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IDFC Private Equity an arm of the Infrastructure Development Finance Company Limited has exited its investment in Chennai based Sical Logistics. The PE firm has sold its 13.3% stake estimated to be around INR 43.8 crore. The entire stake was acquired by Bangalore based investment company Jupiter Capital Pvt Ltd. According to company, the company has sold the stake for INR 83.4 per share as against its acquisition price of INR 222 per share. The entire stake was acquired by Jupiter Capital, a Bangalore based investment company promoted by entrepreneur and MP Rajeev Chandrasekhar. It may be noted, IDFC Private Equity had invested around INR 117 crore in March 2007 in, Sical Logistics, which is part of AC Muthiaha’s SPIC group. […]
Taro Pharmaceutical Industries Ltd. shareholder Templeton Asset Management Ltd. has sold its stake in the company for a handsome profit, after fighting on both sides in the years-long legal battle for control of Taro. Templeton sold its shares to Taro controlling shareholder Sun Pharmaceutical Industries Ltd. of India. Sun Pharmaceuticals paid $82 million for Templeton's Taro shake, at $16 per share, a 14% premium on the market price. Sun increased its Taro holding to 65.2% from 53.2%. Templeton invested in Taro in 2005, and increased its stake in 2006, when Taro's share was traded at $12. Templeton bought more shares during 2007 at between $6.50 and $7.20 per share. […]
Axel Springer, the $3.6 billion multimedia German company, has made an aggressive move in India. Along with the India Today Group, it has acquired 70.4 per cent stake in CarWale.com, an online automotive website, for an undisclosed amount. Axel Springer will hold 52.1 per cent while India Today will have a 18.3 per cent stake in CarWale.com. Private equity firms Sierra Ventures and Seedfund are exiting CarWale.com. CarWale was launched in 2005 as a used car listing portal and launched the 'Used Car Price Guide' in 2006. […]
Indiareit Fund Advisors Pvt. Ltd, the real estate fund promoted by Piramal group chairman Ajay Piramal plans to raise around Rs.1,350 crore in a debt fund and a rental yield fund early next year. The debt fund will lend to property developers and the rental yield fund will invest in information technology parks and commercial offices in Mumbai, Bangalore, Pune, Chennai, Hyderabad and New Delhi, Indiareit’s managing director and chief executive officer Ramesh Jogani said. Investors could expect a return of around 13-14% in the debt fund and minimum of 12% from the rental fund, added Jogani. A rental yield fund offers lower risk compared with one investing in projects that are still under development, he said. […]
QInvest, a leading investment bank in Qatar, said it has acquired a 28 per cent stake in Asian Business Exhibition & Conferences (ABEC), a leading exhibitions and conferences organiser in India. A major player in the fast growing trade expo sector in India, ABEC's portfolio comprises 15 exhibitions consisting of 65 events spread across nine industry verticals, including world-class events such as ACETech. ABEC is also a leader in segments such as Education, Realty and Lifestyle. Shahzad Shahbaz, chief executive officer of QInvest, said: “We are impressed by ABEC’s achievements in the past few years and see tremendous potential for the company in the growing Indian trade exhibition market. We are pleased to partner with the Gandhi family and to support ABEC’s effort on its remarkable growth path.” […]
3i Group PLC (III.LN) Monday said it has invested $182 million for a 21.1% stake in GVK Energy Limited, a subsidiary of GVK Power and Infrastructure Limited, one of India's largest and most diverse infrastructure developers. 3i has made the investment from its $1.2 billion India Infrastructure fund which it raised two and a half years ago, specifically to capitalize on India's commitment to invest $450 billion in infrastructure projects over a five-year period. GVK Energy's power portfolio comprises an operational capacity of 901 megawatts with a further 4200 MW under various stages of development. “GVK is well positioned to take advantage of the demand for power in India, which is growing strongly. This investment allows us to take a stake in a portfolio of power projects with an operator with one of the best track records in the country,” said Anil Ahuja, managing director and Head of 3i Asia. […]
Private equity investment in October dipped significantly by 27% to USD 326 million, the lowest monthly deal value over the last 14 months in the country. According to data compiled by research firm VCCedge, the total private equity investment was USD 447 million in October 2009. The momentum seen in private equity activity earlier this year seems to be on the downside, with September and October recording a steady decline from the heightened activity seen in the preceding four months of the year. The first 10 months of 2010 have seen private equity deal value at USD 7.57 billion as compared to USD 4.4 billion in the whole of 2009, the report added. The highest private equity investment was witnessed in August this year when it stood at a whopping USD 1,349.04 million. The median deal amount and the average value of private equity deals in October 2010 was USD 10 million and USD 14 million respectively. […]
The MobileStore Ltd (TMS), the mobile retailing venture of the Essar Group, is taking an inorganic route to expand footprint in the country. The company is in advanced stages of discussion with two mobile retailing firms for an acquisition. Srikant Gokhale, chief executive officer, TMS, said, “We are in discussion with two players which have 100 and 300 stores respectively with pan-India presence. We will acquire a big mobile retail chain within this calendar year.” He did not name the companies TMS was in talks with. Under the deal, which will not involve cash, TMS will merge the target company into itself by the way of change in the shareholding pattern wherein the latter will become a joint owner of the business. TMS, which has around 1,200 retail outlets in 200 cities at present, is looking to more than double the retail footprint in the coming two years. […]
The sale of Axis Private Equity Ltd, the private equity (PE) arm of Axis Bank Ltd, India’s third largest private bank by assets, has stalled even though bids were received from PE firms in June this year, three people familiar with the development said. The investors in the fund, known as limited partners (LPs), are unhappy with the sale and any decision cannot be executed without their consent, the three people added. The LPs in the fund include state-owned banks such as Corporation Bank, Canara Bank, Bank of Baroda, Union Bank of India, United Bank of India, and Punjab National Bank. Meanwhile, Axis Private Equity has stopped raising funds from international LPs. […]
Avantor Performance Materials Holdings SA has entered into a definitive agreement to acquire RFCL Limited from ICICI Venture Funds Management Company Ltd, a subsidiary of India's second-largest bank ICICI. Avantor identified RFCL as an attractive target to build on its current presence in the laboratory and pharmaceutical markets in India, a press release issued here today stated. The company, previously known as Mallinckrodt Baker, was acquired by an affiliate of New Mountain Capital, LLC in August 2010. Avantor and its subsidiaries manufacture and market high-performance chemistries and materials around the world under two well-known and respected brand names, JT Baker and Mallinckrodt Chemicals. Avantor and New Mountain Capital will provide RFCL with significant financial and strategic resources to support their growth initiatives. […]
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