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Baring Private Equity Partners India (Baring India), an advisor to Baring Funds which partner with companies for long term value creation today announced a decision by the Funds to invest upto $10 million in Sphaera Pharma, an integrated drug discovery and development company. Announcing the investment, Mr. Akhil Awasthi, Partner – Pharmaceuticals and Healthcare Practice, said: “Baring Funds believe that India would continue to provide leverage in R&D for global pharma even in a challenging economic scenario. […]
Philips Electronics India today announced the acquisition of Mumbai-based X-ray machines manufacturer Meditronics for an undisclosed amount. “The acquisition underlines our decision to step up investment in high-growth areas while also delivering on our commitment to supply affordable healthcare solutions in emerging markets,” CEO of parent company Royal Philips Electronics, Mr Gerard Kleisterlee told reporters here. However, he declined to give financial details of the deal like, how much the company paid or what the turnover of Meditronics was in the last financial year. […]
Sugar and nutraceuticals major EID Parry (India) Ltd, part of the Murugappa group, has acquired 48% stake in the Florida-based US Nutraceuticals, LLC, a privately-held company, for a consideration of $9 million. The US company is engaged in the nutraceuticals business under the name of Valensa International and its turnover is estimated to be around $8 million to $9 million. The deal makes EID Parry will become the major shareholder of the company, said D Kumaraswamy, President (Bio, Nutraceuticals & Corporate Affairs), EID Parry. […]
Dabur India on Friday acquired a 72.15% stake in Fem Care Pharma for Rs 203.7 crore in an all-cash deal in its bid to aggressively enter the skincare market in the country. It will make an open offer for an additional 20% stake in Fem Care as required under takeover regulations. “We will fund the entire acquisition from internal accruals … we have around Rs 250 crore of cash,” Sunil Duggal, chief executive officer, Dabur India, told DNA Money, adding the transaction would be accretive to the balance sheet next fiscal onwards. […]
Though private equity (PE) players in India are in a wait-and-watch mode, a few of them are ready to explore the opportunities from which they can reap amid turmoil. Reliance Equity Advisors Ltd (REAL), the PE arm of Anil Dhirubhai Ambani Group (ADAG), is betting big on the secondary deals in the PE space in India. Through these deals, which are not common in India, a PE player can buy the investment or stake, which was earlier primarily done by another PE firm. Previous, in the buoyant market, exits through initial public offer (IPO) route were common. As the situation worsens, companies are keeping aside their IPO plans, which made the exits for PE players difficult. In 2007, about 95 IPOs were floated, out of which 16 PE players made exits. However, this year, out of a total of 36 IPOs, only about nine PE made exits […]
Trikona Capital Group, an asset management firm in the infrastructure and realty sectors, is looking to enter the logistics space. Aashish Kalra, managing partner, Trikona Capital, said the company has already made significant progress in its logistics foray. “We will soon be launching a new entity for our entry into the logistics business,” he said. This new entity will be officially announced in the next six months, Kalra added. In the interim, activities under this business will be under Trikona Logistics, a part of the company’s infrastructure division. Kalra intends to create a logistics model that will have its own infrastructure and will also do third-party logistics (3PL). […]
Packaging firm Ess Dee Aluminium Ltd said on Wednesday it has acquired a majority stake in ailing India Foils Ltd , a Vedanta Group firm. Ess Dee, which makes packaging products for drugmakers and fast moving consumer goods, said it has invested about 1.2 billion rupees in India Foils for a 85-90 percent stake. “It will be reasonable to expect that whatever Ess Dee's turnover is in 2008/09, you should see (that) more than doubling next year,” Ess Dee's director Debdeep Bhattacharya said at a media briefing. For 2008/09, the company would maintain the kind of growth seen in the last quarter, he added. For July-September, Ess Dee's net profit grew 56 percent to 229.3 million rupees, while revenue surged 70 percent to 1.24 billion rupees. […]
Suzlon Energy will buy the 22.48% stake in Germany-based REpower through a combination of cash and debt. The acquisition will be completed by May next year, reports Business Standard. Suzlon Energy agreed to buy the equity stake from Martifier for Euro 270 million. Currently, Suzlon holds 66% stake in REpower. Suzlon set aside a USD 360 million rights issue as markets and sentiments across the world fell, in the previous month. The company had planned to use the earnings from the issue to partly fund the acquisition of Martifier`s stake in REpower.(My Iris) […]
The economic slump may have slowed down the overall private equity investments scenario, but relatively more PE deals are being struck in the emerging businesses space. In the third quarter, including mergers & acquisitions, private equity and venture capital deals were on a decline. However, over 40% of the total deals happened in the emerging companies (SMEs and midcaps). The percentage of the same was only 25% in the last quarter. Interestingly, of the total 12 PE deals in October, six (50%) can be categorised as emerging companies. According to figures obtained from Grant Thornton, the announced value of all the 12 deals stood at $372 million. […]
Start-up health care and drug technology firms are struggling to attract funding as venture capital and private equity firms shy away from high-risk projects with long gestation periods in the wake of the global economic downturn. The early exits in June of Citigroup Venture Capital International and ICICI Venture Funds Management Co. Ltd from Perlecan Pharma Pvt. Ltd, the drug discovery and development company of Dr Reddy’s Laboratories Ltd, due to risk apprehensions were just the beginning, industry experts say. In October, Piramal Life Sciences Ltd, the newly constituted drug research firm of Piramal Healthcare Ltd, had to put on hold its plan to raise funds from private equity firms as it could not attract investments at the valuation it had anticipated. […]
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