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India's burgeoning renewable energy market was underlined this week after investment bank Goldman Sachs announced that it is to shell out $200m to acquire a majority stake in ReNew Wind Power Pvt. The companies confirmed a deal worth 10bn rupees that will give Goldman Sachs a controlling stake in the Mumbai-based wind farm developer. Sumant Sinha, chairman and chief executive of ReNew, told news agency Bloomberg that the company will invest the money from the sale “on an opportunistic basis” in a wide range of projects. […]
Rakesh Jhunjhunwala and RK Damani have picked up 14% stake in Sterling Holidays in last 2 months; both invested Rs 40 crore each. Management has confirmed the same in its AGM, reports Business Standard. […]
HCC Concessions has concluded its transaction involving a 14.5 per cent stake dilution to global investment firm, the Xander Group, for Rs 240 crore. The company was valued at Rs 1,650 crore. HCC Concessions is a 100 per cent subsidiary of HCC Infrastructure, a wholly-owned subsidiary of Hindustan Construction Company. HCC Concessions designs, finances, builds and operates transport infrastructure. Its portfolio comprises six NHAI projects with expected internal rate of return of 17-25 per cent over the concession period ranging from 18-30 years. […]
Various banks have taken control of Hyderabad-based microfinance firm Trident Microfin by acquiring a majority stake in the firm, leaving promoter and chief executive Kishore Kumar Puli with a stake of only 4.2 per cent. As many as 20 banks, including ICICI Bank, HDFC Bank, Axis Bank, Indian Overseas Bank, Bank of India and Union Bank of India, have together acquired over 60 per cent stake in the microfinance company by converting a part of its debts into equity shares. The remaining stake in the company is held by institutional investors Bellwether Microfinance Fund and India Financial Inclusion Fund. Among the five microfinance firms that opted for a debt recast, Trident is the only micro-lender in which banks have acquired equity stake. The banks converted around Rs 32-crore debts into equity shares, at a price of Rs 10 per share, even though the book value of the company is estimated at around Rs 18.60 per share. The move is part of Trident's plan to restructure Rs 125.5-crore bank debts. […]
With a little over 15 investments and $2.8 billion deployed in the country, it is one of the most aggressive private equity (PE) investors in India. At a time when many have been speculating about Blackstone’s India strategy, ever since it decided to divest its India-focused close-ended mutual fund scheme to Aberdeen, chairman and managing director Akhil Gupta has made it very clear the PE major is in India for the long haul. “The Indian economy is expected to continue to outpace global growth under all probable scenarios by a wide margin for the next 10 years at least,” said Gupta, in an exclusive interview with Business Standard. Gupta, 59, has been driving the India operations of Blackstone, the New York headquartered financial services powerhouse, from its inception six years ago, after a stint with Reliance Industries. […]
Singapore state investor Temasek Holdings said on Friday that its India head, Manish Kejriwal, has decided to step down to explore the creation of a new fund in India, the latest in a series of changes in the investment firm's management. The fund will not be capitalised by Temasek, a source familiar with the matter told Reuters. “Manish is doing his own thing,” the source said. Kejriwal, the son-in-law of Rahul Bajaj, chairman of Bajaj Auto, is teaming up with Sunish Sharma, managing director of General Atlantic, to start a private equity fund, trade publication VCCircle reported on Friday. “Kejriwal and Sharma are likely to raise a fund which will focus on large-sized growth deals,” the publication said, citing three sources. […]
Kaizen Private Equity fund, which primarily invests in education service providers, will invest $7.5 million or R35 crore in the Pune-based distance education provider Universal Training Solutions (UTS), a person with direct knowledge of the matter said. The investment signals the continuing PE interest in the education sector despite a scandal at Everonn, whose founder and managing director P Kishore was arrested for allegedly bribing an income tax official to hide tax. Its non-executive chairman J J Irani resigned from the board and its executive director Susha John replaced Kishore. Dubai-based Varkey group, which runs schools in several countries including the UAE, Saudi Arabia, China, the UK and India, played white knight and purchased 12% stake in the company, and will launch an open offer for an additional 20% on November 16. […]
Having already struck a deal with Japan’s Nippon Life Insurance for a 26 per cent stake sale in its life insurance business, Anil Ambani owned Reliance Capital has indicated that it was actively considering making a foray into the banking sector. In a significant development, the Anil Ambani group, on Friday, received approval from the Reserve Bank of India (RBI) for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life. The company had signed a definitive agreement to sell a 26 per cent stake in Reliance Life Insurance to Nippon Life Insurance for Rs. 3,062 crore earlier this year. The Insurance Regulatory Development Authority (IRDA) has already granted in-principle approval for the proposed stake sale. Following RBI clearance for the deal, IRDA will now grant final approval for completion of the transaction. […]
GMR Infrastructure, the Bangalore-based infrastructure developer, is setting the stage to raise private equity in its road business. According to investment bankers, the company may be looking to raise around Rs 960 crore over a period to infuse equity in various new projects in this vertical. The roads vertical, dwarfed by the flagship airport and power verticals of GMR Infrastructure, is expected to win the bid for India’s largest highway project extending 555 km in connecting Ahmedabad in Gujarat to Kishangarh in Rajasthan. The project is worth Rs 7,000 crore. Speaking to Business Standard, GMR Infrastructure Group CFO A Subba Rao said they were awaiting a decision by the National Highways Authority of India. […]
After roping in Nippon Life in the life insurance business, Reliance Capital is now looking to sell 26 per cent stake in Reliance General Insurance Company, its subsidiary. Reliance Capital, the financial service arm of the Anil Dhirubhai Ambani Group, has already started the due diligence process and is expected to complete this by the end of this financial year. Sources familiar with the developments say Reliance Capital is looking at a valuation close to what Nippon Life had given for taking 26 per cent stake in Reliance Life. “We have shorlisted a few foreign investors. The Nippon Life deal has shown there is a lot of interest for the Indian insurance sector. Reliance General is expected to report profits this year and, hence, it should fetch good value,” said a source close to the development. […]
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