|
|
Citigroup is planning to sell its 5 per cent stake in India’s largest commodities exchange group for about $40m to Ashmore, the emerging markets specialised asset manager, people close to the matter said. The move to leave the Multi Commodity Exchange of India comes at a 10 per cent loss for the US bank that acquired its stake two years ago during a period of boom at $50m from Financial Technologies India, which controls the exchange. A person close to the US bank said the move is in line with Citigroup’s broader strategy to divest non-core assets and not a sign that the group is retreating from India. Another person close to the exchange confirmed that Citigroup was planning to leave. […]
Ascent Capital, an established Indian private equity firm focused on growth capital, has closed its Ascent India Fund III with commitments of $350 million. In an extremely challenging year for private equity fund raising where many funds announced fund-raising plans, Ascent Capital is one of the few that have succeeded in closing a fund on schedule. Ascent Capital has an association with UTI Ventures and the present assets under management by Ascent Capital are about $600 million. It is learnt that Ascent India Fund III was over-subscribed, but the limited partners were not in favour of increasing the hard cap beyond what they believed to be the optimal fund size. Industry sources attribute the success of Ascent Capital in raising funds to their relatively better track record in their previous funds. […]
Dalmia Cement (Bharat) Ltd will raise $100 million by March through stake sale in subsidiary Dalmia Cement Ventures Ltd, its managing director said on Thursday. “We have been talking to private equity players and we think we can make an announcement this quarter,” Puneet Dalmia told Reuters in an interview, adding the fund will be used to set up 5 million tonnes cement plant. […]
Quadrangle Capital Partners and a consortium of investors have acquired stakes in Tower Vision India. The equity capital and some additional debt financing will offer the wireless towers manager $300 million to boost its portfolio of transmission sites. The New York-based private equity fund, which has $3 billion in assets under management, will assume a “significant minority” share of Tower Vision. The fund’s investments in the region will concentrate on telecommunications, media and technology in India, China and Australia. […]
Advanta India Ltd today said its US subsidiary has acquired the assets and business of Texas-based Crosbyton Seed Company (CSC). CSC is a leading breeder, producer and conditioner of hybrid sorghum planting seed products including grain sorghum, forage sorghum, millet and sunflower, a company statement said. However, no financial details of the deal were divulged. In 2008, the company had acquired the business of US-based Garrison and Townsend Seed Company, it added. […]
Suzlon Energy Ltd. plans to sell its 26 percent stake in Belgium-based Hansen Transmissions International NV, the Economic Times reported. Two private equity firms, including a U.S.-based energy fund, are in the race to buy the stake, which is estimated to fetch $400 million to $500 million, the newspaper said, citing people familiar with the development that it didn’t name. (Bloomberg) […]
India’s education and training market is a $40-billion opportunity for investors. Around 350 private equity and venture capital (PE/VC) firms in India are looking at the education sector. Sitting over $10 billion, they plan to invest $500 million (Rs 2,300 crore) in the sector. India’s education and training market was a $40-billion opportunity for investors with schools and colleges capable of attracting around $28 billion, said PE players. No wonder investments in the sector are likely to double in 2010 compared to 2009. The sector figures among the top three investment destinations among PE players. In 2009, PE investments in education saw a three-fold rise. According to data from Grand Thornton, PE investments in the sector went up from $35 million in 2008 to $108 million till October 2009. […]
After a lacklustre 2009, when private equity (PE) fund raising was low, India-focused PE funds are set to raise nearly $2 billion in the first half of 2010. UTI Ventures, Multiples, floated by Renuka Ramnath, ex-CitiVenture Ajay Relan’s CX Partners and Everstone Partners are close to raising nearly $2 billion overall. Industry sources said Ramnath had raised nearly $300 million of the targeted $450 million while UTI Ventures was set to close a $350-million fund. “Ajay Relan, who led Citigroup’s venture arm for a long time, is raising $400 million and is understood to have managed his first closure of $225 million. Everstone Capital, a spinoff from Future Group, is on track to raise nearly $300 million,” a source in the know told Business Standard. […]
Prysmian acquires 51% of Ravin Cables LTD, active in India and in the United Arab Emirates The new JV gives Prysmian a manufacturing presence in two high-potential markets, particularly in the high added value utilities business. The Prysmian Group, a world leader in the energy and telecommunications cables industry, has taken a majority 51% controlling stake in the Indian group of Ravin Cables for an overall investment of around 26 million euro. With turnover of around 45 million euro in the financial year april 2008 – march 2009 and EBITDA of 4.4 million euro, Ravin is one of India's most competitive and reputed cable manufacturers, with a range including low and medium voltage cables and a market that also extends to Africa and the Middle East. Apart from its principal manufacturing facility in Pune, near Mumbai, Ravin is also present in the Emirate of Fujairah with the company Power Plus Cable Co LLC, a joint venture with the Government of Fujairah, and for which it is in charge of operational management. Power Plus is already equipped to produce high voltage cables. The group has a total of 355 employees in its two facilities in India and the Arab Emirates. […]
The evergreen and recession-proof characteristics of the education sector are drawing interest among private equity firms. Billed to be a $80-billion market, the number of private equity deals in the education space has grown four-fold in the last four years. According to Venture Intelligence, a Chennai-based research firm focused on private equity and mergers & acquisitions, eight deals worth $121 million were sealed in 2009, compared with just two deals worth $73 million in 2006. The first educational institute to get venture capital funding in India was Career Launcher from Intel Capital as early as in 2000. And last week, India Equity Partners invested Rs 172 crore for a 26% stake in IL&FS Education and Technology Services, which provides training to schools, colleges and to the government and corporate sector. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|