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The ripples created by the sale of Merrill Lynch to Bank of America could extend well beyond the possible restructuring of the financial services firm’s operations in India. For at stake is also the residual shareholding of 10% held by DSP Merrill Lynch chairman Hemendra Kothari in the Indian arm. Sources close to Mr Kothari, one of the most visible faces of investment banking in India, told ET that he was likely to exit from this investment. In late 2005, Mr Kothari sold his 50% holding to Merrill Lynch for $500 mn. Following that transaction, he was left with a 10% stake. The aim then was to delist the DSP Merrill Lynch stock. […]
Looking to exit from the Indian venture Tech Mahindra, British Telecom (BT) is understood to have offered its 31% stake to Tata group company TCS. BT may be mulling to exit totally from the venture, sources said, but no confirmation could be obtained either from the British entity or the Indian corporate house. Asked if British telecom had approached with its offer to sell its total or part stake, a TCS spokesperson said “We do not comment on market speculation”. Sources said the approach could have been driven out of synergistic angle as TCS has a thriving telecom practice and most importantly BT is a valued customer of TCS. […]
Indian brokerage SMC said on Monday Sanlam Ltd, a South African financial services group, will invest $50 million and form joint ventures to offer wealth and asset management services. The investment will be in two firms of the Indian group – SMC Global Securities Ltd and SAM Global Securities Ltd., the Indian firm said. The money will be used to pick up 5 percent stake each in the companies and subscription to warrants, SMC added.(Reuters) […]
Brushman India is in active discussions with Snowcem Paint (SPPL) to acquire a strategic stake in SPPL subject to completion of due diligence and after obtaining regulatory approval(s) as may be necessary. Recently, the board of directors of Brushman India has recommended maiden dividend of 5% for the year ended Mar. 31, 2008, subject to the approval of the shareholders at its meeting held on Sep. 01, 2008.(My Iris) […]
Smart private equity money is showing a clear bias for healthcare providers rather than drug manufacturers. Despite the slowdown in the equity markets, over half a dozen private equity investments have come into the hospitals and healthcare segment in the recent months. Over the same period, the biggest news in the pharmaceutical industry has been the sell out by the promoters of Ranbaxy to Japanese major Daiichi Sankyo. Tellingly, one of the businesses they have retained is Fortis, the hospital chain. There are also rumours of another Hyderabad-based pharmaceutical company scouting for a buyer to come to its rescue. This is in stark contrast to the trend between 2004 and 2006, when Indian drug majors were sewing up big-ticket acquisitions abroad. […]
The country’s largest private equity fund, ICICI Venture, is teaming up with US-based PE fund Providence to put in a joint bid for BPO firm Firstsource Solutions. ICICI Venture is also wooing Kohlberg Kravis Roberts & Co (KKR), one of the world’s biggest buyout funds, to join the consortium, said a banker. If the funds eventually join hands to bid for Firstsource, it would be the first time in India that three large PE players come together for an acquisition. Both Firstsource and I-Venture are promoted by the ICICI group. It’s perceived that any deal could be partly driven by ICICI Bank, the biggest shareholders in Firstsource. […]
Leading global private equity TPG Capital will invest $120 mn (Rs 530 crore) in Shriram City Union Finance, the consumer finance vertical of the Chennai-based Shiram Group. On Friday, Shriram Group and TPG Capital announced a definitive agreement under which the buyout firm would make the investment for acquiring up to 49% stake in Shriram Retail Holdings (SRHPL), the holding company of Shriram City Union (SCUFL). The transaction would necessitate an open offer for SCUFL in compliance with SEBI’s takeover regulations. TPG would own up to 26.7% of SCUFL, excluding shares that might be tendered in the open offer. The investment is subject to regulatory approvals, according to a statement released on Friday. […]
EVERTON have become the latest Premier League team to be courted by billionaire Indian businessman Anil Ambani. Intermediates representing Ambani have been in contact with Goodison owner Bill Kenwright, intent on arranging a meeting between the two parties. Ambani, said to be the sixth richest man in the world with a fortune of £24bn, has targeted Everton after failing in an attempt to take control at Newcastle United. Ambani’s son, Jai Anmol, is thought to have attended Everton’s pre-season friendly against PSV Eindhoven at Goodison for informal talks with Kenwright and club director Robert Earl. […]
In a transaction representative of the aspirations of emerging Indian companies, Quality Assurance Institute (QAI) India, an operational excellence company enabling companies in the IT and ITeS sectors to deliver high performances, has bought out its US-based parent, QAI Worldwide. The 100% acquistion gives the Indian subsidiary established in 1994 an access to the large US market and also the rights over large intellectual property which rests with the parent company founded in 1980 by William Perry. The US-based parent was a minority stakeholder in the Indian subsidiary, which registered a turnover of around Rs 70 crore last year, when it was established while the other stake holders were some venture capital firms, employees, board of advisors and the CEO Navyug Mohont. […]
Roots Corporation, the wholly-owned subsidiary of Indian Hotels, is looking to offload around 20% of promoters equity to private equity players. Carlyle, 3i, Warburg are said to be in the race for the funding, which would be used to fund its growth options, according to sources. Roots is planning to raise $75-100 million through the private equity route to part finance expansion plans of its budget ‘smart basics’ hotel chain, the Ginger, while parent Indian Hotels is busy raising funds for its own requirements. “We are in discussions with PE players and will make the announcement at an appropriate time,” company sources said. Recently, unviable real estate prices forced Ginger to rework its business strategy for the Indian market. Ginger Hotels which started 4 years ago, is now looking at mall-based hotels, entering into management/lease contracts, sprucing up existing hotel properties and talking to public utility services as against earlier strategy of greenfield units. […]
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