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The country’s two largest home-bred private equity (PE) firms, ICICI Venture Funds Management Co. (ICICI Venture) and IL&FS Investment Managers Ltd (IIML), are in the middle of a major reinvention exercise. While ICICI Venture, which manages over $2 billion in capital at present, is preparing to become a limited partner (an investor in other private equity funds), IIML, with about $1.5 billion under management, is looking overseas, especially the West Asian region, to expand its investment activities. The independent moves by the firms come at a time when the Indian private equity market is seeing an unprecedented inflow from big-ticket global PE firms. […]
The elephant has pipped the dragon on the private equity (PE) turf for the first time. The country bested China in private equity investments for the first six months of 2007, and currently ranks second on the Asian (including Japan) PE investments chart. PEs continued to buy the India story while a few Asian favourities like South Korea saw setbacks. According to Centre for Asia Private Equity Research data, India has seen $3.7 billion in PE investments during January-June, 2007. This puts it just behind Japan, which drew PE funds worth $4.91 billion, but ahead of China’s (including Hong Kong) $2.6 billion in the same period. “For the first half (H1) of 2007, Australia has dropped from last year’s first position to sixth this year, with Japan being number one, followed by India and People’s Republic of China,” says Centre for Asia Private Equity Research MD Kathleen Ng. […]
Kerala-Based Catholic Syrian Bank is on course to have new investors on board — a clutch of private equity funds. AIF Capital, one of the largest Asia-based independent private equity funds, is now buying into the old private bank which has been a target of takeover attempts in the past. The bank is now planning a preferential issue of 5% to the fund at Rs 190 a share, according to sources close to the development. Three other private equity funds are also on course to pick up an additional 13.5% stake through the preferential offering. CSB will make a preferential allotment of shares aggregating 4.5% each to three other private equity funds. The proposal is now before the banking regulator the Reserve Bank of India. AIF Capital has an exposure to the local banking sector through its acquisition of a 5.3% stake in Yes Bank. […]
Asia Pacific mergers and acquisitions (M&As), excluding Japan, surged 50% in the first half of 2007 to a record $253 billion (Rs10.37 trillion), with Australian buyout deals and an overseas push by Indian firms expected to keep activity at high levels. Australia accounted for $76 billion worth of deals in the half, followed by China ($55 billion) and India ($39 billion), according to preliminary data from Dealogic. “This year has been characterized by a good spread of volumes. India’s been very strong and success has begotten success,” said Matthew Hanning, head of Asia Pacific M&A at UBS Investment Bank. […]
Infosys Technologies, India`s second-largest software maker, plans to bid for Paris-based European consulting company Capgemini, a newspaper reported, citing unnamed industry sources. The Bangalore-based company will use cash reserves amounting to 62 billion rupees (1.5 billion dollars) to fund the bid, the newspaper said in a front-page report. Infoysys officials were not immediately available to comment on the report. The Times of India said an Infosys spokesperson declined to comment. […]
The $4.3 billion Indian IT services provider, Tata Consulting Service (TCS), is close to acquiring two IT firms in Latin America. The estimated value of these two firms is around Rs 200 crore. TCS, with a considerable presence in Latin America, has completed due diligence of the targeted companies. Sources close to the development said that TCS was looking at one business process outsourcing (BPO) company and an IT services company. […]
IL&FS Investment Managers Limited (IIML), the publicly listed private equity arm of IL&FS, is set to close its $400 million fund by October 2007. It will have its first closure of $150 million by July-end and the remaining would be wrapped up by October. This is IIML’s sixth fund and will be its largest fund after the $525 million real estate fund launched in 2006. With this $400 million fund, IIML is more than doubling its fund size from the earlier $153 million Leverage India Fund. […]
CNBC-TV18 has learnt that domestic electric equipment maker RTS Power is likely to sell 14.5% stake to a strategic partner. A couple of leading power equipment companies are in the race to acquire stake, sources said. The company may issue preferential shares to strategic investors. Companies like Kalpataru Power and ABB are the likely contenders. It was also in talks with L&T at some point of time. RTS Power was looking for a strategic partner to bring in a lot of business. […]
Japanese financial services giant Orix is picking up a 5% stake in IL&FS Securities Services (ISSL) for Rs 36 crore. The stake purchase by the $8-billion Japanese company puts the enterprise value of ISSL at Rs 720 crore. ISSL was initially set up as a captive division within IL&FS to provide back office services. It was hived off as a separate wholly owned arm of IL&FS last year. […]
Jet Airways, planning to launch the JetLite brand from mid-July 2007, is scouting for new investors, reports NDTV. Jet Airways after acquiring Air Sahara converted the airliner into a low-cost carrier under the brand JetLite. It is said that Temasek, Istithmar and TPG are the front runners to bag the deal. Jet may be willing to divest up to 25% stake in the airline and needs more than Rs 2 billion to revive the airline. […]
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