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The report was earlier stated that the logicGammon India denies report on Maytas acquisition of the takeover bid is that Maytas-a virtual damsel in distress now-has lots of projects, both inside and outside the state. Gammon India has clarified that company is not in process to acquire Maytas Infra, the infrastructure company promoted by the erstwhile Satyam family. Earlier, the report stated that company was keen for acquiring Maytas Infra. The logic of the takeover bid was that Maytas-a virtual damsel in distress has lots of projects, both inside and outside the state. (India Infoline) […]
Set back by the economic downturn, foreign and domestic private-equity firms in India are spreading the risk of investing in assets by banding together. Firms are resorting to clubbing together to form a syndicate when acquiring stakes to limit both funding requirements and risk. “Over the next 12 months, there will be much more syndication of deals and the insistence (by the lead investor) of having other co-investors to bring additional risk bearing capacity,” said Jasmin Patel, Managing Director, FIL Capital Advisors (India), Fidelity's India-focused private equity and growth capital fund. “The capital required to get a funded firm to a certain maturity point has gone up, so the presence of another investor from a growth perspective and the amount of capital required is becoming a prerequisite,” Mr. Patel said. Syndication is where two or more private equity firms participate in investing in a company, each putting in part of the total equity package for proportionate amounts of equity — usually with one private equity firm acting as lead investor. […]
MapmyIndia, India's leading digital maps and navigation services provider, today announcedthat Qualcomm Ventures has led a round of strategic investment in the companywith participation from existing investors Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital. The investment will leverage Qualcomm’s worldwide leadership in wirelesstechnologies and MapmyIndia’s leadership in India’s digital maps,location-based services and GPS navigation, to empower the entire telecom,automotive and internet ecosystems. With the recent launch of 3G in India, andgrowing demand for rich data services, device manufacturers and mobileoperators can go-to-market quickly today with GPS navigation and advancedlocation-based services on handsets and Personal Navigation Devices (PND)powered by India’s most comprehensive digital map, data and solutions fromMapmyIndia. The automotive sector can look to enhanced in-car safety andinfotainment through next-generation GPS navigation and telematics productsfrom MapmyIndia and Qualcomm. Converged devices, which marry the internet withmobility, can benefit from MapmyIndia’s server platform to deliver maps andnavigation information across internet, mobile, in-car and digital TV. […]
As stock markets around the world continue to tumble, private equity (PE) players are sensing an opportunity in the foreign currency convertible bonds (FCCBs) issued by Indian companies. Most of the FCCBs are trading at a discount of 30 to 70 per cent now. And given the tight financial situation internationally, many investors could be desperate to raise cash by selling them. Some PE firms are looking at companies whose FCCBs are maturing in the near future. Vedika Bhandarkar, managing director and head of investment banking, JP Morgan India said, “If it is a fundamentally good company and the bond is available at a huge discount, it makes sense to go for it.” […]
United Spirits, the Indian drinks giant controlled by flamboyant tycoon Vijay Mallya, may be prepared to sell a 15%-plus stake and give board representation to Diageo in a move aimed at reducing the Bangalore behemoth's debts, it emerged yesterday. However, both Mallya, often cited as India's version of Richard Branson, and Diageo, the world's largest alcoholic drinks group, insisted there was no certainty a deal would struck over talks that began between the two parties last year. In recent months, media reports have intensified claiming that Mallya would use the proceeds from the stake sale to reduce debts of around £835m largely from its near-£700m acquisi- tion of Glasgow-based distiller Whyte & Mackay in 2007. […]
Mergers and acquisition (M&A) activity in the Asia Pacific region did not escape unscathed from the effects of global financial crisis that originated in the US. According to a study by ICICI Bank Global Investment Banking Group, overall M&A value dipped by 5% while deal volumes fell by almost 17% during 2008. During the year, Greater China dominated the M&A scene, closely followed by Australia, Japan and Hong Kong. Of the overall deals done in Asia-Pacific, China accounted for over 22% deals in the Asia-Pac region. Deal value for the region jumped from $101 billion in 2007 to $155 billion in 2008, making up more than 39% of the total deal value in Asia-Pacific. Indonesia also posted a strong gain, nearly quadrupling ts deal value to $19 billion. However, Japan (accounting for over 15% of overall deals), Australia (17%), India (6%) and Malaysia (1.5%) saw marked declines in deal values. […]
Mobile value added services (VAS) company ValueFirst Messaging has raised $6 million(Rs 30 crore) from the US-based venture capital firm New Enterprise Associates (NEA) to fund its expansion plans. ValueFirst, which currently offers SMS-based services, is planning to introduce internet and voice based services for the mobile platform in India. The quantum of stake picked by NEA in the Gurgaon-based company was not disclosed. “We have been in the business for five years and expanding rapidly. The funds will help us scale up our operations across India and abroad and recruit new heads,” said ValueFirst CEO Vishwadeep Bajaj. […]
BDO Stoy Hayward LLP, UK’s fifth largest accounting firm, has bought a 10% stake, worth Rs10 crore, in India’s Haribhakti Consulting Pvt. Ltd, Shailesh Haribhakti, managing director said on Wednesday. The deal marks the entry of global accounting firms into second-tier accounting companies in India. BDO Stoy Hayward, founded in 1903, will bring technology and global clients to the joint venture while the Indian partner will provide access to the Indian market. BDO does audits and provides consulting services to five of the 250 largest companies in the Financial Times list of top companies. Haribhakti has a client list of 250 Indian companies, including HDFC Bank Ltd, Reliance Petroleum Ltd and Reliance Infrastructure Ltd. (Livemint) […]
PTC India, the leading provider of power trading solutions in India, is planning to foray into the private equity (PE) business with an initial investment of more than Rs 5 billion, reports Business Standard. The PE firm will in turn raise funds from other institutional investors, domestic and overseas. The company is considering to raise up to Rs 15 billion via various routes, which will be partly used to start the PE fund. Of this, Rs 12 billion will be raised by PTC via private placement of non convertible debentures (NCDs) and warrants. Another Rs 3 billion will be mopped up by PTC Finance Services (PFS), the financial arm of PTC India.(My Iris) […]
Microsoft India has picked up 20% stake in Affle, a mobile application provider, its chief executive of Affle said. The company is also in advanced stages to close an acquisition deal with an Indian VAS player. “Microsoft's investment is important to us. We will be able to expand in regions like Europe, US and Australia where we don't have any presence,” Affle CEO Anuj Khanna told ET. Earlier, the company had received investments worth $10 million from Singapore based PE firms and some individual investors in India. […]
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