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3i India Infrastructure Fund, part of the London-based private equity and venture capital company 3i Group Plc, has invested $101 million (Rs 398 crore) in Hyderabad-based infrastructure company Soma Enterprise. Though the companies have not disclosed the exact stake the fund picked up, Avinash Bhosale, joint managing director, Soma Enterprise said, “3i has got minority stake; the stake figure is in mid-teens (between 13% and 17%).” This figure values the company at over Rs 3,400 crore. Soma will use the money for expansion. “We will invest the money to further build capacities to undertake bigger projects. This includes buying infrastructure machineries,” Bhosale. Hyderabad-based Rajendra Prasad Maganti and his family owns majority stake in the infrastructure firm. Pune-based flamboyant real estate developer and hotelier Avinash Bhosale is the other promoter. […]
PTC India Financial services, subsidiary of PTC India, will immediately get Goldman Sachs Strategic Investments and Macquarie Securities Asia on board as `strategic financial partners`, reports Business Standard. The companies will pick up 20% each in PTC Financial Services, a non-banking finance company (NBFC). The total investments will be Rs 500-600 million, including a premium of Rs 3-5 on a face value of Rs 10 a share. `FIPB has already given its approval for this investment. We are now finalizing the shareholder's agreement,` said a senior PTC executive. PTC India will continue to hold the remaining 60% stake in the NBFC. […]
Hindustan Unilever Ltd (HUL) is selling its Modern Foods unit to Middle East-based Switz Group for about 1 bln rupees, local business daily The Economic Times said quoting sources close to the deal. The Middle East-based Switz Group is owned by Mumbais Khorakiwala family, which also owns Indian pharmaceutical firm Wockhardt Ltd, retail chain Akbarallys and bakery chain Monginis. The report cited unnamed sources as saying that HUL will not sell the plant, real estate and manufacturing facilities of Modern Foods as part of the deal. […]
Yatra Capital (Yatra), a private equity player with focus on the Indian real estate, today announced investments in two companies in the retail and hospitality sectors. One of them is a $3.91 million (around Rs 22.8 crore) investment for a 28 per cent holding in Gangetic Developers, a joint venture formed to develop a retail mall in Agra, Uttar Pradesh. The other company that Yatra invested in was Alliance Hospitality Services to develop premium star category hotel and services apartments in Pune, Maharashtra. Yatra would invest ¤4.88 million (around Rs 28.5 crore) in the company for an equity holding of 20 per cent. With these investments, Yatra has now committed USD 80.5 million (around Rs 470.9 crore) of the initial USD 100 million (Rs 585 crore) it raised in December 2006. The PE player has identified hospitality and retail as the next growth areas. The hospitality sector in India is forecasted to grow at 8.8 per cent every year over the next 10 years, and it is anticipated that 1 lakh rooms will be required in the next 5-7 years with average room rates rising by 20-25 per cent in 2-3 years. […]
The Ruia-controlled Essar Power (EPL) is offloading 10% stake to private equity (PE) investors to raise up to $700 million. The equity of the company is valued at $7 billion, sources said. Essar Power currently operates power plants with a capacity of 1,200 MW and has drawn up an investment plan of over $4 billion to set up three more projects with cumulative capacity of 3,600 MW. The projects are coming up in Gujarat, Madhya Pradesh and Jharkhand and are expected to be funded on the basis of debt-equity of 3:1. The company has drawn up plans to set up projects of about 6,000 MW capacity. Though company officials declined to comment, sources in the company confirmed that Mumbai-based SSKI has been appointed as the merchant banker. […]
Reliance Technology Ventures Limited (RTVL), the corporate venture capital arm of the Reliance ADA Group, has invested an undisclosed amount in E-Band Communications Corporation (EBCC) as a lead investor for its Series B round. Reliance Technology Ventures Ltd. is a 100% subsidiary of Reliance Capital Ltd. EBCC was started in 2003 to develop ultra-high capacity wireless communications systems for the 70/80 GHz E-band spectrum, recently licensed by the US Federal Communications Commission for commercial communications. EBCC has an exclusive license agreement to co-develop products and communication systems around this technology, with the $30 billion Northrop Grumman Corporation, one of the world’s largest defense, aerospace and technology companies. EBCC’s technology enables the highest possible wireless transmission speeds ranging from 1 Gigabit per second up to 10 Gigabits per second. The funding round includes existing investors namely ADC and one of the largest US telecom companies along with Reliance Technology Ventures Ltd., Investec and Hercules Technology Growth Capital. […]
Dish TV has sold a 4.9% stake to a private equity group, and expects more finance-raising soon. Indivision Capital bought the 4.9% stake for Rs2.5 billion, valuing the DTH operator at Rs42 billion. With Dish TV aiming to invest Rs11 billion over the next two years as competition in the Indian DTH sector ramps up, more corporate activity is likely. The deal will see a first tranch of equity shares issued, at Rs100 per share. A second tranche will convert warrants at Rs130 per share. Dish TV, which is backed by the Zee Group of companies, had 2.6 million subscribers at the end of November, with 126,000 added in that month. The new chas will be used for subscriber acquisition, marketing and set-top boxes.( Rapid TV News) […]
Almondz Global Securities Ltd has announced that the Board of Directors of the Company at its meeting held on December 06, 2007, inter alia, has considered and discussed the proposal for making further issue of capital through preferential allotment of Equity Shares as well as Warrants. […]
India's House of Pearl Fashions Ltd said it has bought a 50 pct stake in UK-based marketing company FX Imports Ltd, through its Poeticgem unit, to gain customer base in the high fashion mid-market segment. The financial details of the deal were not disclosed. The acquisition will be funded through internal accruals and the company has an option to buy the remaining 50 pct stake in FX Import over the next five years. FX Imports reported revenues of 800 mln rupees in the previous fiscal year and is aiming at annual revenues of 2 bln rupees in three years, the ready-to-wear apparel manufacturing company said in a statement. House of Pearl recently tied-up with European marquee brand Lerros to set up a retail chain in India, and is on the lookout to acquire retail and distribution firms in the US and Europe.(Forbes) […]
Kamat Hotels has bought a 60% stake in Concept Hospitality for Rs 127/share, reports CNBC-TV 18’S Rahul Arora. According to Rahul Arora, Kamat Hotels has acquired 60% at Rs 120 per share. Concept Hospitality is not a listed company; it is a sister concern of the promoter Vithal Kamat who holds 60% in his personal capacity which is now been transferred to the listed entity Kamat Hotels (India) Ltd. This essentially gives Mr. Kamat an indirect holding into Concept Hospitality via his 73% holding that he currently has in the listed Kamat Hotels. The other 40% in Concept Hospitality is currently been held by Mr. Kannampilly who still retains 40% as things stand right now. Concept Hospitality is a management and consultancy company for hotels. They do not own and construct them but they manage and operate hotels. Some of the key hotels they manage are Seasons in Pune; they have a hotel called Wall Street in Jaipur and Manor Floatel in Delhi. All of these now goes under the management of Kamat Hotels. So that’s about 650 rooms that will come under the fold of the listed Kamat Hotels entity. […]
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