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New York-based India Equity Partners is set to acquire a 25% stake in IL&FS Education and Technology Services (IETS) for little over Rs 140 crore. IETS is an education and cluster development initiative of Infrastructure Leasing & Financial Service (IL&FS). Two officials, involved in the deal, said on the condition of anonymity, the private equity firm would pick up nearly 20% in secondary sale by the three existing partners and 5% will be acquired through fresh issue of shares by IETS. Orix Corporation of Japan, HDFC and Sera Fund are divesting their entire stake in favour of India Equity Partners, said a senior executive. […]
Jet Airways (India) today announced that its board has approved an investment of up to 26% (partly for cash and partly for consideration other than cash) in the share capital of MAS GMR Aerospace Engineering Company, Hyderabad, subject to receipt of all statutory and regulatory approvals, as may be required. MAS GMR Aerospace Engineering is a 50:50 joint venture (JV) between Malaysian Aerospace Engineering, Malaysia, and GMR Hyderabad International Airport, set up to undertake airframe maintenance, repair and overhaul activities. […]
A $100 million Oman India fund that will invest in various sectors in both countries is expected to be launched shortly. Oman is looking forward to invest in India's small and medium enterprises. 'The joint investment fund whose corpus will be contributed equally by both countries will be launched soon,' Oman's Minister of Commerce and Industry Maqbool Ali Sultan told IANS while he was here for a trade summit organised by the Confederation of Indian Industry. In November 2008, India's largest commercial bank State Bank of India (SBI) and Oman's State General Reserve Fund (SFRF) signed a memorandum of understanding (MoU) to promote a joint investment fund with a $100 million corpus to be contributed equally. […]
Qatar Investment Authority, or QIA, the sovereign investment fund promoted by the emirate’s ruling family, is in the final stages of negotiations to purchase a 10% stake in Hinduja National Power Corp. Ltd, or Hinduja Power, said two persons familiar with the development. The fund will pay Rs200 crore, at Rs40 a share, for the stake in the company that’s building a 1,040 MW coal-based energy plant at Visakhapatnam in Andhra Pradesh. “We have been in dialogue with quite a few investors,” Ashok K. Puri, managing director of Hinduja Power, said in an interview earlier this week, declining to give any more details. “The Hindujas will be in the driver’s seat and till the deal is finalized, we will not be able to comment about the transaction.” […]
Private equity players investing in India are having a tough time convincing investors — both domestic and overseas — to put money into their funds. This is despite stable economic growth, buoyant stock markets and a favourable investment climate. Continuing credit crisis in the US and Europe, coupled with fear among domestic investors to invest in an illiquid asset class, has made private equity fund-raising an uphill task. Logging a near 60% fall, net PE mobilisation has declined from Rs 1,944 crore in 2007 to Rs 792 crore in 2009 (till January 15, 2010), according to data collated by PE research firm Venture Intelligence. The number of PE funds hitting the road to raise money has halved from 30 in 2007 to 15 in 2009. Surprisingly, in 2008, when the whole financial world was in the middle of the worst economic turmoil, PE funds raised over Rs 1,116 crore through 22 funds. […]
ICICI Venture, an arm of No. 2 Indian lender ICICI Bank, is looking to raise $150-$200 million from overseas investors for its India-focused fund, two sources with direct knowledge of the matter said. The private equity firm, which manages more than $2 billion of assets, is raising $500 million with an option to raise another $300 million for the fund. Vishakha Mulye, the head of ICICI Venture, confirmed the company would begin road shows for international investors as early as next week, but declined to give details of the amount of funds it seeks to raise. […]
UTI Asset Management Company Ltd (UTI AMC) on Wednesday announced that T Rowe Price Group Inc (TRP Group) through its wholly owned subsidiary T Rowe Price Global Investment Services Ltd. (TRP) has acquired 26 per cent stake in UTI Asset Management Company Limited (UTI AMC) and UTI Trustee Company Pvt. Ltd for around Rs.650 crore. Directors representing TRP have been inducted on UTI AMC Board. TRP has acquired 6.5 per cent stake from each of the existing four sponsors of UTI AMC — State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India. […]
Reliance Industries (RIL) suffered a setback in its attempt to take over Luxembourg-based LyondellBasell Industries on Tuesday after a US court dismissed a creditors’ petition seeking a bigger role for potential investors such as RIL in rescuing the bankrupt company. US bankruptcy judge Robert Gerber dismissed the motion filed by unsecured creditors seeking the installation of a court examiner to ensure that Lyondell gives due consideration to the RIL offer. He also dismissed another petition by the committee urging him to give it the right to come up with a restructuring plan after working with potential investors like Reliance Industries. Gerber, instead, gave Lyondell management time till April 15 to win approvals for its current plan of restructuring, something that has no role for RIL. […]
Bahrain Telecommunications Company (Batelco) plans to increase its stake in S Tel to 49 per cent for $50 million, the domestic telco said in New Delhi on Thursday. Batelco has entered into a partnership with Bahrain-based Islamic investment bank Global Banking Corporation which in turn will acquire 11 per cent stake in S Tel for $50 million, S Tel director P Swaminathan said. After buying 11 per cent stake, Batelco will hold 49 per cent stake in S Tel, a joint-venture between Chennai based conglomerate Siva Group and Batelco. […]
Singapore state investment firm Temasek Holdings is in talks to buy a stake worth $170 million in GMR Infrastructure Ltd.'s energy unit, a person familiar with the situation said Wednesday. “Temasek is one of around five companies that have shown interest in GMR Energy,” the person, who declined to be named, said. “They've been talking since last year.” GMR Infrastructure, the listed unit of GMR Group, has said in October it is planning to sell a 10% to 15% stake in the energy unit and may offer shares through a private placement and an initial public offering. GMR group Chief Financial Officer A Subba Rao declined to comment on a potential deal with Temasek, saying it is not the company's policy to reveal any details on a deal until it reaches a definitive stage. […]
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