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INX Network, owned by Indrani Mukherjea, wife of ex-Star Group CEO Peter Mukherjea, plans to raise around Rs 600 crore by selling stake in its entertainment subsidiary INX Media, to fund the company’s expansion plan. INX operates Hindi entertainment channel 9X and Hindi music channel 9XM. “We may consider roping in either a strategic or financial partner and are in talks with both domestic and international companies,” said Mukherjea, founder & CEO, INX Media. The promoters – Indrani and Peter Mukherjea – together hold 50 per cent while the balance is held by private equity firms Temasek Holdings, New Silk Route, New Vernon Private Equity Fund, Kotak Mahindra Capital and Srei. It is believed that all the stakeholders will offload their stakes in equal proportion. […]
Delhi-based document management software firm Newgen Technologies on Thursday announced sale of a minority stake to SAP Ventures, the venture capital arm of SAP, for Rs 10 crore. The stake sold is under 10 per cent, Newgen MD Diwakar Nigam said without giving the exact stake. The Delhi-based company said that SAP Ventures will take advisory position without board-level representation in it. “The investment by SAP will go towards our marketing requirements in the various emerging markets globally that we are entering,” Nigam said. Newgen provides business process management solutions and services and has development centres in Delhi and Chennai. The company is entering markets like Egypt, Ukraine, West Asia and Africa among others, he said. […]
Bharti Airtel Ltd has launched a venture fund on Thursday with an initial Rs2 billion ($44 million) to promote content and technology development. India, with nearly 300 million mobile users, is the second-largest wireless market in the world after China, and still has the potential for further huge growth as only just over a quarter of its billion-plus population use cellphones now. Operators are signing up 8-9 million users every month, and consultancy Gartner expects 737 million connections by 2012. The growth potential has encouraged mobile operators to step up investment on technology and content as they look to tap underdeveloped rural areas.(Livemint) […]
Media and broadcast company Raj Television Network Ltd plans to enter the print business and is “open to acquiring an existing (Tamil) newspaper” even as it is looking to raise Rs50-100 crore from private equity firms. Raj Television would look to offer 5-10% stake for the fund infusion. According to the Bombay Stock Exchange (BSE) website, the company’s promoters hold 72.48% as of June. “The idea is to be seen as a complete media house in the long term,” said B. Sukumaran, adviser, corporate planning and strategy. “The promoters are willing to go down to 51%.” Raj Television, which raised Rs52.81 crore in an initial public offering in February 2007, wants funds for the construction of a studio and office complex, its movie production business and other plans. […]
DHFL Venture Capital, the asset management arm of Dewan Housing Finance Corporation (DHFL), is raising $250 million for its second international realty fund. The fund will close in two tranches, with the first tranche of $100 million expected to close in two months. However, the company has not set any time-frame for raising the entire corpus of the fund. Dewan Housing Finance Chief Financial Officer Prashant Chaturvedi said that the money will be raised from offshore investors. “DHFL will have some share in the fund depending on the what the National Housing Bank permits.” The company had launched its first local fund of Rs 100 crore two years ago with DHFL investing Rs 35 crore while the remaining Rs 65 crore was raised from banks and financial institutions. […]
UAE’s telecom giant Emirates Telecommunications Corp (Etisalat) is close to picking up a majority stake in Mumbai- based Swan Telecom. Etisalat has been scouting for an Indian partner for more than 6 months and was earlier in talks with other players including Spice Communication and Videocon-backed Datacom. Swan is among the few operators which had recently bagged licences to offer telecom services in the country. According to industry sources, talks between Etisalat and promoters of Swan are moving towards the latter picking up around 51 per cent stake in the Indian company. […]
Japanese spirits giant Suntory is believed to be interested in acquiring a 10-15% stake in Vijay Mallya’s United Spirits (USL) for about $600 million. USL is already in preliminary talks with multinational drinks giants Diageo, Pernod Ricard and Bacardi for a stake sale. A potential sale could value USL, the world’s third largest spirits marketer by volume, at around $6 billion. A top USL source confirmed Suntory’s interest “for a strategic alignment,” adding that details of Suntory’s interest are still being gathered. In November last, ET had first reported on Mr Mallya’s move to offload shares in the flagship spirits company. “There are several interested players who know it is a one-time chance to get their distribution act right in India. And I will be looking at unlocking maximum shareholder value,” Mr Mallya told ET. The USL stock closed at Rs 1,313 on Wednesday, valuing a 15% stake at around $430 million. […]
Kraft Foods Inc. (KFT) is finalizing plans to buy a stake in an Indian company, possibly a Mumbai-based biscuit maker, the Economic Times reported Thursday citing unnamed sources. Buying a stake would put the company on the fast track in the country, as starting from scratch could take up to two to three years, a source said in the report. The company has already appointed key officials for its India plans, the report said. (Trading Markets) […]
Bharti Airtel Ltd , India's No. 1 mobile operator, launched a venture fund on Thursday with an initial 2 billion rupees ($44 million) to promote content and technology development. India, with nearly 300 million mobile users, is the second-largest wireless market in the world after China, and still has the potential for further huge growth as only just over a quarter of its billion-plus population use cellphones now. Operators are signing up 8-9 million users every month, and consultancy Gartner expects 737 million connections by 2012. The growth potential has encouraged mobile operators to step up investment on technology and content as they look to tap underdeveloped rural areas. (Reuters) […]
South African IT company Datatec Ltd said it has acquired a 50.01 percent stake in Inflow Technologies Private Ltd, an Indian information and communications technology (ICT) distribution business, for an undisclosed amount. The company said on Thursday the remaining stake in Inflow Technologies Private Ltd will be held by management and existing shareholders. Inflow is a value-added distributor focusing on technology enablement and distribution of security, storage and networking products, and services. It has alliances with 22 global technology vendors. […]
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