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Reliance Money, the financial products distribution arm of the ADAG, is acquiring a 26% stake in Ahmedabad-headquartered National Multi-Commodities Exchange (NMCE), the third largest commodities bourse in the country in terms of turnover, for an undisclosed sum of money. Reliance Money and NMCE are expected to approach Forward Markets Commission (FMC), the commodities market regulator, for approvals. “We are in talks with NMCE to buy 26% in the exchange,” Sudip Bandyopadhyay, director and CEO, Reliance Money, told TOI. “Looking at the growing opportunities in the commodities space, we are planning to enter this space in a big way,” Bandyopadhyay said. Post-deal, the ADAG company would get two board seats on NMCE. Reliance Money's decision to buy into the commodities bourse came in after the government recently announced new norms for investors intending to buy into commodities bourses. Among those rules is a minimum networth requirement of Rs 100 crore and limiting a single investor's holding at 26%. […]
World's biggest bank Citigroup is planning to sell its stake in the country's housing finance major HDFC to private equity firm Oman Investment Corporation for about USD 1.5 billion, a media report said. However, when contacted HDFC's vice chairman and managing director Keki Mistry said that the company has spoken to Citi and the banking major has said it has no plans to sell the stake. “We have spoken to Citi and Citi has no plans to sell the stake,” Mistry said. A private news channel on Friday reported that Citi may sell its stake worth USD 1.5 billion in HDFC to Oman Investment Corp. Noting that the move is part of Citi's restructuring plan, the channel said both the banking major and Oman Investment declined to comment. Earlier, UK's Sunday Times had reported that Citi is planning to offload its stake worth USD 2 billion in HDFC. […]
Alliance Group, a Bangalore-based real estate developer, is planning to raise money via the private equity (PE) route to develop its land bank spread across five cities in south India. Declining to reveal the PE entity and amount being raised, Manoj Namburu, chairman and managing director of Alliance Group, said, “The group last week signed the term-sheet with a PE player and presently we are observing a 90-day gag order.” “The 10 per cent dilution will help us raise funds for our ongoing projects and develop new ones. The group currently has a land bank of 650 acres spread across Bangalore, Hyderabad, Chennai, Coimbatore and Mysore,” he added. The group last year raised Rs 600 crore in foreign direct investment from US-based Westport Capital for its special purpose vehicle (SPV) — Alliance Infrastructure Projects Private Limited — floated to develop its Hyderabad project. “The group, which is in the fourth year of its operations, has 13 projects in five cities valued around Rs 5,000 crore,” said Namburu. […]
The Kolkata-based Pawan Ruia Group, which has a controlling interest in Dunlop India and in Falcon Tyres, has acquired British auto component manufacturer Schlegel Automotive Europe, according to group chairman Pawan Kumar Ruia. The deal was made through a special purpose vehicle Global Finvest Ltd based in the U.K. “Keeping in mind the growing demand in the automotive sector, we are planning to set up a Schlegel manufacturing unit in India.” Mr. Ruia said here on Wednesday. The acquired company, founded in 1952, makes rubber sealing products used in automobile doors, windows, hoods and trunks and most of the global auto sector customers whom it serves in Europe have already set up plants here. There were indications that Schlegel might set up a plant in India soon. However, the location has not been finalised as yet. The Ruia Group was little known till it acquired Dunlop and Falcon from Chhabria in 2005. […]
Axis Private Equity today said it has invested Rs 60 crore in Hyderabad-headquartered Vishawa Infrastructure and Services (VIS). “We liked the entrepreneurial drive of the promoters who have built a successful and profitable business. Axis PE funds will enable them to scale up to become one of the top players in the water/sewage segment in the next few years,” Axis PE's Managing Director Alok Gupta said in a release here. VIS has a manufacturing facility near Hyderabad for production of pre-stressed concrete, reinforced concrete and mild steel pipes. Axis PE, an arm of Axis bank, is mandated to manage the private equity funds for the private-sector bank. It announced the first closure of Axis Infrastructure Fund at Rs 600 crore. The fund targets to raise Rs 2,000 crore. […]
Sidbi Venture Capital is planning to launch a Rs 1,000 crore fund focussed on small and medium enterprises. Small Industries Development Bank of India (Sidbi) chairman and managing director R M Malla told Business Standard that the sponsors were in talks with other players to set up the fund. “We are trying for 60 per cent domestic participation,” he said. Sidbi Venture Capital Chief Executive Officer Ajay Kumar Kapur said the proposed fund — likely to be called India Opportunities Fund and operational over the next few months — will focus on auto components, food processing and agri products. He, however, refused to disclose details about potential partners, saying discussions were still underway. Kapur said the fund will announce an investment in a clean technology company by the end of July and may also put money into two manufacturing companies. The India Opportunities Fund will invest in medium scale enterprises and those that graduate beyond this stage, besides small scale units, Malla said. […]
The private equity arm of the diversified Aditya Birla group has acquired a 25% stake in V Mart Retail, a value-retailer owned by the New Delhi-based Lalit Agarwal. The investment is estimated to be in the range of Rs 60-70 crore. V Mart Retail chairman Lalit Agarwal confirmed the development to ET but did not disclose the size of the investment. He said: “We needed the business expertise of the Aditya Birla group. We wish to extend our value for money retailing business in a truly Indian way across the country. We are planning to open 100 stores over next two years. We would implement the Birla group’s strategies on merchandising, logistics and store planning.” The company had reported a turnover of Rs 100 crore last year and targets to achieve a 50% growth in topline this year. The four-year old company has been growing at 40% annually and is expected to continue this trend in next four-five years, said sources close to the company. The format of V Mart can be compared with Big Bazaar, Vishal Mega Mart and Truemart. […]
The buzz over a possible overseas acquisition by India’s largest private sector banking major ICICI Bank is growing, with senior bank officials stating that the bank is being presented with several opportunities across the globe. The move comes at a time when most of the bigger global players have been hit by massive write-downs and losses of over $400 billion, which have led to sharp erosion of market cap of most players. Bankers feel that the situation is likely to continue in the near future too. Indian banks like ICICI Bank and State Bank of India have till date done only small acquisitions compared with large-scale acquisitions by Indian corporates, especially the Tata Group. Speaking to ET, ICICI Bank joint MD Chanda Kochhar said, “At this point of time, there are opportunities coming our way. We are not actively going out to look at these opportunities. However, at this point, there is nothing specific that we are looking at. To most of the opportunities, we are saying ‘no’.” She added, “We are getting these opportunities from everywhere.” ICICI Bank currently has operations in 18 countries across the globe. The bank has a total asset of Rs 3,99,795 crore as on March 31, 2008 while its profit after tax was Rs 4,158 crore. “We are only looking at something which fits with our plans. It has to be something with a large-deposit base. […]
Anil Dhirubhai Ambani Group (ADAG) is hitting the private equity road braving the market turmoil. The group is promoting a $2-billion yet-to-be named fund as a standalone entity, and not as part of Reliance Capital, sources said. The group has put in place a fund team that is already chasing deals of at least $50-75 million in size. The general purpose fund has already raised over $500 million with Anil Ambani as anchor limited partner, sources added. Mr Ambani’s infusion is believed to have come from his personal holding companies – Batista and AAA. “The fund hopes to close a few transactions before achieving financial closure. It may have 4-5 LPs besides Mr Ambani himself who is not treating it as just a route for deploying his personal wealth,” a sources explained. In context, sectoral observers said Mr Ambani’s PE play may be different from his peer and Wipro Chairman Azim Premji who recently floated $1 billion PremjiInvest mainly pouring in his personal wealth. […]
Trikona Capital Ltd., the leading fund management firm for institutional investment in infrastructure and real estate, today announced the expansion of its urban rejuvenation platform in Mumbai to continue to foster socially conscious development. The announcement supports Trikona's overall urban rejuvenation initiative to build 100 million square feet of saleable space over the next decade. Trikona has inked a new four-acre project in Bandra, the sought after residential area adjacent to Mumbai's central business district, to fund the refurbishment of middle-class homes and the development of luxury housing. The $40 million deal is a co-investment in the project with German fund manager SachsenFonds. In the past twelve months, Trikona has developed a strong strategic partnership with the fund manager and announced sales of assets to SachsenFonds totaling $170 million. […]
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