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Manipal Universal Learning, the corporate education arm of the education-cum-healthcare Manipal Group, said on Tuesday it had raised Rs200-crore ($43.3 million) in private equity investment from PremjiInvest. PremjiInvest is a $1-billion fund promoted by Wipro Group chairman Azim Premji. According to Manipal Universal CEO Anand Sudarshan PremjiInvest, together with several other PE investors in Manipal Universal-Capital International and IDFC Private Equity would hold a hold a significant minority stake in the firm. The firm had received substantial investments to the tune of $40 million and $30 million from Capital International and IDFC around three years ago. Sudarshan said the funds would go towards building a new campus in Dubai, expansion of the Antigua campus, the dental stream in Malaysia and upgradation of technology for next-generation virtual and distance-learning education system, EduNxt for which capital outlays of around $82-$90 million would be required. […]
The venture capital industry has demanded tax concessions for specific sectors and better clarity on some specific policies governing the VC industry in the upcoming Budget to help boost “innovative” firms in India. “As we approach the Union Budget for 2010, we urge the ministry to clarify or improvise some specific policies governing the VC industry,” said Mr Harshal Shah, CEO, Reliance Venture Asset Management. Mr Shah further said that the current Foreign Ventur e Capital Investor guideline is unclear about investing in sectors beyond a few shortlisted ones namely biotechnology, nanotechnology, IT hardware and software, research and development for new chemical entities, seed research, dairy, poultry, bio-fuels and large hotel-cum-convention centres. […]
Religare Enterprises Ltd., the Indian financial services company owned by billionaire Malvinder Singh, said it may invest as much as $1 billion buying stakes in asset management companies worldwide. Religare agreed to buy a majority stake in Northgate Capital LLC, a private equity and venture capital firm that manages about $3 billion in assets and has offices in San Francisco and London, the New Delhi-based company said in a statement distributed by PRNewswire. Religare, controlled by the former owners of Ranbaxy Laboratories Ltd., set up its own mutual fund business in 2008 and bought Hichens, Harrison & Co., London’s oldest firm of stockbrokers, in the same year. The money manager has said it plans to open 100 branches in the first three years of operation. […]
Baring Private Equity Partners (India) is the front-runner to buy about 15% stake in Mumbai-based drugmaker Famy Care for around $40 million, or Rs 185 crore, a person familiar with the matter said. Privately-held Famy Care is one of the world’s largest maker of oral contraceptives pills. “If the talks fructify, the deal could be closed within a month or two,” the person, a pharma industry executive asking not to be named, said. The deal will value Famy Care at Rs 1,230 crore, making it one of the biggest private equity investments in the pharma sector in recent times. When contacted by ET, Sanjeev Taparia, MD at Famy Care, said: “We are in discussions with potential PE funds. But we can’t share names as nothing has been finalised.” He also declined to share the financial details about the company. Mr Taparia leads the company owned by Taparia family. […]
India Inc has made a significant foray into Brazil, the largest sugar producer in the world. Shree Renuka Sugars Limited (SRSL) has entered into a definitive agreement with Grupo Equipav of Brazil for an investment of USD 329 million (around Rs 1,530 crore) leading to a majority, controlling equity stake in Equipav S.A. ACUCAR, one of the largest sugar/ethanol companies in that country. The company consists of two very large and modern sugar/ethanol mills with integrated co-generation facilities in Sao Paulo state in Southeast Brazil having a combined cane crushing capacity of 10.5 million tons of cane per annum (44,400tcd). In addition, Equipav has a co-generation capacity of 203 MW. The mills will be expanded to a combined capacity of 12.0 million tonnes (56,600 tcd) per annum and 295 MW with a capital expenditure of $218 million. […]
State-owned NMDC is set to pick up 50% stake in the Ferrous Resources Ltd’s Brazilian operations for $2.5 billion, marking the first overseas foray by India’s largest mining company. NMDC has signed the non-disclosure agreement with the Ferrous group, a multinational consolidator of iron ore with properties in several countries, such as the US, Brazil and Canada, said two senior executives familiar with the development. Under the proposed deal, the Ferrous group will issue fresh shares worth $2.5 billion to NMDC over the next few years. The funds will be used for developing mines and building infrastructure, said a senior executive who was part of the negotiations. […]
Anil Ambani-led Reliance MediaWorks on Sunday made a public offer to buy an additional 52.48% stake in the multiplex chain operator Fame India for about Rs 180.14 crore, countering an existing takeover bid by rival Inox Leisure. Recently, Inox Leisure had signed an agreement to acquire 43.28% promoter’s stake in Fame India and earlier this month made an open offer to buy another 20% stake, at a price of Rs 51 per share. At present, three Anil Ambani group firms — Reliance MediaWorks, Reliance Capital Partners and Reliance Capital — together hold about 10.26% stake in Fame. In a public notice, Reliance MediaWorks said it would make an open offer to acquire 52.48% in Fame India. Sources said the decision to make the open offer was made at a board level meeting held on Saturday. […]
Delays in getting approvals and complex regulatory environment in the country are major factors impeding private equity (PE) flows into the infrastructure sector, says a study. Delay in financial closure of infrastructure projects and non-transparent bidding processes are other reasons hampering PE flow into the sector, a joint study by industry chamber ASSOCHAM and audit firm Ernst & Young said. Absence of vibrant bond markets in India is also a handicap for private equity investment unlike other developed nations where they (bond markets) serve as an alternative avenue for financing and re-financing, the study said adding that the bond market in India has not grown substantially. […]
UK-based private equity (PE) firm Ashmore Investment, which holds 49% stake in Mumbai-based cable company Digicable Network, has initiated talks with a host of companies to sell its stake in the venture, two persons familiar with the matter said. According to an executive in the investment banking space, Ambit Finance is advising Ashmore Investment in its bid to exit Digicable, a mid-sized cable company that claims to have over 8 million subscribers. However, ET could not independently verify it. An email sent to Ambit Finance did not elicit any response. As per another executive in a media company, Ashmore has been looking to sell its stake for a few months now. As per the FDI rules in India, an international company can own up to 49% stake in a cable company and Ashmore can not increase its stake further. […]
The Asian Development Bank may raise at least $100 million more in venture capital to invest in developers of advanced clean-energy technologies in the region. The lender has formed a taskforce to design the fund before seeking management approval, Jun Tian, an adviser at the Manila- based bank’s regional and sustainable development department, said in an interview in Tokyo today. The lender had already raised $363 million for four funds focusing on renewable energy including wind and hydropower plants in order to thwart climate change, Tian said. Clean energy investment fell 6.5 percent to $145 billion worldwide last year from 2008, according to Bloomberg New Energy Finance, as the global recession sapped funding for the sector. […]
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