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Tata Consultancy Services will buy Citigroup Inc.'s back-office operations in India in a deal valued at $505 million, it was announced. TCS, with headquarters in Mumbai, will acquire all of the U.S. company's 96.26 percent stake in Citigroup Global Services Ltd., The Wall Street Journal reported. As part of the deal, Citigroup will use TCS for its outsourced operations for more than nine years with orders worth $2.5 billion, becoming the Indian company's largest customer, other reports said. Currently, the Citigroup back-office has about 12,000 employees. […]
The biggest independent Wall Street firm, Goldman Sachs on October 8 bought an additional Rs 357.5 million worth stake in ICSA India, at 28% premium to the company`s stock price, reports Business Standard. Goldman Sachs acquired stake by exercising an option to convert warrants into equity. It was allotted 1.75 million shares in ICSA raising the investment banks` stake to 5.7%. The warrants were converted at a price of Rs 227 each. Goldman had paid 10% of the value earlier, or at the time it was issued the warrants. (My Iris) […]
The much-touted India Infrastructure Fund set up to finance major road, port and power projects has so far garnered $855 million in multiple closures over a period of six months, a top IDFC official said. The $855 million would form a part of $2 billion equity of the $5 billion infrastructure initiative launched in early 2007, IDFC Project Equity Company's Principal Aditya S Aggarwal told PTI. Originally, $2 billion is raised as equity and $3 billion as long-term debt by India Infrastructure Finance Company (IIFCL) for financing infrastructure development in the country. […]
Part of Reliance Capital, ADAG`s financial arm, Reliance Money has sought permission to buy an additional 16% in the National Commodity Exchange of India (NMCE), reports Business Standard. Reliance Money has acquired 10% stake earlier and now, it is looking for approval from the Forward Markets Commission and Ministry of Consumer Affairs for an additional 16% stake in NMCE within 3 months. […]
Private equity players are expected to continue investing in the Indian media and entertainment segment in a big way as domestic consumption is undeterred by the global financial crisis, said Mohit Ralhan of Baring Private Equity Partners to Televisionpoint.com. Ralhan said, “The discretionary expenses would rise Due to the increasing middle class and rising per capita income paving the way to achieve compounded annual growth rate (CAGR) of 18.5 per cent of this sector. It will ensure the flow of private equity investment in this segment in the near future.” “In the last year 40 private equity players invested in the media and entertainment segment and this year the trend is expected to continue. […]
Since the beginning of this year, India’s stock markets have shed some 42% in value and industrial production has decelerated. But, private equity (PE) and venture capital (VC) investments in the country have been resilient, surprising watchers of the risk capital business. Provisional data from research service Venture Intelligence shows that $9.7 billion, or Rs46,075 crore, has been invested in PE and VC-backed transactions in India between January and September, against $9.5 billion in the first three quarters in 2007. The data excludes real estate deals. […]
At a time when the country’s real estate builders are reeling from a severe cash crunch, MetroCorp, a Bangalore-based realtor, is close to raising $300 million (about Rs 1,400 crore) from leading global financial institutions, including Prudential Corporation Asia and Warburg Pincus. MetroCorp, a three-year-old real estate developer, has three projects under execution, and has lined up a bouquet of 21 projects across India, ranging from residential and commercial to integrated townships to special economic zones. Deepak Krishnappa, chairman & CEO, refused to confirm the move but said they are in discussions with various private equity funds for development of plots. […]
The average size of private equity deals in real estate has come down by an annual 60% to Rs 190 crore as the deteriorating market conditions have forced investors to take smaller exposures. The total PE investments have reduced significantly, while the number of deals has remained almost stagnant. “While there has been a dip in the total amount committed in the second quarter of 2008, the wait-and-watch strategy adopted by PE funds scouting for opportune partners will force Indian developers to re-work their valuations and construction timelines and make them more reasonable,” says Cushman & Wakefield India joint MD Sanjay Dutt […]
Apparel retailer Provogue (India) Ltd said on Monday UK's LTG International Ltd will invest 569.7 million rupees to pick up 3.36 percent stake in a unit of real estate arm Prozone Enterprises Pvt Ltd. LTG is founded by Lewis Trust Group of UK and Prozone is a joint venture between Provogue and Liberty International Plc, according to a company statement. In April, Provogue sold 27 percent stake in the unit for 4.57 billion rupees to Triangle India Real Estate Fund, founded by Old Mutual Investment and ICS Realty. (Reuters) […]
Vaccine maker Panacea Biotec has agreed to buy 19.9% in US-based PharmAthene for $13.1 mn. Panacea will route the acquisition through a wholly-owned subsidiary Kelisia Holdings. PharmAthene is developing medical products against biological and chemical threats. Kelisia Holdings will purchase approximately 3.73 mn shares of PharmAthene common stock at $3.50 per share and will also receive warrants to purchase up to 2.75 mn additional shares of PharmAthene at $5.10 per share. The transaction is expected to close on or before October 20, 2008, a Panacea Biotec release said. […]
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