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Falcon Tyres, part of the Ruia Group, is drawing up plans to offload its promoter’s stake by a few percentage to a private equity firm for Rs. 100 crore according to latest media reports. The amount raised will then be deployed to scale up its output at Mysore to 14 lakh units per annum by 2010-11. The manufacturer of Dunlop Tyres is currently in the process of preparing our presentation and aims to raise the money in a couple of months. In addition to that, the company will also introduce tubeless tyres in its portfolio shortly, in a bid to increase profitability. It is to be mentioned that Falcon currently manufactures two- and three-wheeler tyres under the Dunlop brand name. […]
Reliance Infrastructure (Rel Infra) has acquired a 51 percent stake in Reliance Cementation from another group firm Reliance Natural Resources (RNRL). Consequently, Reliance Cementation, the newly-created company of the diversified Anil Ambani Group for its foray into the cement business, has become a subsidiary of the Reliance Infrastructure that runs power generation, distribution and transmission businesses. Addressing the shareholders at Rel Infra's annual general meeting, group chairman Anil Ambani said: “We have plans to set up cement capacity of 20 million tonne per annum with an investment of nearly Rs 10,000 crore over the next five years. This will make us the top five cement player in the country,” Mr Ambani told the shareholders. […]
French shipping firm Louis Dreyfus Armateurs SA (LDA) has bought a 49% stake in the bulk port handling business of port logistics firm ABG Infralogistics Ltd, a top company official said. “The deal is done,” said Saket Agarwal, managing director of ABG Infralogistics. An official announcement will be made on Friday, he said over the phone from Mumbai. Louis Dreyfus will pay Rs90 crore to ABG Infralogistics for the stake purchase, Agarwal said. The deal was cleared by India’s Foreign Investment Promotion Board (FIPB) a few months earlier. FIPB vets all foreign investments coming into India. The deal comes even as the world battles a crash in commodity demand and prices, triggered mainly by the global economic slowdown. Ahead of the sale, ABG Infralogistics had hived off its bulk cargo handling assets operating at Union government-owned New Mangalore, Paradip and Vizag ports into a separate subsidiary ABG Bulk Handling Pvt. Ltd. […]
The country's third largest national level stock exchange, MCX Stock Exchange (MCX-SX), has appointed global investment banker Nomura Financial Advisory for selling stake in the company to private equity firms. MCX-SX, promoted by Financial Technologies (India), currently runs currency derivatives trading and is awaiting regulatory approval to begin equity trading. MCX-SX, which is understood to be in talks with several private equity firms for selling stake in the company, has appointed an investment banker for divestment process. […]
Lightspeed Venture Partners, a leading global venture capital and growth equity firm, has led an investment of Rs.500 million in Itz Cash Card Ltd., India’s largest multi- purpose pre-paid card company, along with existing investors Matrix Partners India and Intel Capital. The investment will be used by ItzCash Card to further expand its product portfolio and diversify its business, including venturing into the retail payments space. With this investment, Mr. Bejul Somaia, Managing Director, Lightspeed Advisory Services India Private Ltd. will be joining the board of Itz Cash Card Ltd.. The amount invested will help ItzCash Card to scale the existing business and tap new products and market segments. […]
ICL Financial Services, a wholly-owned subsidiary of India Cements is increasing its stake in Indo Zinc by an additional 39.84 per ce-nt. As a result, ICLFSL’s st-ake in Indo Zinc will incre-ase to nearly 53 per cent, since it already held a 13 per cent stake in the latter. The acquisition of this additional stake will set in the process of complying with the relevant provisions of Sebi (substantial acquisition of shares and take-overs) regulations, and will go for an open offer to acquire a minimum of another 20 per cent. ICLFSL has entered into a share purchase agreement on July 19 with the promoters of Indo Zinc for purchase of a little more than 17.87 lakh equity sha-res of Rs 10 each fully paid up in Indo Zinc, constituting 39.84 per cent of its paid up equity share capital, India Cements infor-med BSE on Monday. […]
Venture capital firms Sequoia Capital, Draper Fisher Jurvetson India (DFJ) and Norwest Venture Partners India (NVP) are set to see at least nine of their portfolio firms making initial public offerings (IPOs) over the next 24 months—the kind of exits venture capital firms dream about. The companies that are considering share sales are SKS Microfinance Ltd, Comviva Technologies Ltd, GlobalLogic Inc., Coastal Projects Pvt. Ltd, KMC Constructions Ltd and Genesis Colors Pvt. Ltd in which Sequoia has invested; Reva Electric Car Co. Pvt. Ltd and Cleartrip Travel Services Pvt. Ltd in which DFJ has invested; and Persistent Systems Ltd in which NVP has invested. […]
Anil Ambani-led Reliance Infrastructure on Tuesday said it has acquired 51 per cent of Reliance Cementation from its group company Reliance Natural Resources Ltd. “The company has acquired 51 per cent of Reliance Cementation from RNRL. Consequently Reliance Cementation has become a subsidiary of the company,” Reliance Infrastructure said in a filing to the Bombay Stock Exchange. Reliance Cementation is engaged in manufacturing and exporting cement. […]
Reliance Capital is planning to unlock value by selling a part of its stake in its life insurance arm and foraying into investment banking, group Chairman Anil Ambani has told shareholders. In addition, the Reliance Anil Dhirubhai Ambani Group (ADAG) has tweaked its private equity (PE) plans, which have been delayed by several months, to focus on domestic sources of funding. “We are considering various options to unlock value in our life insurance business, from a potential IPO (initial public offer) to strategic or financial stake sale or a combination of both. A final decision will be taken shortly,” Ambani said at Reliance Capital’s annual general meeting here. […]
Hong Kong-based private equity firm Fung Capital has picked up about 26 per cent stake in Future Group's logistics arm Future Supply Chain Solutions and will pump in $30 million for expanding the firm's supply-chain network. Future Group founder and CEO Kishore Biyani today signed an investment agreement with Fung Capital, the private equity investment arm of the Li & Fung Group, in Hong Kong. “Fung Capital has agreed to invest $30 million in phases, of which $10 million will be injected immediately. They have taken up to 26 per cent stake,” Biyani told PTI over phone from Hong Kong. […]
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