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GMR Infrastructure said on Thursday a private equity fund, IDFC Private Equity Fund III, and four other investors have agreed to invest Rs 465 crore (USD 99.63 million) in its unit, GMR Energy. Infrastructure Development Finance Company, IDFC Investment Advisors Ltd Argonaut Ventures and Ascent Capital Advisors India Pvt Ltd are the other investors in the power utility, GMR Infrastructure said in an exchange filing. On 19 April, group chief financial officer, Subbarao Amarthaluru, told Reuters that the group wants to raise additional USD 100 million in private equity for its unlisted power unit in about one and half months. […]
The Carlyle Group, a global alternative asset manager with $88.6 billion of assets under management, has invested $22 million (approximately Rs 102 crore) in Andhra Pradesh-based dairy company Tirumala Milk Products Private Limited. The funds will be used for expanding its procurement network, processing capacity, entry into new markets and for the manufacture of new value-added products. This investment into Tirumala, which has an installed capacity of 1.35-million litres per day across five processing plants, comes from Carlyle Asia Growth Partners IV (CAGP IV), a $1.04-billion fund. Carlyle has already made five investments in India from the previous fund, Carlyle Asia Growth Partners III (CAGP III). […]
The existing private equity partners of Apollo Hospitals, such as Apax Partners, Bisikan Bayu Investments (Mauritius), an investment arm of Khazanah, and Clsa (Mauritius), are likely to pick up stakes in Apollo Pharmacy, the retail pharmacy business of Apollo Hospitals, as the parent is seriously looking at hiving it off into a separate entity. Similarly, Apollo Hospitals would also look for partners for its nursing training business, Apollo School of Nursing, to unlock the value of each business entity of the group, sources close to the development said. Apollo Hospitals, which has been scouting for investors over the last few years for its retail pharmacy business, is expected to get strong support from the existing PEs, as a sizeable chunk of the 1,050 stores showed encouraging Ebitda margins during the last financial year. The rest of the outlets are expected to follow suit in coming months, sources pointed out. […]
Rabobank is said to be planning of selling its stake in Indian private sector bank, Yes Bank. It currently has 15.9 per cent stake in it. Rabobank, which is Netherlands based, is planning for the exit strategy since it wants to open its own branch in the country. Till now, it was hoping to grab a piece of the Indian banking sector through the partnership but has since felt that it is not getting enough out of the partnership. Because of this, the 110 year old bank which is also into the business of dealing with agriculture, decided to go solo. Also, the Indian regulations say that for a foreign entity to open its branch in India it needs to have some stake in domestic bank. […]
controlling stake in Over-The-Counter Exchange of India (OTCEI) from some of the exchange’s existing institutional investors, according to officials close to the development. The officials said that R-ADAG put in a bid of Rs 90 crore and that there was close competition between MCX-SX and ADAG for acquiring control of the exchange. However, when contacted an ADAG group official declined to comment. Apart from the two, the BK Modi group had also expressed interest in buying an equity stake in the Mumbai-based exchange that was incorporated in 1991, three years before NSE was established. The rules on ownership of stock exchanges restrict a single investor’s shareholding at 5%. According to officials, the entity acquiring a controlling stake in OTCEI will have to approach market regulator Sebi for greater clarity on this issue. […]
Indian tower and telecom infrastructure company GTL Ltd. is close to an agreement with Qualcomm Inc. of the U.S. to take an up to 26% stake in the latter's proposed broadband wireless access services company, the Business Standard reported on its website Monday, without citing direct sources. The deal is subject to Qualcomm being awarded a pan-India license or a license in some of the 22 circles in the ongoing auction for broadband wireless access spectrum, the website said. […]
ICICI Venture plans to raise Rs. 1,000 crore within a month to finance real estate residential projects in six to seven cities. Speaking to reporters on the sidelines of a function to commission the first phase of WaveRock project developed by Tishman Speyer India Pvt. Ltd. in partnership with ICICI Venture at IT SEZ at Nanakramguda here on Tuesday, ICICI Venture President Sanjeev Dasgupta said the fund would be raised from high net worth individuals and projects in the range of Rs. 50-70 crore would be financed. He said the total amount to be raised would include Rs. 500 crore as greenshoe option. Mr. Dasgupta said the returns in three to four years would be around 20 per cent for companies and investors. […]
Funds raise Rs 20,000 cr in last 3 years to invest in the sector. Infrastructure projects seem to have emerged as a hot favourite of private equity (PE) players this year. So far in 2010, there have been 19 deals in the infrastructure sector, involving an investment of close to Rs 5,000 crore, according to Venture Intelligence data. In the same period last year, there were 14 deals with a cumulative value of around Rs 1,200 crore. The heightened interest pans across the sector. From such known players as GMR Energy, which received a $200-million (around Rs 900-crore) investment from the Singapore government-owned Temasek Holdings, to little-known Azure Power, anyone with a good business model and potential to grow seems to be in line to received capital. And to meet the rising infrastructure demand for maintaining the India growth story, global investors like 3i and JP Morgan and domestic players like the PE fund promoted by State Bank of India are ready with resources to be deployed. According to industry estimates, funds have raised over Rs 20,000 crore during the last three years for investment in the sector. […]
As private equity (PE) investors wait for the K-12 education space to become more deregulated, two firms that service the sector are looking to raise money from them. Among the different models being considered as a means of skirting around the restrictions are school content providers, school management contracts and international baccalaureate (IB) schools. iDiscoveri, which partners schools to improve learning methods and trains teachers, has appointed BMR Advisors Pvt. Ltd as an investment adviser, two persons familiar with the development said on condition of anonymity. IDFC Private Equity Co. Ltd could put in money in the firm, they said, without specifying the quantum of investment. IDFC declined to comment on the matter. […]
The Essar Group and Avaya, a global leader in enterprise communications systems, software and services, on Sunday said they had entered into a definitive agreement under which the Essar Group would acquire Avaya's entire 59.13 per cent stake in BSE and NSE-listed AGC Networks (earlier Avaya Global Connect) for $44.5 million, or Rs.206.19 crore, at Rs.245 a share subject to customary Indian regulatory requirements and completion of the mandatory open offer. The acquisition would be done through Essar Services Holdings Limited (ESHL) and Essar Capital Finance Private Limited (ECF). They will come out with the mandatory open offer for an additional 20 per cent stake in AGC Networks at a price determined as per the formula specified in the Securities and Exchange Board of India (SEBI) Takeover Regulations. ECF will make a mandatory public announcement on Monday. Assuming all shares are tendered in the open offer, its total size will be about Rs.78 crore. […]
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