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Auto ancillary maker Amtek Auto is reported to be making a bid to acquire German castings company KSM Castingsfor around 250 million euros (around Rs1,700 crore). Apart from Amtek Auto two global private equity players are also reported to be in the race to acquire the firm for which the bidding has entered the second round. The Frankfurt-based KSM Castings supplies light metal casting products for the automotive industry. The proposed acquisition is part of Amtek's strategy to boost its revenues from overseas operations. If the deal is successful, it will be one of the largest acquisitions by an Indian company in the automotive forging category. KSM Castings' clientele includes Volkswagen Group, Daimler, BMW, Ford, Porsche, Bosch, and Mann & Hummel. The German company reported sales of e355 million last year. […]
TVS Shriram Growth Fund, a private equity fund floated by the TVS Group family and the Shriram Transport Finance group, has successfully raised Rs 500 crore. The Fund plans to invest the raised amount in the range of Rs 10 crore to Rs 50 crore in mid-cap companies with revenues of Rs 30 crore to Rs 250 crore. The fund intends to target investments in sectors such as food and agro, media and entertainment and privatized education. The fund would be looking at return of 20 per cent to 25 per cent after four years. The company has appointed Gopal Srinivasan, as Chairman of TVS Capital Funds. […]
After acquiring a stake in Air Deccan last year, UB Group chairman Vijay Mallya is all set to expand his wings further in the domestic aviation space. According to sources, now Mallya is eyeing a stake in low-cost carrier (LCC) SpiceJet. Last year when Kingfisher Airlines took a 26% stake in Air Deccan, Mallya had evinced interest in picking up a stake in SpiceJet but things did not move forward. “I am interested in SpiceJet but I am not a predator,” he had said then. Kingfisher is now learnt to be eyeing a part of either the 12.9% stake held by SpiceJet's promoter, UK-based NRI Bhupendra Kansagra or the 13.4% stake held by Dubai-based investment firm Istithmar PJSC. Kansagra was under a lock-in period, which barred him from selling any part of his stake in SpiceJet. The lock-in period ended a few months ago. Kingfisher's executive vice president Hitesh Patel said he would not comment on the issue, but added: “I can see additional consolidation in the industry in next 12 to 18 months. All these airlines won't be hanging around that long. If as predicted, crude hits $178 to a barrel in September, it will kill some players…. The access to funds of Kingfisher is strong and the backing of UB Group is a strong plus.” […]
Anil Ambani’s Reliance Communications (RCOM) may be examining alternative structures to bring about its proposed mega-combination with MTN. RCOM, possibly in partnership with a sovereign wealth fund based in the Middle East, may directly buy a large equity stake in MTN, emerging as the single largest shareholder. This is to avoid legal disputes that may arise from Reliance Industries’ (RIL) claims of right of first refusal (RoFR) if RCOM were to enter into a reverse merger with MTN. Under the reverse merger route, MTN would have made an open offer for RCOM followed by a share swap between Reliance ADAG, promoters of RCOM, and MTN. ADAG would then have emerged as the single largest shareholder of MTN while RCOM will become subsidiary of MTN. That plan has not been junked, but sources close to the development said RCOM is also examining the option of directly acquiring a 40% stake in MTN. A Middle East-based sovereign wealth fund could join hands with RCOM for the acquisition of the controlling stake in MTN. The name of the fund could not be ascertained. […]
Jacob Ballas Capital India, a non-banking finance company focused on private equity advisory services, is planning a $500 million India-focused private equity fund. The NBFC, founded in 1995, currently serves as advisor to three India-focused PE funds in which New York Life is an active participant. Jacob Ballas was founded by Rajan Jetley, who was earlier the CEO of Air India and currently manages $445 million across three funds. When contacted, Srinivas Chidambaram, Managing Director of Jacob Ballas Capital India, said he cannot confirm, deny or comment on this as they are in process of raising the fund. The funds have been focusing on infrastructure, IT/BPO, textiles, pharmaceuticals and the financial services sector in India. The move by Jacob Ballas to raise a $500 million fund is backed by a strong pipeline of deals available in the Indian market given the losing lustre of the public markets. […]
Real estate firm Sobha Developers Ltd said on Wednesday it has sold 40 percent stake in an upcoming Bangalore project to Dubai's Pan Atlantic LLC for $10 million (433 million rupees). Sobha plans to develop a 1.7-million-sq ft residential township at the plot in south Bangalore. A senior company official said the present value of the land is estimated at 1.05 billion rupees, which has been used as the basis for the deal valuation. The company expects sales realisation of 6 billion rupees from the project, he said. Recent months have seen a spate of private equity deals in the Indian real estate sector, as developers, faced with a cash crunch on one hand and a slowdown in demand due to high interest rates on the other, try to unlock value in ongoing projects. […]
Umicore has reached an agreement to acquire Anandeya Zinc Oxides Private Limited, located in Goa, India. The company will be fully integrated into Umicore's Zinc Chemicals business and will support the business unit's strategy of growing its position as one of the worldwide leaders in the manufacturing of high-purity, specialty zinc compounds. The acquisition and the intended additional investment amount to some USD 10 million. The intended investment involves expanding Anandeya's current zinc oxides product range to different zinc chemicals in order to provide broader support for the growth of Umicore's global customers in the expanding markets of India and the Middle East. The acquired site has spare land for the expansion of zinc chemicals production or for the incorporation of other industrial activities. The experience gained in the transaction will also benefit Umicore in its pursuit of future growth possibilities in India. The transaction is subject to certain standard closing conditions and is expected to be completed by early August. […]
NYSE Euronext (NYX) has announced that it has completed through its affiliate Euronext NV, the acquisition of 5 percent equity in the multi commodity exchange (MCX), India's largest commodity exchange group. The 5 percent equity investment is the maximum equity interest permitted by a single foreign investor in exchanges under current Indian law. “Asia pacific is a strong, growing region for global capital markets and we formalize our intent to be a part of that growth by investing in and working with MCX” said Lawrence Leibowitz, NYSE Euronext's group executive vice president. Speaking on the occasion MD and CEO, MCX, Joseph Massey said, “The strategic investment by NYSE in MCX takes our relationship to the next level and we see it as strategically important in the global context.” […]
Bumi is a specialist Geo Engineering Company serving the infrastructure sector. Bumi currently operates in India, Singapore, Dubai and Europe. Within India, it currently serves the power and urban infrastructure sub-sectors. Its projects involve several hydro-electric power plants and urban projects including the Delhi Metro. “This investment will help Bumi capitalise on the huge opportunity in Geo Engineering in India and abroad and consolidate its position as an Indian multi-national company in the Geo Engineering space,” said Mr. B Jaikumar, Chairman & MD, Bumi Geo Engineering Pvt. Ltd. Bumi was founded in 2002 by Mr. Jaikumar, an engineer, who has several years' experience in the field of Geotechnical Engineering and worked extensively in Japan, Singapore, Malaysia, Dubai and India. Bumi currently employs more than 2,000 people and is headquartered in New Delhi. […]
Tyson Foods has purchased 51% ownership of Godrej Foods, a subsidiary of Godrej Agrovet, an Indian agribusiness company. The joint venture between Godrej Agrovet and Tyson will be called Godrej Tyson Foods Annual sales for the venture are initially expected to be in the range of $50 million and are anticipated to grow as operations are expanded. The venture includes one chicken processing facility in Mumbai, in western India, and another in Bangalore, in the southern part of the country. The two plants have a combined production capacity of 60,000 birds per day and have approximately 1,000 contract production workers. The Godrej processing operations are supplied by six contracted hatcheries and a network of contracted broiler operations, which produce live birds to the company's specifications. […]
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