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ICICI venture firm, RFCL Ltd, on Friday said it will acquire Chennai-based veterinary healthcare firm Alved Pharma and Foods Pvt Ltd for an undisclosed amount. RFCL has signed a definitive share purchase agreement to acquire Alved Pharma, which would see transfer all key people, assets, all contracts including exports and the brand name, the ICICI Venture firm said in a statement. “Alved is a market leader in South India with significant export business to Middle East and Africa and is expecting to close FY08 with Rs 18 crore sales revenue,” RFCL said. The company said that this acquisition complements the animal healthcare business of Vetnex, the veterinary wing of RFCL, in terms of product profile and distribution network. […]
Global private equity firm General Atlantic is close to buying 10% stake in Essar Power (EPL) for around $600 million. EPL plans to head to Dalal Street after the placement. Talks between General Atlantic and EPL are in an advanced stage and a deal is likely soon, sources said. “EPL, which has a generation capacity of 1,200 mw, is valued at around $6 billion. The company plans to invest $4 billion to set up three power plants with a cumulative capacity of 3,600 mw. The projects will be funded on a 3:1 debt-equity ratio. The fresh funds raised through private equity will be used for the new projects,” said company sources. When contacted by ET, company officials declined comment on the stake sale and IPO. “Two private equity majors were in the race, but now General Atlantic has moved in,” sources said. […]
Bennett, Coleman & Co Ltd (BCCL) has picked up stake in a private company, Airex Logistics & Express Services. Airex specializes in serving courier, cargo, warehousing & distribution and other express logistics needs of banking, financial institutions, pharmaceuticals that includes cold chain products, electronic manufacturers and insurance companies across India. Airex Logistics offers express courier services and cash management services for various leading multinational and locals banks and insurance companies of companies which lay a lot of stress on safe, guaranteed and timely delivery of documents. Highlighting its presence in the retail industry, Airex has tied up with a renowned chain of retail stores to provide facility counters across outlets where customers can send and receive couriers at competitive rates. Airex has also taken up distribution of merchandise for leading brands. […]
Subhash Chandra's direct-to-home venture Dish TV has announced that it has sold 4.9% stake in the company to Indivision India Partners, a Mauritius-based private equity firm promoted by Kishore Biyani's Future Capital Holdings, for Rs 250 crore. Dish TV will raise the money in two tranches. It will do a preferntial allotment of 12.5 million equity shares of Rs 1 each at a price of Rs 100 to raise Rs 125 crore. Indivision will also subscribe to 96,15,385 warrants, which will be converted into equity at Rs 130 a share, 18 months later. […]
The Indian VC/PE juggernaut keeps rolling. VC/PE investments into the country in 2007 have touched $14.2 billion, almost double of what it clocked in 2006 at $7.5 billion. The number of deals stood at 390 compared to 299 deals in 2006. The figure of $14.2 billion does not include Temasek’s investment of $1 billion in Bharti Infratel announced late in December 2007. It also excludes real estate investments. According to Venture Intelligence India, which tracks VC/PE investments in India and compiles the data for Indian Venture Capital Association, VC investments (seed, early stage and growth capital) accounted for $560 million across 100 deals in 2007. […]
Lazard, a global financial advisory and asset management firm with $140 billion under management, is set to raise a $300 million India focused private equity fund. Lazard becomes the latest to join the India story, which during 2007 witnessed private equity investments in the range of $18 billion. While Lazard India management offered not to comment on this development, industry sources indicate that the fund is expected to be in place by middle of this year. “There will be an anchor investment from Lazard and the India PE team will start road-shows by as early as February. We expect the fund to be in the range of $250-$300 million,” sources in the company said. […]
Goldman Sachs Strategic Investments and Macquarie India Holdings have signed an agreement to acquire 20 per cent stake each in PTC India Financial services (PFS), the recently incorporated subsidiary of power trader PTC India, for about $40 million. The two “strategic” investors will acquire the stakes through a fresh issue of shares by the subsidiary, set up to invest across the Indian energy value chain, a statement from PTC said. The Foreign Investment Promotion Board (FIPB) had earlier approved the equity partnership in PFS. This will be a non-banking finance company, which will extend equity and debt financing to power projects. “The two companies will pay a premium of Rs 6 on each share of Rs 10,” an official informed. […]
A private equity fund managed by Kotak Venture Funds would invest around $10 million in Chandrababu Naidu promoted Heritage Foods. The deal was signed on Monday evening. Sources familiar with the development said that the board of directors of Heritage would meet on January 4 to ratify the placement to Kotak VC on a preferential basis. The monies raised from this exercise would be used to expand the ‘Fresh@' stores from the present 50 to 100. “The Fresh@ stores which Heritage Foods started last year to jump into the retail bandwagon has met with considerable success. The business needs more funds to expand and therefore this placement,” sources said. Heritage started to roll out its retail format under brand name ‘Fresh @'. All the stores are only in South India and the strategy is to remain in South for the time being, expand the footprint and then look at other markets. […]
After raising funds and setting up teams in the last 18 months, venture capitalists (VCs) are now ready for some serious action. Investments will accelerate in 2008 and teams will be expanded to accommodate the increase in deal flow. Firms such as Matrix Partners India, Norwest Venture Partners and Canaan Partners will add investment partners while ePlanet Ventures, Helion Venture Partners and NEA IndoUS Ventures plan to hire associates at different levels. The year 2007 saw VC investments scale $900 million (Rs3,546 crore), according to industry reports. VCs invested more than $777 million in 57 deals in the first nine months of 2007, according to Dow Jones VentureOne and Ernst and Young. This is about five times the $158 million invested in the same period in 2006. Silicon Valley’s best, such as Norwest Venture Partners and Draper Fisher Jurvetson set up offices here. Bessemer Venture Partners earmarked a third of its $1 billion global fund for India. New sectors, old sectors Education and energy top the list of emerging sectors VCs are keen to invest in. Online learning services have started attracting investments—in the last three months, three companies— Hurix Systems Pvt. Ltd, TutorVista.com and 24×7 Learning Solutions Pvt. Ltd—together landed funding of close to $12 million. Firms are also scouting for clean tech companies to bet on. VCs continue to remain bullish on the consumer Internet and wireless space. Some, however, are cautious about investing in mobile services companies, while the operator continues to keep the lion’s share of the revenues. […]
Private equity firm, 3i India group has invested nearly 101 million dollar for a minority stake in Hyderabad-based engineering and construction firm, Soma Enterprise. The funding has been exercised through its investment fund, 3i India said in a press release on Monday. Soma enterprise has an order-book in excess of 1.6 billion dollar and is specialising in multi-disciplinary engineering, procurement and construction contracts across various segments, it said. 3i India Infrastructure is targeting a commitment of one billion dollar and is targeting a balanced portfolio of investment in the country, it added. (Times of India) […]
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