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The country's second largest lender, Punjab National Bank, is in the process of picking up a stake in a small Kazak bank, Metrokombank. PNB has been looking for acquisition in the oil-rich Central Asian state. Sources said the talks are at a very preliminary stage as several things need to be looked into, including regulatory approval. For, the minimum capital requirement for opening a bank in the country is high. The current volume of trade between India and Kazakhastan also does not warrant this kind of investment. Therefore, buying stake in a small bank is a viable option, the sources said. […]
3i Group Plc, the London-based private-equity investor that has a $1.2 billion infrastructure fund for India, is looking to make its third investment in a port as the nation’s freight traffic exceeds capacity. “We like the space,” said Anil Ahuja, managing director of 3i’s India business and co-head of 3i Asia, in a telephone interview from Singapore. “India is amazingly short on port capacity.” He declined to identify the potential targets. 3i has placed a combined $211 million in Krishnapatnam Port Co. on India’s eastern coast and Mundra Port & Special Economic Zone Ltd. in the west to tap capacity in a nation where traffic is forecast by the government to almost double to 1 billion tons by March 2012. As much as 95 percent of the South Asian nation’s global trade is routed by sea and the ports require $20 billion in the next five years, according to India’s Planning Commission. […]
Private equity (PE) firm ICICI Venture, an arm of ICICI Bank Ltd, is looking to exit shipbuilder Tebma Shipyards Ltd and has approached ABG Shipyard Ltd to buy its 53% stake, according to two persons familiar with the matter. ICICI Venture, which currently manages funds in excess of $2 billion (Rs9,640 crore) and is listed on the over the counter exchange of India (OTCEI), tapped ABG, India’s biggest private shipbuilder, after Larsen and Toubro Ltd showed no interest in the acquisition. The top management of ABG, accompanied by ICICI Bank officials, visited the facilities of Tebma Shipyards recently, said the two persons, who did not want to be named because the matter is confidential. […]
IDFC and Kribhco have bought 5% stake each in Indian Commodity Exchange, which is jointly promoted by Indiabulls Financial Services and MMTC. Kribhco is a co-operative society for the manufacture of fertilisers, while IDFC is a non-banking financial services company focused on the infrastructure space. “Once the formalities of the shareholding agreement are completed, we will apply to the regulator (Forward Markets Commission), to get their clearance,” Ajit Mittal, the bourse’s managing director told ET. […]
US-based venture capital firm New Enterprise Associates (NEA) has picked up an undisclosed stake in Delhi-based RT Outsourcing for Rs 65 crore. RT Outsourcing offers repair and refurbishment services, technical support and call centre operations to third-party companies. “We have been growing rapidly over the last couple of years and with this investment we will be expanding our services lines and geographic spread through organic and inorganic means. NEA has picked up a stake in RT Outsourcing for Rs 65 crore,” RT Outsourcing Managing Director Shammi Moza said. […]
Allcargo is a leading Indian private sector logistics operator and a niche global logistics player. Blackstone will invest an additional $23Mn, in Allcargo taking the total commitment to $75 Mn. As part of this transaction, Blackstone will continue to have representation on the Board of Allcargo. Commenting on the deal Mr. Shashi Kiran Shetty, Chairman and Managing Director of Allcargo, said, “Blackstone has added tremendous value to the company since we started our relationship 17 months ago and we are exited about this fresh investment by The Blackstone Group into the company. We believe that at this stage of our growth we have an opportunity to create significant value by leveraging Blackstone’s outstanding experience and track record.” […]
Alok Retail India, a 100 per cent subsidiary of Alok Industries, is planning a major expansion and is in talks with private equity firms to raise Rs 100-crore. “We are in talks with some PE firms and intend to raise Rs 100-crore soon. We will also be diluting some stake,” Alok Retail's Director Varun S Jiwrajka told reporters here today. The company's retail chain, H&A, will expand its network by 250 more stores by this year-end, he said. At present, there are 120 stores of H&A across the country. […]
It is learnt that GlaxoSmithKline (GSK) is in talks to pick up a 5% stake in Dr Reddy`s Laboratories (DRL) in order to strengthen its association with the Dr Reddy`s with whom it had signed a marketing alliance four months ago, reports Economic Times. It is believed that the deal may be priced around USD 150 million and could be clinched in two months, if talks stay on track. […]
Citing two sources familiar with the development, a local business daily says Tata Motors intends to sell a 10-15% equity stake in its financial arm, Tata Motors Finance. This move is reportedly aimed at raising funds in order to reduce its debt. The company's debt currently stands at Rs240bn (US$4.96bn). This potential stake sale could yield Rs2bn, which would value the subsidiary at Rs13-20bn, The Economic Times says. It is believed that Tata Capital could be a potential buyer for this stake. Sources have said that other companies operating in the same industry could be the targets for this sale. […]
In a trend that may affect private equity (PE) inflows into the country, many institutional investors of PE funds are abandoning these funds to make their own investment decisions. With global downturn affecting PE returns, these institutional investors, or limited partners, have raised doubts on the ability of fund managers, or general partners, to maximise investments and justify their high management fee, which is typically not less than 2% of the corpus. A large UK-based PE firm, which recently announced a $1.2-billion infrastructure fund to invest in power, port and road projects in India, has seen its limited partners declining to go ahead with their commitments, an industry executive said. These partners, mostly institutional investors, are taking their own decisions and co-investing with the fund in target companies, said the executive who requested not to reveal the identity of the company. […]
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