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Mauritius-based Frontline Strategy's India Industrial Growth (IIG) Fund has picked up a 26 per cent take in Shriram SEPL Composites, a joint venture of Shriram EPC and Strategic Engineering. This is the first investment from the SME-specific IIG Fund, a press release issued here today stated. Frontline Strategy is a Fabiani family office-anchored asset management company with prime focus on private equity investments. The company's Managing Partner Atim Kabra, said that “the investment in Shriram SEPL Composites is a continuation of Frontline Strategy's focus on investing in companies with global scope and capability.” […]
The subsidiary of Cape Town, South Africa-based multinational media firm Naspers Ltd, MIH India Global Internet, which owns social networking site ibibo.com, will sell up to 50% stake in five years to China’s Tencent Holding Ltd Inc., an instant messaging service provider owned 36.1% by Naspers. Tencent has already put in $7.5 million (Rs32.10 crore) for an undisclosed stake in ibibo Web Pvt. Ltd, the company that manages three India-based websites—ibibo.com, OneFamily.com and Dwaar.com. “This partnership allows us to benefit from Tencent’s expertise in providing Internet and mobile value-added services, as well as online advertising services,” said Ashish Kashyap, chief executive officer at ibibo Web. Naspers has invested 103 million rand (Rs55 crore) in India “to develop the greenfields social network services and local search operation, ibibo”, according to information on its website. Besides ibibo, Naspers’ interests in India include a 30% stake in ACL Wireless Ltd, a mobile software developer. As part of the deal, Tencent, which owns QQ, an instant messaging and communication tool, will give ibibo.com access to its products and technologies. […]
Axis Bank has picked up 2.5 per cent stake in the in Lavasa Corporation, a subsidiary of Hindustan Construction Company (HCC), engaged in the development of a township in Lavasa near Pune, for Rs 250 crore. The deal values Lavasa at Rs 10,000 crore. Lavasa has issued convertible preference shares and convertible debentures to Axis bank in the transaction. At present, HCC holds 29 per cent stake in the project, while 16 per cent stake is held by Avantha Group (LM Thapar Group) and Venkateshwara Hatcheries holds 13 per cent. After the conversion of shares and debentures over the next five years, the equity stake of current investors will go down accordingly. […]
First Choice, the used car arm of Mahindra & Mahindra (M&M) group, has received fund infusion to the tune of Rs 80 crore from Phi Advisors, a private equity firm. The funds will be used to finance the roll-out First Choice's chain of 300 owned and franchises outlets across the country. The company plans to have sales of about 100,000 units through the expansion in the next five years. Vinay Sanghi, CEO, FirstChoice Wheels, added, “We are targeting 100,000 vehicle sales per annum by 2013. With this funding, we will increase our reach to over 300 outlets. This will include 30 franchise super stores, each of which will have a stock of over 200 cars on display.” […]
Making a foray into broadcasting space, property developer HDIL has bought a 51 per cent stake in media company Broadcast Initiative (BIL), promoted by Sri Adhikari Brothers. HDIL also bought 51 per cent stake each in its subsidiaries Sri Adhikari Brothers Media (SABML), which operates Marathi channel Mi Marathi and Technocraft Media Private (TMPL), which is starting a Bhojpuri channel soon. HDIL did not disclose the acquisition price. HDIL will acquire the stake in BIL, which runs and which runs Hindi news channel Live India, through a mix of fresh issue of preferential shares, equity shares from promoters and subsequent open offer. Sri Adhikari Brothers will retain a balance shareholding which may be up to 24 per cent after the stake sale, HDIL said in a release. HDIL is acquiring 51 per cent in both SABML and TMPL through a mix of fresh issue of capital in SABML and TMPL and purchase of equity shares from existing shareholders of SABML and TMPL. […]
UK government-backed private equity emerging markets fund of funds manager CDC Group has made new commitments totalling $250m to three funds focused on infrastructure and real estate investment in India. The funds are expected to raise a total of $1.6bn for investment. CDC has committed $100m to both the IDFC India Infrastructure Fund and the Actis India Real Estate Fund. The IDFC fund will invest between $15m and $75m in infrastructure projects in the energy, transportation and telecoms sectors. The fund will be managed by IDFC Project Equity, a newly established subsidiary of IDFC. […]
As rival Reliance Communications dabbles with its deal with South African telecom major MTN, telecom service provider, Tata Communication is poised to hold majority share in South Africa's telecom company, Neotel. Tata Comm has entered into an agreement with South African state-owned enterprises, Eskom and Transnet to acquire their 30% stake for an undisclosed amount. Tata Communication has an existing shareholding of 26% in the South African company which will increase to 56% along with Tata Africa Holdings, through this acquisition. Tata Africa Holdings is the investment arm of the Tata Group of companies in South Africa with operations in 8 countries in Africa. The agreement is subject to fulfilment of conditions which could take upto six months. The other shareholders of Neotel include Nexus, Communitel and Two Telecom Consortium. […]
ICICI Venture Fund Management is planning to list its $1.5 billion real estate fund on the London Stock Exchange (LSE). According to sources, the fund house will be providing the flexibility in the document to list the realty fund anytime during its life span. When contacted, an official spokesperson for ICICI Ventures offered no comments. At present, the fund house is in the process of preparing the documents for both its real estate and private equity (PE) funds. This is the first time that the country's largest PE fund is providing this option in its fund. “Internationally, private equities look at listing their funds. If it's a close-ended fund, investors have to wait till its maturity. However, if the listing option is built into the document, then the PE fund can exercise it at any future date,” said a senior executive of a large domestic PE fund. […]
Bangalore-based GMR Infrastructure has bought a 50 per cent equity stake in Dutch power utility InterGen NV for $ 1.1 billion from AIG HighStar, a fund owned by American International Group Inc. The remaining 50 per cent in the company is owned by Ontario Teachers' Pension Plan (Teachers). The company will pay $360,000 per megawatt which is half the current cost of similar facility, GMR said in a statement to the Bombay Stock Exchange today. InterGen NV currently has operations in 5 countries–UK, Mexico, Philippines, Australia and Netherlands with total net capacity of 12,766 Megawatts (8086 MW of operational capacity and 4680 MW of asset under development). “The acquisition of a 50 per cent stake in InterGen NV is an integral part of our global strategy to be world's leading energy and infrastructure company. This acquisition will provide us a platform to expand in InterGen's existing geographies and new geographies of strategic importance to GMR and Teachers. Our core experience in the energy business life cycle covers identifying opportunities, developing assets in greenfield areas, strong project management skills, financial re-structuring and efficient operations,” said GM Rao, Group Chairman of GMR Group. […]
Religare Finvest Limited (RFL), a wholly owned subsidiary of integrated finance services provider Religare Enterprises, has issued Compulsorily Convertible Debentures for Rs 100 crore to Standard Chartered Bank, Mauritius. These debentures would be converted into equity of RFL to the extent of 40 per cent at the end of 13 months and balance at the end of 25 months at a price to be fixed per Controller of Capital Issues (CCI) guidelines. These debentures will form part of the Tier II capital of the company and will strengthen the capital adequacy ratio of RFL, Religare said in a release. RFL is registered with the Reserve Bank of India as a Non-Banking Finance Company (NBFC) and is a member of the Central Depository Services Limited (CDSL). Religare Finvest is presently engaged in capital market lending, consumer finance and third party distribution through its personal financial services channel. […]
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