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Serco Group Plc , an international services company, said it acquired 60% stake in InfoVision Group, a business process outsourcing company in India, for INR 977 million or GBP 13.3 million in cash. With this acquisition, Serco said it entered into the domestic Indian BPO market and that it intends to launch its brand, both in BPO and as a service provider. Further, the Group stated that outsourced BPO service market is expected to grow around US$1.8 billion over the next five years. Christopher Hyman, Chief Executive of Serco, said, that the company's market entry promises excellent opportunities as India is a substantial, fast-growing economy. […]
Investor commitment to private equity as an asset class has not wavered, Coller Capital's latest Global Private Equity Barometer finds. The vast majority of LPs (97 per cent) will maintain or increase their allocations to private equity. A total of 40 per cent plan an increased allocation, a proportion unchanged since the boom years. All that is despite the fact that two thirds of LPs will have little or no 'headroom' for new fund commitments by this time next year, according to the Barometer. North American LPs will be particularly stretched, with 28 per cent of them expecting to be over their allocations by December 2009. […]
US and European telecoms groups and other investors are in talks to buy up to a 26 percent stake in India's Reliance Communications, a report said Thursday. The Economic Times, a leading Indian financial daily, said foreign investors were in discussions to take a 20-to-26 percent holding in India's second-largest cellular operator, which is led by tycoon Anil Ambani. The deal would hinge on whether Reliance Communications, known as RCom, can get a premium over its current share price, the newspaper said, citing an unidentified banker with knowledge of the discussions. […]
Hinduja Group owned, Amas Bank has acquired 40 per cent stake in Chennai-based broking firm, Patco Investments and Consultancy Services for an undisclosed sum. The acquisition has come as part of the bank's strategy to expand its presence in the Indian capital markets and would help the lender to build access to onshore wealth management and corporate advisory services, the bank said in a press statement issued here today. Patco has operations in stock broking, derivatives trading, portfolio and wealth management, NRI services, government securities, advisory and investment banking services. […]
Credit rating agency CRISIL Ltd said on Wednesday it would sell 90 percent stake in its UK subsidiary, Gas Strategies Group Ltd, to the management of the firm for an undisclosed sum. The UK firm provides consulting, training and information services for the international energy business. CRISIL would retain 10 percent stake in the company, which contributed 10 percent of the CRISIL Group's consolidated revenues for the nine months to September, it said in a statement. […]
Silicon Valley venture capital firm Mayfield Fund has established a new vehicle, Mayfield India I, its first fund dedicated to investments across India. Commitments of $110m have been received.The fund will focus on mid-market companies in the technology, infrastructure and consumer sectors. The India team has so far invested in six India-domiciled companies: technology providers Tejas Networks and Paymate, consumer service providers Consim Info and Genesis Colors and infrastructure providers Geodesic Systems and Servomax. […]
The Financial Technologies India (FTIL) group has inked a deal to acquire 60 per cent stake in Botswana-based Bourse Africa. The latter has been licensed by the Botswana government to set-up a spot and/or derivative multi-asset exchange for trading in commodities, currencies, bonds and diamonds. The remaining equity in Bourse Africa will be held by other African financial institutions, banks, global multi-lateral developmental ventures, exchanges and other strategic investors. The exchange will offer participants an efficient, cost-effective and secure trading platform, supported by a world-class regulatory framework of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to ensure market integrity, systemic stability and investor protection, a statement issued by FTIL said. […]
Indian private equity firm IL&FS Investment Managers Ltd has raised $895 million for a new realty fund, tapping global investors despite the global financial turmoil and falling property markets. The firm, one of India's oldest private equity players, is also pulling money together for the first tranche of an Asia infrastructure fund, which it hopes to close in about a month, Archana Hingorani, chief executive told Reuters in an interview. The realty fund, the second IL&FS fund focussed on the real estate sector, exceeded its initial target of $750 million. It has commitments from two sovereign wealth funds, U.S pension funds and university endowments, she said on Tuesday. […]
Wind energy billionnaire Tulsi R Tanti, the chairman and managing director of Suzlon Energy, and his family have diversified their business interest and picked up a 49 per cent stake in broadband service provider You Telecom’s cable TV subsidiary, Digital Outsourcing, for around Rs 100 crore. Citigroup Venture Capital International-owned You Telecom has a 36 per cent stake in Digital Outsourcing, while the remaining stake is held by high networth individuals. When contacted, You Telecom CEO E V S Chakravarthy confirmed the development. Tulsi Tanti could not be contacted for his comments. “The investment done by Tulsi Tanti family is of personal nature and Suzlon is not in any way connected to the deal,” said a senior Suzlon executive. […]
Infrastructure India, a London-listed investment fund, is close to acquiring a 49% stake in Oriental Tollways for Rs 450 crore ($90 million), attracted by the New Delhi-based construction firm’s order book of road projects, a person involved in the transaction said. Oriental is part of New Delhi-based privately-owned Bakshi Enterprises. Oriental Structural Engineers (OSE), Bakshi Enterprise’s infrastructure arm, is undertaking several road and highway projects across the country and will transfer its interests in all these projects to the new company. Dabur India vice-chairman Amit Burman is a shareholder in OSE in a personal capacity. The specialist India-focussed fund will invest in Oriental Tollways through a Mauritius-based subsidiary. “The investment (by Infrastructure India) will come into Oriental Tollways in tranches,” said the person, who is directly involved in the transaction. […]
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