of last year. Pipe Investments were in decline over the past two years after it peaked out in 2008 when a record $3.3 billion worth of deals were reported. Several top PEs like Blackstone, Bain Capital, Templeton, New Silk Route, IFC and Apollo Asia are among the players that made PIPE investments this year. Blackstone has done three deals this year, where it has invested in JK Tyre, Ess Dee Aluminium and Orbit Corporation. Among the larger deals were CX Partners’ Rs 150-crore investment in Monnet Ispat & Energy, IFC’s Rs 100-crore investment in Cholamandalam DBS Finance and Rs 96-crore investment by Temasek Group firm Aranda Investments to buy 4% stake in real estate company Sobha Developers. Analysts are estimating that this year PIPE deals could touch close to $1.5-billion mark as private equity players are seeing value in the listed space and they could buy into the downside. […]
GMR Infrastructure said on Thursday a private equity fund, IDFC Private Equity Fund III, and four other investors have agreed to invest Rs 465 crore (USD 99.63 million) in its unit, GMR Energy. Infrastructure Development Finance Company, IDFC Investment Advisors Ltd Argonaut Ventures and Ascent Capital Advisors India Pvt Ltd are the other investors in the power utility, GMR Infrastructure said in an exchange filing. On 19 April, group chief financial officer, Subbarao Amarthaluru, told Reuters that the group wants to raise additional USD 100 million in private equity for its unlisted power unit in about one and half months. […]
The Carlyle Group, a global alternative asset manager with $88.6 billion of assets under management, has invested $22 million (approximately Rs 102 crore) in Andhra Pradesh-based dairy company Tirumala Milk Products Private Limited. The funds will be used for expanding its procurement network, processing capacity, entry into new markets and for the manufacture of new value-added products. This investment into Tirumala, which has an installed capacity of 1.35-million litres per day across five processing plants, comes from Carlyle Asia Growth Partners IV (CAGP IV), a $1.04-billion fund. Carlyle has already made five investments in India from the previous fund, Carlyle Asia Growth Partners III (CAGP III). […]
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