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After the $2.3 billion Jaguar-Land Rover deal, Ratan Tata is looking to partake in designing automobiles by picking stake in Italian design house Pininfarina, known for designing the likes of Ferraris. Pininfarina on Thursday said Tata has shown interest in picking up a stake in the automotive design house. “To further reinforce the strategic tie between Tata group and Pininfarina group, Ratan Tata, chairman of Tata Sons, has expressed interest in the Tata companies participating in Pininfarina's planned capital increase with the subscription of a portion of the options that will be assigned to the Pininfarina family,” the Italian firm said. When contacted, Tata Motors spokesperson said without divulging the deal size, “The company is going to take a minority stake in Pininfarina”. Pininfarina also said it would set up an R&D and engineering centre in Pune by the end of this year, where homegrown major would have a minority stake. […]
Reliance Globalcom, a fully owned subsidiary of Reliance Communications, has acquired 90% stake in UK-based Wi-Max operator eWave World. Globalcom is betting on eWave's Wi-Max licenses to tap international markets in Europe, Asia, and Latin America. Globalcom has done it again. After a USD 300 million acquisition of Yipes Holdings last year, the company has bought out majority stake in a start-up company this year. Wi-Max operator eWave World is just two-years old and has not yet made any profits until now. But the company holds licenses and spectrum to start Wi-Max services in 20 countries. While Reliance Communications may take a while to launch Wi-Max services in India on account of spectrum scarcity, it is hoping to ride on eWave to tap international markets. […]
Axis Private Equity, the PE arm of Axis Bank, has raised a Rs 600-crore infrastructure fund. IDFC Private Equity, another major, had on Tuesday announced its intention to raise a $700-million fund for the sector. According to sources familiar with the matter, Axis Private Equity is already in the process of finalising four deals related to the infrastructure sector. “Of its targeted corpus of Rs 2,000 crore, Axis PE has closed its first fund — Axis Infrastructure Fund 1 — by raising Rs 600 crore,” said a person involved in the development. The PE has already identified four investment targets, he added. When contacted, Axis PE chief executive officer and MD Alok Gupta declined to comment. Axis PE raised Rs 600 crore within a period of five to six months from its launch, the tight liquidity conditions notwithstanding. Apart from pension funds, investors in the fund also include sophisticated domestic and international banks and corporates. The Axis Infrastructure Fund has an anchor investment of Rs 200 crore from Axis Bank — the erstwhile UTI Bank — while the rest is being raised from outside. […]
Kolkata-based, Century Plyboards India (CPIL) has bought Chennai-based Sharon Plywoods and Karnal-based Century Panels in an all-share transaction on a High Court order. Through this deal, the company will get control of Sharon Veneers Pvt Ltd (SVPL) and Sharon Wood Industries Pvt Ltd (SWIPL), which were merged on April 1. Century Plyboards (India) Limited engages in the manufacture, sale, and export of plywood and veneer in India. The company markets its products under the ‘Centuryply’ brand name. The move is in line with the Century Plyboards’ plans to expand its product line and move into new markets. […]
E.I.D. Parry (India) Ltd, the Murugappa Group company, has decided to sell its stake in the Parryware Roca joint venture to its partner, Roca of Spain. According to a press release from E.I.D. Parry, its board has decided to sell the 47 per cent stake it holds in the 50:50 joint venture to the Roca Group of Spain. E.I.D. Parry will retain the balance 3 per cent. The company is selling its stake for €112 million (Rs 725 crore). The release quoting A. Vellayan, Vice Chairman, Murugappa Group, and Chairman, Parryware Roca (Pvt) Ltd, said it is a mutually beneficial move for the partners. The stake sale helps realise good value that can be invested in its core businesses. For Roca, the deal will ensure its strategy to stay ahead of the competition in the bathroom products market. Roca acquired the 50 per cent stake in Parryware in 2006 for €50 million (Rs 275 crore). Vellayan will continue as the Chairman of Parryware Roca, the release said. […]
The buzz is back in India's oldest financial institution IFCI as the finance ministry has again revived the process of selling stake in IFCI to strategic or financial investors. The IFCI stock surged over 4.5 per cent in Wednesday’s trade on multiple block deals. NDTV has learnt that the finance ministry has asked IFCI's top brass to start the process of stake sale and here are the options before IFCI. IFCI may sell 26 per cent stake to strategic investor and it might alternatively hive off 10-15 per cent stake to a financial investor. The IFCI board is to meet on April 29 to consider stake sale. […]
A Norway-based private equity fund will invest Rs 400 crore (500 million Norwegian kroners) in India's energy sector, which is expanding rapidly to meet the South Asian country's growing need for power and oil. The Indo-Nordic Private Equity AS was launched last week in Norway's capital of Oslo by Indian Ambassador Mahesh Sachdev and that country's richest man Stein Erik Hagen. “Till now, most of the business between India and Norway was in the form of Indian companies buying services from Norwegian companies in the field of shipping and oil and gas,” Suneel Regulla, the managing director of the fund, said. […]
Private equity firm Blue River Capital has picked up a minority stake in Wilson Sandhu Logistics (WSL), a freight management company, for Rs 40 crore. WSL has offices in 35 locations across the country and an agent presence in over 70 countries. The company has capabilities in multi-modal transport and also handles specialised cargo for some of its clients. WSL has recently acquired Detraco GmbH, a freight management company based in Germany. […]
Chairman of Wipro, Azim Premji`s, private equity fund PermjiInvest has acquired 2% stake in Koutons Retail for about Rs 200 million, reports Business Standard. Through his private equity fund PremjiInvest, Premji acquired about 300,000 shares of Koutons from the secondary market. This is the second investment by Wipro Cheif in a textiles related company. Earlier he had acquired more than 3% stake in Bangalore-based Himatsingka. (My Iris) […]
D E Shaw, a global private equity firm has picked up a 35 per cent stake in Mysore-based e-learning firm Excelsoft for Rs 125 crore, valuing the Rs 50 crore firm at Rs 350 crore. This 35 per cent stake was held by UTI Ventures, which had invested Rs 2.5 crore in 2001. UTI Ventures, with this exit has multiplied its investments 50 times, making this among the top exits in the recent history of PE/VC investments in India. UTI Ventures’ MD & CEO Raja Kumar confirmed the development but declined to spell out further details. According to industry sources, other private equity funds such as Sequoia and Cisco Ventures were in the race to pick up stake in the firm which is estimated to have pretty high net margins. According to recent information, Excelsoft posted a net profit of Rs 25 crore on a topline of Rs 50 crore. Sources further indicated that UTI Ventures in addition to selling its stake to D E Shaw, has invested a further $5 million in this firm at its present valuations. […]
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