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Private equity firm Blackstone Group is looking to invest more than $1 billion in India over the next two years, the Economic Times said on Friday, citing the firm's country head. “We may make investments of $500-$600 million per year, and in two years may invest more than $1 billion dollars,” Akhil Gupta, chairman of Blackstone India, told the paper. “We are already much ahead of our target of $1 billion in five years and if we continue to find deals, then the allocation for India would also continue to increase,” he was quoted as saying. Blackstone, which recently paid $65 million for a reported 26 percent stake in Indian engineering firm MTAR Technologies, has said it had a huge pipeline of deals in India. It has made a series of investments this year, including in apparel firm Gokaldas Exports, $150 million in Nagarjuna Construction Co Ltd and $275 million in regional media firm Ushodaya Enterprises Ltd. (Reporting by Rina Chandran; Editing by Ranjit Gangadharan) (Reuters) […]
Essar group-run Aegis BPO said it is acquiring TeleTech Services, an equal joint venture between TeleTech Europe and Bharti Ventures, for nearly $13 million in cash. “We would be financing the acquisition through the company’s internal resources,” CEO and MD Aparup Sengupta said. This is Aegis’ seventh acquisition in past two years, Other companies acquired by Aegis include Canada’s Genesis Media, French sales promotion and direct marketing agency Implicom, which Aegis acquired in October this year. Mr Sengupta said that the acquisition has brought telecom provider Bharti-Airtel into the company’s client portfolio. Aegis already services the customer care requirements for Idea, Tata Teleservices and Vodafone. […]
Bangalore-based MindTree Consulting has acquired the Indian subsidiary of French company TES Electronic Solutions SA in an all-cash deal of $6.55 million. The unit, TES-PV Electronic Solutions (Purple Vision), provides differentiated services in IC design and employs 150 people. The transaction will become effective upon completion of closing conditions and is expected in 4-6 weeks. “With this, MindTree’s IC design team will be a formidable size of 350 professionals, making it one of the largest independent design services organizations in India. The domain expertise of Purple Vision will complement MindTree’s existing offerings, enabling us to bid for end-to-end chip design projects,” said Janakiraman S, President and CEO – R&D Services, MindTree Consulting. […]
Bangalore-based venture capital firm Footprint Ventures will focus one-third of its investments on exploiting the India-US-Israel triangle. The firm will invest directly into Israeli technology firms and set up new companies in India that would have exclusive rights to the technology and distribution here and in other developing markets. Success will ride on the firm’s co-founder Neill Brownstein, who also co-founded Silicon Valley-based, long-standing venture capital firm Bessemer Venture Partners, and founded Novak-Biddle Venture Fund. The other co-founders are Linda Brownstein, Josh Bornstein and Shalini Elassery. “We are looking to accelerate industrial technology’s entry into India,” says Brownstein. This Israel-India route is yet to be exploited by funds in India. Footprint’s strategy also demonstrates the deepening interest from abroad in exploiting India’s domestic market, as opposed to taking advantage of just the low costs here, and private equity’s role in it. Brownstein would not disclose the size of the fund, saying, “We are backed by well-healed investors.” […]
DLF Ltd, India's largest listed real estate company, is buying luxury chain Amanresorts for around $250 million, a source close to the development said on Wednesday, confirming a report in the Business Standard. DLF will also assume debt of about $220 million, the source said. A spokesman for DLF declined comment. The valuation of the Singapore-based privately held chain of luxury hotels and spas was “extremely conservative”, the paper said, citing sources close to the development. DLF has a joint venture with Hilton Hotels Corp to develop 75 hotels and serviced apartments over seven years in India.(Reuters) […]
New York-based, India-focused real estate investment company Trikona Capital, plans to raise a Rs1,500 crore domestic fund. Trikona’s co-founder and managing director Ashish Kalra said the fund would be “by-invitation-only” with “a minimum ticket size of Rs25 crore.” It will invest in residential and commercial properties. The fund, which is to be launched in December, will be the largest rupee-denominated real estate fund to be raised so far. Kotak Realty recently closed its domestic realty fund at Rs1,200 crore. Trikona Capital president Mahesh Gandhi said the fund would be deployed in the company’s second series of investments in India. Trikona also plans to launch a $1 billion (Rs3,940 crore) infrastructure fund. Trikona raised its first fund of £250 million (Rs2,032.5 crore) in April 2006 on the London Stock Exchange’s Alternative Investment Market (AIM) and has completely invested this. […]
Indian companies received more than $74 million (Rs290.8 crore) venture capital funding in October. Deals included investments in sectors ranging between e-learning, digital media and engineering solutions outsourcing. The single largest deal was struck by online travel portal Makemytrip.com, which received $15 million in its third round of funding. The New Delhi-based portal, which plans to go for an initial public offering by 2009, received funding from the US-based hedge fund Tiger Fund, along with existing investors Helion Venture Partners, Sierra Ventures and SAIF Partners. Online education and e-learning services emerged as the flavour of the season as venture capital firms struck three deals in this space in the last month—Mumbai-based Hurix Systems Pvt. Ltd received $5.1 million from Helion Venture Partners; TutorVista.com, an online tutorials company started by serial entrepreneur K. Ganesh, received $2.5 million from Manipal Education Group; Mumbai-based e-learning services company 24×7 Learning Solutions Pvt. Ltd received $4 million from Capital18, the venture capital arm of media group Network18. All three companies have had earlier rounds of funding. Digital media was another sector popular with venture capital firms—New Delhi-based Live Media and Bangalore-based Tag Media Network, which operate in-store television networks for advertising and marketing, received funding from Draper Fisher Jurvetson (DFJ) and Intel Capital, respectively. The month also saw investments in outsourcing services companies such as New Delhi-based RT Outsourcing Services Ltd by Motilal Oswal Venture Capital, Indo-US outfit Satellier Llc. by Sequoia Capital India and engineering and technology services company Neilsoft Ltd. […]
One of India's premiere film bonding company, Infinity Film Completion Services, has acquired 25 per cent stake in Brazil's biggest film distribution company Lumiere. With this arrangement in place, Infinity FCS now becomes a 25 per cent partner in Lumiere's distribution business thereby allowing Infinity FCS to distribute all of Lumiere's films in the Indian market. According to Aanand Mahendroo, managing director, Infinity FCS, “We have ambitious plans in this line of business for the coming years and joining hands with Lumiere is the first step in this direction. We should be announcing more such deals in the coming months.” Founded by Aanand Mahendroo and Mehool Parekh, Infinity FCS is a division of Infinity India Advisors Pvt Ltd. The nature of business conducted includes giving guarantees of completion to producers and financiers of Indian and international films. The General Insurance Corporation of India (GIC)-India's state-owned re-insurer-backs Infinity's services. While Mahendroo refrained from disclosing the financial details of the deal, according to a Brazil's Variety Magazine, Infinity FCS and NYC-based investment advisory and equity participation firm SCGI Financial Partners have together invested $10 million for becoming Lumiere's shareholders. As for Infinity FCS's other investment plans are concerned, company sources indicated that it is either close to or has already acquired 25 per cent stake for an undisclosed sum in Hong Kong filmmaker Yu Lik-wai's upcoming international co-production Plastic City. An acclaimed filmmaker and Cannes award winner Yu Lik-wai is exploring something new and revolutionary in his new movie. […]
The VG Siddhartha-led Amalgamated Bean Coffee Trading (ABCTL) is closing a $95 million (Rs 340 crore) fund-raising from Deutsche Bank and Templeton Darby International. The investment is to expand and develop ABCTL’s retail business, the key component of which is Cafe Coffee Day, the country’s largest chain with 480 cafes in India. The transaction, which has been in the making for a while, is likely to be wrapped up soon, according to sources in the company. Mr Siddhartha, who pioneered India’s coffee cafe culture, won ET’s Entrepreneur of the Year Award in 2003. The two private equity investors together are expected to take a little over a 10% stake in ABCTL’s retail business, whose enterprise value is close to $600 million with debts included, sources say. It is believed that Deutsche Bank will invest $70 million with Templeton Darby International bringing in the remaining $25 million. […]
Venture capital firm Matrix Partners India on Wednesday said it has expanded its consumer services fund from $150 million to around $450 million. The firm will now make larger growth capital investments up to $30 million in consumer services business, a company press release issued said. The fund will continue to make smaller venture capital investments in early stage companies and has already invested in several companies so far. The investment team includes six investment professionals based in the city. Matrix Partners India is co-founded by Avnish Bajaj and Rishi Navani, in partnership with Matrix Partners US. […]
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