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Encouraged by a positive economic climate and quality business plans from Indian entrepreneurs, Anil Dhirubhai Ambani Group's venture capital arm has more-than-doubled its investment target to $125-million for the year. Reliance Venture Asset Management (RVAM) has upped the earlier allocation of $50-million for investments to up to $125-million for FY 11 and correspondingly, there will also be a spike in the number of deals it closes to ten or above, a top company official said. “We had planned for 3-6 deals in the first-half (of FY 11). We have already concluded four, are close to a fifth and will do three-to-six more in the next six-months. It is an exciting year which will see us investing up to $125-million,” RVAM's Chief Executive Officer, Harshal Shah, told PTI here. Shah said it is an “excellent time for investing” because of the positive macro-economic factors, better quality business plans it is receiving and reasonable expectations on valuations, prompting RVAM to redraw its yearly targets. […]
The Asian Development Bank (ADB) wants to exit Petronet LNG Ltd and has offered to sell its 5.2 per cent stake in the country's largest liquefied natural gas importer to state-owned oil firms IOC, ONGC, GAIL and BPCL. “ADB last month wrote to PLL Chairman and Oil Secretary S Sundareshan expressing its desire to exit the company,” a company official said. The multilateral lending agency holds 3.9 crore shares in Petronet LNG, which at today's trading price of Rs 114.85 is worth Rs 448 crore. State-owned Indian Oil Corp, Oil and Natural Gas Corp, GAIL India and Bharat Petroleum Corp each have 12.5 per cent stake in Petronet and each has pre-emption or right of first refusal in case any ADB is to exit the company. […]
Frameboxx Animations, country's leading Animation and Visual Effects training institute which has recently tied up with Indian Institute of Financial Management, has announced that private equity firm India Alternatives Investment Advisors Private Limited will be investing Rs 28 crore in the combined entity. The investment follows the creation of a platform by way of a merger between Frameboxx Animations, an animation training firm, and the Indian Institute of Financial Management, which offers MBA programs and vocational training in financial services, a release said. The PE firm would hold a significant minority stake in the combined entity which provides training and higher education courses including MBA, financial services as well as media and animation. […]
Gurgaon badsed education company iDiscoveri India has raised $10 million in private equity funding India 2020 Fund in return for a minority stake in the company. India 2020 Opportunity Fund is a $125 million fund managed by Lighthouse Funds. It invests in financial services, education, logistics, light manufacturing and food processing companies. Founded in 1996, iDiscoveri will be use the investment to expand its services. “We have established a good proof of concept and now we will look to bring in new technology and take it across rest of India,” said Ashish Rajpal, Founder & CEO, iDiscoveri. iDiscoveri enables schools to develop curriculum through its programme called XSEED and is also involved in corporate training. XSEED involves services like student curriculum, assessment, teacher education and instructional leadership. The X-seed initiative has expanded to more than 400 schools and 140,000 students across the country. Some of these schools include Padma Sheshadri Chennai, Bombay Scottish and Hyderabad Public School. […]
After a drop in its Q3 net profits by 19.34% to Rs 1,164.82 crore for FY 09-10, the latest news of the much-awaited Rel Infra-GTL deal been called off, comes as another major setback, in a deal that would have seen RCom reduce its debt burden by $3.9 bn. On June 27, 2010, RCom and GTL Infra had signed a Non-Binding Term Sheet for a merger that would see a combined tower strength of over 80,000 towers, with an enterprise value of $11bn, which would have made it the largest telecom infrastructure firm in the world. However, as the deed expired on August 31, 2010, with no efforts by either party to extend the agreement deadline or enter into a new contract, the deal has been officially called off, with a notice to that effect being sent by GTL to the BSE, after a meeting of the Board of Directors of GTL on September 6. […]
Prism Informatics, a software development and IT consulting firm, said Monday it would buy 51 percent stake in a unit of Saudi Arabia-based Al Suwaidi Holding Company. Prism Informatics has signed a memorandum of understanding with Al Suwaidi Holding Company for purchase of 51 percent stake in Information Management Technologies (IMT), Prism Informatics said in a statement to the Bombay Stock Exchange. […]
India-focused Baer Capital Partners expects to raise around USD 300 million for a second private equity fund and plans its first exit by floating a power distribution company, its chief executive told Reuters. The Dubai-headquartered investment firm, which also operates a hedge fund in India, said one of its portfolio companies, A2Z Group, has sought Indian regulatory approval for an initial public offering that it expects to launch by December. Watch CNBC-TV18 live only on MYTV >> “Here's a company that has grown phenomenally since its inception. It's one of those stories which tells you why India is such a great investment story,” said Brij Singh, Baer's co-founder and chief executive. A2Z Group's other investors include high-profile Indian businessman Rakesh Jhunjhunwala and private equity firm Lexington Partners. […]
Tata group firm Trent Ltd today said Anil Ambani-promoted Reliance Capital has bought 8.68 per cent stake in it for Rs 21.2 crore, marking ADA Group's entry into the retail sector. In a filing to the Bombay stock Exchange (BSE) today, Trent Ltd said Reliance Capital purchased 3,86,582 shares through a rights subscription on August 31. Click here to visit SME Buzz Also Read Related Stories News Now – Reliance Capital fund buys 8.7% in retailer Trent – Group not pushing me out, my desire to quit: Tata – Tata Chemicals to spend Rs 50 cr on new plant – Tata Motors to invest $641 mn a year for 3 years – Indra Nooyi rules herself out of race to succeed Ratan Tata – Tata Global Beverages plans restructuring Also Read Related Stories News Now – Markets off day's low – Chana futures recover on firm spot market demand – India defers power project bid date – FIIs pump in $2.5 bn in Indian stock market in August – Reliance Cap buys 8.68% in Trent for Rs 21.2 cr More Trent's shares shot up to a new high to touch Rs 1,126 per share in morning trade on BSE, up by 5.03 per cent from the last closing. […]
Domestic private equity (PE) firms are turning to the equity market after about a decade, hoping to raise money from the public as funds go scarce both in India and abroad. Milestone Capital Advisors Ltd, which manages around `3,152 crore of assets in its portfolio, and Future Ventures India Ltd, the investment arm of retailer Kishore Biyani’s Future Group, have filed draft prospectuses with the Securities and Exchange Board of India, or Sebi, for a public listing of shares. Milestone says in its draft red herring prospectus (DRHP) that it will primarily use the money raised from its initial public offering (IPO) as seed capital for a new infrastructure fund (expected to be around `800 crore) and for a small and medium enterprises fund (`250-300 crore). Future Ventures expects to raise `750 crore from its IPO to “create, build, invest in or acquire, and operate businesses in consumption-led sectors,” it says in its DRHP, filed late August. […]
Cipla India is to acquire a 25 percent stake in the manufacturing division (CMM) of South Africa's third largest pharmaceutical group Cipla Medpro South Africa, it was announced on Tuesday. Ciplo Medpro SA said it was cognisant of the need to increase volume in CMM and so was inthe process of finalising an agreement with Cipla India regarding the acquisition the consideration of which will be a “nominal value”. “Pursuant to this, Cipla India will provide additional volume and assist us in achieving World Health Organisation (WHO) and Food and Drug Administration (FDA) manufacturing approvals in the near future, resulting in increased orders and business for our factory.” “This will ensure better continuity, increased capacity utilisation and further entrench the relationship with Cipla India,” the pharmaceutical group said. […]
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