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Actor Salman Khan, who will be the brand ambassador of yatra.com, has also picked up a minority stake in travel agent Yatra Online Pvt. Ltd. “Since we are targeting customers in smaller towns, Salman Khan is a great fit considering his mass appeal across the country,” said Sharat Dhall, president, yatra.com. Dhall did not specify how his company would be using Khan’s investment or the remuneration being given to the actor for his multiple-year contract. He, however, said yatra.com would […] Warburg Pincus LLC exited a more than seven-year-old investment in Kotak Mahindra Bank Ltd. (KMB) The U.S. private equity firm, which first invested in Kotak in November 2004, sold 26.5 million shares in a block trade today, said Malini Roy, an external spokeswoman for Warburg. Roy declined to provide details of the sale. The shares represent about 3.6 percent of the bank, data compiled by Bloomberg show. The holding is valued at $272 million, based on Kotak’s March 23 closing […] Dhanlakshmi Bank Friday said it may sell its 15% holding in New Silk Route controlled Destimony Securities, the company said in a news release. The Kerala-based bank decided to sell its stake after the Reserve Bank of India raised objections to the old-generation private sector bank being categorised as the dominant promoter group. The central bank wants to ringfence the banking entity from any possible capital shock if the broking company faces any hardships in the future. Meanwhile, in October […] US-based conglomerate GE will acquire controlling stake in Advanced Systek Limited that is engaged in offering terminal automation systems and flow metering solutions. GE is aiming to get new platform for GE Energy’s growth in South Asia and the Middle East. It is probably the first independent acquisition by GE India. Earlier in 2008, GE and Mexican industrial group Xignux together acquired majority stake in Chennai-based Indo Tech Transformers. GE is learnt to have acquired 60-70% stake from Advanced Systek […] The Reserve Bank of India’s new norms for gold loan companies are a heavy blow to private equity players in India. The move to restrict loans by gold finance firms to 60 per cent of the value of jewellery pledged as collateral may have a huge impact on the revenue of gold loan-lending firms such as Manappuram Finance and Muthoot Finance. Both firms have a major exposure to private PE and venture capital firms.On Wednesday, shares of both went down […] Private equity funds Blackstone Group and Bain Capital are negotiating to buyout the Automated Teller Machines business of Euronet Worldwide in India to benefit from rising use of electronic transactions, said three people familiar with the discussions. The business, which Euronet classifies under the so-called Electronic Financial Transaction segment, is facing profitability pressures due to steady climb in costs, they said preferring anonymity. It is the biggest third-party operator of shares ATMs across the nation. Euronet, the Nasdaq listed firm, […] ADIA’s investments in Indian real estate to date total $400 million to $500 million, largely through property and private equity funds, and the fund is now scouting for direct investment opportunities, one of the sources said. The sovereign fund, whose assets range from Citigroup bonds to a stake in Britain’s Gatwick airport, is close to hiring a country-dedicated fund manager from a large private equity firm to look for real estate opportunities in Asia’s third-largest economy, the sources said. ADIA […] Qatar Investment Authority (QIA), one of the largest sovereign funds based out of West Asia, is in discussion with Violet Arch Capital Advisors, a financial services start-up, for acquiring a minority stake. Apart from QIA, a few other PE firms are in negotiation with Violet Arch for fund infusion. Violet Arch started its operations by acquiring Alchemy Shares & Stock Brokers from its promoters, including Rakesh Jhunjhunwala. Last year, Violet Arch roped in Berenson & Co, a leading New York-based […] TVS Capital and International Finance Corp, an arm of World Bank, have jointly invested 1.24 billion rupees ($24.81 million) in Indian rice processor, Dunar Foods. Dunar, which is based in the northern Indian state of Haryana, exports basmati rice to Middle East, Europe and the U.S., a statement issued by Dunar and TVS Capital said. IFC, along with U.S. private equity firm, Warburg Pincus, recently invested $50 million in a non-banking finance company, Au Financiers.. Source: Reuters U.K. asset manager Schroders PLC (SDR.LN) is likely to acquire about 30% of India’s Axis Asset Management Co. Ltd., the Business Standard newspaper reported Wednesday, citing people aware of the matter who it didn’t identify. The deal will help Schroders revive its presence in India and end the Axis Bank Ltd. (532215.BY) company’s search for a strategic partner in the mutual-fund business, the report added. Senior management from Schroders’ is likely to visit Mumbai next week to finalize the deal, […] |