|
|
Old Lane Mauritius III, an investment vehicle of Old Lane India Opportunities Funds, has invested $26 million (around Rs 104 crore) in Hyderabad-based KVK Energy's flagship company – KVK Energy and Infrastructure Private. The investment by Old Lane in KVK Energy and Infrastructure will primarily help fund the latter's projects including the 1,200Mw KVK Nilachal power project in Orissa, a project being monitored by the Inter Institutional Group (IIG) set up by the ministry of power, and the 120Mw SV power project in Chhattisgarh. KVK Group, operating across conventional as well as renewable sources such as natural gas, LSHS, coal, biomass and hydro power, currently owns stakes in 9 power generation projects spread across 6 states. The Old Lane India Opportunities Funds were established in July 2006, and are sized at $518 million with a 10-year life. […]
ePlanet Ventures, the world’s leading global venture capital firm headquartered in Silicon Valley, California, announced an investment in India’s leading medical technology company Trivitron. The US$11 million investment, by ePlanet Ventures and HSBC Private Equity (Asia) Limited, will facilitate Trivitron’s ambitious manufacturing business plans through acquisitions and joint ventures and will be used for the infrastructural development for its forthcoming medical technology park. The proposed Rs 250-crore medical technology park is a first of its kind initiative and will promote indigenization of medical technology in India. Trivitron has also requested the Government of Tamil Nadu to allot 25 acres of land near Chennai to start this project. […]
Venture capital firm VenturEast Funds launched its seventh fund, called VenturEast Proactive Fund, which will invest $150 million (Rs590 crore) into technology across early-stage and growth-stage companies. Out of the $150 million, $96 million has already been raised by the firm, which is headquartered in Chennai and Hyderabad. The fund will focus on businesses that serve small-and medium-enterprises and lower economic segments. This brings the firm’s total funds under management to approximately $300 million. Investors in the fund include US-based Argonaut Private Equity, Saudi Economic and Development Co., Life Insurance Corp. of India (LIC) and International Finance Corp. (IFC). Mint had reported on 12 October that VenturEast would be raising new funds worth $150 million for technology and life sciences. VenturEast gave additional details on its plan on Wednesday, explaining that $150 million will be dedicated to technology alone. The life sciences fund (the firm’s second fund for this sector) will be launched early-2008, but the size has not yet been decided. […]
YES BANK, India’s new age private sector Bank, today announced that its Capital Raising Committee of the Board of Directors approved the decision to issue 14.7 million equity shares, on a preferential basis, to Orient Global Tamarind Fund Pte Ltd (Orient Global Tamarind). Orient Global Tamarind is part of the Orient Global group, a Singapore-based private investment company founded by Mr Richard Chandler. This preferential issue of Tier I equity capital, constituting 4.99% of the expanded share capital of the Bank, is subject to necessary regulatory and YES BANK shareholder approvals. The shares have a lock-in period of one year from the date of issue. The resulting investment of INR 3.31 billion (approximately USD 84 million) will enable YES BANK to further accelerate its growth initiatives and build on the significant momentum it has generated across its various businesses since it commenced commercial operations in August 2004. […]
Nalanda Capital Pte Ltd, a Singapore-based private equity firm floated by Pulak Prasad, former managing director of Warburg Pincus, the Europe-based private equity giant, has picked up a 14.9% stake in precious stones and jewellery maker Vaibhav Gems. Of this, 9.9% stake was bought by Nalanda’s India Fund through global depository receipts, while 5% was through subscription of warrants. The total transaction size, if warrants are exercised, will be about $35 million. Warburg itself has 27% stake in the company. Prasad, who made the famous investment in Bharti Airtel for Warburg, which resulted in profits in thousands of crore for the private equity firm, will get a slot on the Vaibhav board. “We are very pleased to have Nalanda Capital on our board,” said Sunil Agrawal, chairman of Vaibhav Gems. “We look forward to their insights and expertise to take Vaibhav to the next level.” The board had taken a decision to this effect at its meeting on October 12. Among other things, it had also approved the issue of warrants to Surawell Pacific Ltd. […]
International Finance Corporation (IFC), the private sector lending arm of World Bank, will pick up stake worth Rs 143.39 crore in Mangalore-based Karnataka Bank through preferential issue of shares. Karnataka Bank will issue 63.73 lakh shares to IFC on preferential basis at Rs 225 apeice after obtaining the approval of Reserve Bank of India, the private sector said in a communique to the Bombay Stock Exchange. On October 5, the bank had issued bonds worth 10 million dollar to Washington-based IFC on private placement basis. (The Hindu) […]
A predominance of family-owned companies and a booming Indian stock market are posing challenges for private equity firms, who are finding new ways to invest in the fast-growing economy, top private equity managers said. Private equity investment in India is expected to grow by a third to $10 billion this year, but most deals involve publicly traded firms because families are reluctant to cede management control, they said. “Culturally, there's been resistance to give up management control, as entrepreneurs just pass on their business to their children,” Manisha Girotra, managing director, UBS Securities India, said at a Fortune Global Forum conference. “So PE (private equity) firms are taking minority positions instead of doing buyouts, and do late-stage investments.” Most top global private equity firms have set up offices in India and have stepped up the pace of deal-making recently. Blackstone Group has said it has a huge pipeline of deals and was targeting deals in the $50-$500 million range, even as U.S. and European credit markets remained frozen because of a global credit crunch. […]
Hyderabad-based software solutions and IPTV provider Goldstone Technologies has acquired 51% stake in 4G Informatics for an undisclosed amount. 4G Informatics is a privately-held firm in Hyderabad specialising in biometric identity solutions, With the acquisition, Goldstone will be getting a foothold in the emerging identity solutions market in India. The company will use a combination of cash and stock as per the guidelines of the Securities and Exchange Board of India (Sebi) to fund the acquisition, according to a release issued by the company today. The cash component would be used to pay part of the consideration to the promoters of 4G Informatics. Sreeni Tripuraneni, founder and chief executive officer of 4G Informatics, would continue to manage the company along with its team. Goldstone Technologies will appoint two directors to the board of 4G Informatics.(Business Standard) […]
Shriram Properties, a Bangalore-based property developer, has raised $100 million by selling a minority stake to Walton Street Capital, a US- based real estate private equity fund having assets worth $14 billion, to develop real estate projects in India. Shriram Properties is part of the diversified Rs 25,000 crore Shriram Group, and plans to utilise the funds to build land bank in north and west of the country. The company, which began operations in 1995, has so far completed five million square feet of properties in Bangalore, Chennai, Hyderabad and Coimbatore. According to M Murali, managing director, Shriram Properties, “the money raised will be utilised to buy land in Gurgaon and Pune. The funds are to be invested in less than one year.” “The investment of Walton Street Capital is an extension of our relationship we had in taking up the development of the Hindustan Motors factory land in Kolkata through a special purpose vehicle (SPV),” he added. […]
Infosys, the country’s second-largest software and services firm, expects to close 15 overseas deals, each worth over $100 million, in the next 10 months, company managing director and CEO S Gopalakrishnan said on Tuesday. It has also identified three to five acquisition targets overseas, including a consulting firm. “We are in the race for 15 deals of over $100 million outside India,” Mr Gopalakrishnan, or Kris as he is known in the industry, said. The company is also looking at closing smaller deals worth $10-15 million in the same time period. For acquisitions, Infosys has set aside about $500 million. In July this year, Infosys BPO had signed a $250-million outsourcing contract with Royal Philips Electronics, which included the $28-million acquisition of its three shared service centres in India, Poland and Thailand. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|