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The city’s cooling real estate market has witnessed two major transactions recently. Kumar Builders, a leading city-based developer, has received Rs 139 crore investment for its one building — part of a three-tower development — from IL&FS Milestone Group, a private equity fund. Additionally, the developer-builder has received private equity funding of Rs 100 crore for its 124-acre development at Hinjewadi from Sanjay Dalmia’s Landmark Holdings, giving the latter a 10% stake for the investment. Analysts said this was part of the emerging trend — of builders bringing in investors to take completed projects off their hands. […]
Wind power equipment maker Suzlon Energy, after having negotiated a revised payment schedule with the Martifer Group of Portugal to acquire its 22.4-per cent stake in Germany's REpower Systems AG , is now trying to raise $500 million to fund this stake by selling a 10-15 per cent stake in itself, to potential suitors like the Carlyle Group and TPG Capital. According to media reports quoting bankers close to the deal, said that the Carlyle Group and TPG Capital may be interested in acquiring 10 to 15 per cent stake in Sulzon Energy for approx $300 million and the wind power equipment maker, would be raising an additional $200 million by way of debt offering or selling stakes from its other units. […]
Morgan Stanley's private equity unit has invested $37.5 million (25.2 million pounds) in an unlisted firm in its first transaction in India, and a top official said the firm expected a busy 2009 as the need for capital drives deals. Morgan Stanley Private Equity Asia took a “significant minority” stake in Indian castor oil maker Biotor and was focusing on healthcare, education, financial services and consumer products, said Srinavasa Rao Aluri, managing director of its India PE unit. “We have the dry powder, a good team in place and a healthy pipeline, which makes the coming year look interesting,” he told Reuters. “I do hope the activity will be feverish for us next year.” […]
In a move that can well send out a signal to the industry about the state of the affairs in the captive delivery centres of global banking giants in India, Wipro Technologies, the flagship business of consumer care to IT major Wipro, has announced to acquire Citi Technology Services, the captive delivery centre of IT services and solutions centre of Citigroup in India, for a consideration of $127 million (around Rs 609 crore) in an all cash deal. This is Citigroup's second India-based asset which is being sold out to one of its service provider, after the company recently sold its captive BPO arm Citigroup Global Services to TCS for about $505 million. While acquiring Citi Technology Services along with 1,650 odd employees working across its four delivery centres in Mumbai and Chennai, Wipro has managed to get a revenue commitment of about $500 million over the next six years, what Citi's Global Technology Head Jagdish Rao termed as 'minimum commitment' to the buyer. […]
Israel’s leading construction company U Dori Group is picking up a 50% stake in residential project in joint venture (JV) with Hyderabad-based Surana Group for Rs 125 crore, a person involved in the transaction said on the condition of anonymity. The U Dori Group will invest in Bhagyanagar Properties and Scientia Infocom, the two real estate arms of Surana Group, for setting up a residential group for housing and construction development project in Hyderabad. The Israeli company will invest either on its own or through its subsidiaries, Dori Global and Gazit Globe. […]
The RP Goenka Group has sold its 50% stake in mobile and laptop retail chain RPG Cellucom to joint venture partner Arun Nagar, founder and owner of Dubai-based Cellucom. Industry analysts peg the deal value at Rs 150-200 crore. However, this could not be independently verified. RPG group declined to provide details. While confirming the exit, a group spokesperson said, “This divestment is consistent with RPG’s focus on higher margin retail categories.” Cellucom is spread across Asia, Eastern Europe, South America and Africa. In October, Mr Nagar had announced plans to invest around Rs 300 crore on the India expansion, and said the company was adding 15-20 outlets every month. […]
Asian hedge fund Altima India Master Fund is looking at picking up 14.39 per cent in AIM listed The Indian Film Company. Altima India Master Fund is interested in acquiring 7,913,500 ordinary shares in the company, which represents 14.39 per cent of the company's issued share capital. Altima India Master Fund is a controlled undertaking of Altima India Master Fund Limited and both companies are domiciled in the Cayman Islands. The fund is advised by Altima Partners Limited, a UK partnership, authorised and regulated by the FSA. […]
Yahoo picked 30 percent stake in Info Network Management Company Pvt Ltd (INMAC), promoters of CallEzee services which enable users to gain access to directory services through use of telephone. Yahoo has routed the deal through its Dutch subsidiary and will have representation on INMAC’s board post acquisition. Call Ezee currently offers services in 14 cities across the country including Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Kolkata. […]
UK based private equity firm 3i will retain presence in India even as an ongoing global restructuring programme prompts the firm — said to be the world’s largest listed PE outfit — to close down its key Hong Kong and Shanghai offices. Although the move is aimed at pruning costs, sources said that it also underscores the growing importance of the Indian market compared with other markets in Asia. The move to continue operations here also comes against the background of 3i’s recent plan to cut its global headcount by about 15% owing to the tough market conditions. The offices that will continue to operate include Mumbai and Singapore. The Mumbai office will coordinate the firm’s investments for companies across the country, while Singapore will be the hub for the whole of Southeast Asia. 3i Singapore will be responsible for investments in Singapore, Indonesia, Malaysia and Thailand. […]
Mumbai based non-banking financial company (NBFC), Tata Capital plans to raise $500 million as its first corpus of its private equity (PE) venture. With expansion such as investment banking, retail banking, corporate finance and retail loans on the mind, the NBFC will approach both domestic and international investors for the fund. The company is also leveraging its tie-up with Japan's Mizuho Securities to offer combined services such as investment banking, broking, PE and wealth management and thus strengthen its PE business. “Market conditions are tough and there are mid-tier companies that need funding for their expansion plans. […]
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