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Aqua Logistics will be acquiring upto 60 per cent stake for an undisclosed sum in Chennai-based Star Distribution Logistics, the company said here today. The acquisition will help Aqua, a third-party logistics solutions provider, strengthen its distribution and reverse logistics capabilities as also get new clients in the FMCG, pharma and consumer electronics space, currently serviced by Star, read a press release by the company. Aqua will pick 40 per cent stake in Star initially and subject to business done by Star and other conditions, it will acquire an extra 20 per cent within two years, giving it complete control over the target company, the release said, without specifying the deal size. “The acquisition would help us strengthen our pan-India presence and address a wider customer base,” Aqua's Vice- Chairman M S Sayad said. […]
Private equity firms have invested over $1 billion in Indian companies in August, more than seven per cent from the year-ago period, with investors increased preference towards telecom and financial services sector. “Total private equity (PE) investment in India grew 7.5 times to $1.3 billion as against $179 million in August 2009,” according to data compiled by deal space research firm VCCEdge. While comparing from July, deal value in August was up 60 per cent due to some large deals during the month. “August 2009 had seen the lowest monthly deal value since the beginning of 2009, with the exception of March' 09 which was at $136 million. Since then an upward trend has been witnessed with deal value peaking during August 2010, suggesting a recovery from last years slowdown,” the report noted. Upturn was also witnessed in terms of the number of deals recorded in the last month. In August this year 35 PE transactions were posted, against 24 deals registered in same period in 2009. […]
Axis Bank is in discussions with the limited partners (LPs) of its Rs 600 crore private equity fund for a suitable way forward as the third largest private sector lender wants to exit the PE fund, said Shikha Sharma, MD & CEO, Axis Bank on Thursday. “We are in talks with the LPs. The PE fund business is not one of our strategic business areas. There is no timeline for the exit to happen. It could be three, six or even more than 12 months before a decision is reached. We want the LPs to be comfortable with the new promoters who will be coming in,” she said on the sidelines of the launch of its first urban financial inclusion initiative in Bangalore. Although Sharma did not disclose the name of the LPs, she said the PE fund is doing well with a professional team on board. Responding to whether Axis Bank is comfortable with the present management of the PE fund buying out the stake, Sharma said: “We are not closed to that option. We will keep the interests of our LPs before taking any decision on this matter.” […]
The race to acquire Ahmedabad-based Paras Pharmaceuticals is growing more intense, with healthcare majors such as Piramal Healthcare throwing their hats in the ring. While Piramal confirmed its interest, sources familiar with the developments said Glaxo, Sanofi-Aventis and Abbott are also eyeing the Rs500-crore Indian firm. Fast moving consumer goods companies such as Emami, Dabur and Marico are already in the race to acquire a controlling stake in Paras. “The target is of interest to us,” confirmed Piramal Healthcare Group President and CFO N Santhanam, adding: “The product profile of Paras is similar to ours. There is a fit,” he said. Like Paras, Piramal has a combination of over-the-counter and personal-care products in its portfolio, which falls under the consumer products division. This includes strong brands such as Saridon (a tablet for headaches), Lactocalamine (a lotion), Polycrol (an antacid), Supractiv (a nutritional supplement) and i-Pill (an emergency contraceptive pill) among others. i-Pill was acquired in April from Cipla for around Rs100 crore. […]
Three-wheeler maker, Atul Auto, is interested in acquiring a “not-less-than 51 per cent stake” in Scooters India, a public sector undertaking in which the Government is mulling a divestment. “We are interested in acquiring a majority stake in Scooters India. We will not go ahead with the deal if the Government sells us less than 51 per cent stake,” Atul Auto's Director, Vijay Kedia, told PTI here. Heavy Industries and Public Enterprises Minister, Vilasrao Deshmukh, had earlier said the Government was scouting for a joint venture partner to revive Scooters India. “We are going for a joint venture (for Scooters India) and there are many companies which have shown an interest,” Deshmukh had said. […]
State-run miner NMDC Ltd is keen on picking up 10 per cent equity in Australian mining firm Riversdale Mining, in which Tata Steel also has 19.38 per cent stakeholding, a top official of the company said today. “We are interested in picking up equity in Riversdale,” NMDC chairman and managing director Rana Som told reporters on the sidelines of CII function here today. Asked how much stake was NMDC eyeing in Riversdale, he indicated that it would be 10 per cent. Tata Steel had joined hands with Riversdale for developing mining activity in Mozambique. Som said that NMDC had also tied up with Tata Steel for jointly developing assets in that country. […]
Power transmission contractor KEC International said on Tuesday it has signed a $95 million agreement to acquire SAE Towers Holdings from a unit of US-based private equity firm, Acon Investments. The acquisition, expected to close this month, would be on a cash-free, debt-free basis and would add to KEC International's earnings from 2010/11, the company said in a statement. The deal will strengthen KEC's foothold in the markets of North America and Latin America, where transmission and distribution spends are increasing, it said. […]
Venture capitalists Sequoia Capital and Song Advisors Tuesday said they have invested $15 million (INR701.7 million) in Indian school and college operator K12 Techno Services Pvt. Ltd. The companies didn't immediately reveal how much of a stake they had picked up in the Secunderabad-based firm in lieu of their investment. “We see K12 as a pioneer with a capital efficient model addressing a large market opportunity,” Sequoia Capital India Managing Director KP Balaraj said in a note to the press. This is Sequoia Capital's third investment in India's education sector, the note added. […]
Private equity companies Actis Capital and Sequoia Capital plan to sell a controlling stake in India's Paras Pharmaceuticals for as much as $700 million, Bloomberg reported on Tuesday. The private equity firms decided to sell their shares after receiving interest from drugmakers including Glaxo Smithkline, Sanofi-Aventis and Abbott Laboratories , Bloomberg said, citing people with direct knowledge of the matter. […]
The Bombay Stock Exchange (BSE), Asia’s oldest bourse, is in talks to acquire to a majority stake in Computer Age Management Services Pvt. Ltd (CAMS), a registrar and transfer agent, according to a person familiar with the matter. Chennai-based CAMS processes mutual funds transactions and takes care of customer care for asset management companies and distributors. According to its website, it has a 50% market share of mutual fund transactions in India. The company is a joint venture between HDFC Ltd, private equity firm Advent International Corp. and Chennai-based Acsys Software India Pvt. Ltd. Its website didn’t reveal the shareholding pattern and Mint couldn’t ascertain which shareholder(s) was selling to BSE. BSE’s deputy chief executive officer (CEO) Ashish Chauhan declined comment as did the spokespersons for HDFC and Prabal Nag, vice-president of business development for CAMS. Acsys Software couln’t be reached for comment over the weekend. Advent also declined to comment. […]
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