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Red Fort Capital, a global real estate private equity fund, is raising a Rs 800-crore, India-specific fund for the realty sector. This is in addition to its earlier allocation of Rs 1,600 crore for realty projects in the country. The new domestic fund is expected to be announced by the end of December and the company will start investing in the fund from March next year. “We plan to raise the capital from high networth individuals and corporates in India. A major part of the fund has been tied up,” said Parry Singh, director, Red Fort Capital Advisors. He said the company would invest the Rs 800-crore, non-FDI fund in redevelopment projects in cities and non-FDI compliance projects, among others. […]
Private investment firm Sage Capital Advisors Pvt. Ltd plans to form a joint venture (JV) with a financial services group to launch a private equity (PE) fund or its own fund, an official said on Wednesday. “We are exploring a JV with a large financial services group as the platform will allow us to get quality investors,” said managing director Manish Kanchan, adding that Sage would hold a majority stake in the planned venture. “We can even raise up to $1 billion (Rs3,940 crore) through this JV.” Kanchan said the name of the partner and other details would be announced in a month’s time. He also said the firm is talking with potential investors to launch a PE fund of around $200-250 million if the JV falls through. PE investment in India is expected to touch about $10 billion in 2007. Investment had more than tripled to $7.46 billion in 2006, from $2.26 billion in 2005. […]
Private equity firm IL&FS Investment Managers Ltd, an arm of Infrastructure Leasing & Financial Services Ltd. (IL&FS), said it received $578 million (Rs2,277 crore) of commitments for investing in real estate projects as demand surges in the world’s fastest-growing economy after China. The Mumbai-based company, which had the first closure on its real estate fund on Wednesday, plans to raise up to $750 million mainly from global institutions over the next three months, said Shahzaad Dalal, vice-chairman, in a phone interview. […]
A clutch of domestic banks and foreign financial investors (FIIs) has picked up around 9% stake in GMR Infrastructure, the flagship company of the GMR group, for around $1 billion through a qualified institutional placement (QIP). The deal is the largest among the recent QIP deals. The investors include State Bank of India (SBI), Canara Bank, Capital International, Citigroup, T Rowe Price, Credit Agricole, UBS and Kotak Mahindra. The deal involves selling part-stake by promoters and issuing fresh shares. Post-issue, promoters’ holding will be down to 74%, while the public and new investors together will hold the remaining 26%. Sources said SBI and Canara Bank were the largest investors in the QIP, investing Rs 500 crore each. Other investors have invested between $40 million and $70 million. […]
GoAir is believed to be mulling over bringing in a new equity partner from among three aspirants, including a leading Indian corporate and a global venture capitalist – a move that would help the Wadias-promoted airline to expand its fleet to 40 aircraft by 2012. Ahead of advancing the negotiations, the budget carrier has been valued at up to Rs 1,600 crore ($350-400 million) by a leading international consultancy firm. Asked about the new equity partner and the stage of negotiations, a company spokesperson declined to comment, saying: “As a policy, GoAir does not comment on market speculations.” With the recent round of consolidation in aviation space, such as Jet Airways-Air Sahara and Kingfisher-Deccan deals, GoAir is emerging as an attractive investment target and has received offers from an international venture capital firm, an Indian corporate and another domestic financial investor, people close to the development said. […]
Hyderabad-based Ramky Group, which had revenues of Rs1,000 crore last fiscal, is set to unlock value of three of its entities that attracted investments from global private equity (PE) firms through initial public offerings (IPOs). The group has three entities, Ramky Infrastructure Ltd, Ramky Enviro Engineers Ltd (REEL) and Ramky Estates and Farms Pvt. Ltd (REFL). The group is valued at around $3 billion (Rs11,880 crore). Global PE players that picked up minority holdings in these companies include Infrastructure Leasing & Financial Services Ltd (IL&FS), Sabre-Abraaj Capital, Lehman Brothers Holdings Inc. and Deutsche Bank AG. The first off the block with its IPO will be Ramky Infrastructure—a Rs720 crore company in revenues last year, which is mainly into developing industrial estates. Ramky Infrastructure plans to go public sometime in the first quarter of next year. […]
Infrastructure company Larsen and Toubro Ltd (L&T) has acquired 26% equity in consulting and engineering firm Feedback Ventures Pvt. Ltd for Rs40 crore. L&T was one of Feedback’s largest clients in 2006-07, the company said in a press statement. Promoters of Feedback Ventures also increased their holding to 46%, buying out investors such as real estate company DLF Ltd, while infrastructure finance company Infrastructure Development Finance Corp. Ltd reduced its equity stake to 16%. With this new status the Feedback Ventures management hopes to significantly enhance its presence in most infrastructure sectors by working alongside L&T, both domestically and internationally. The company, which employs 800 professionals, provides engineering and project management advisory services. (Livemint) […]
Italy's Prysmian Group is poised to fork out a minimum of Rs 130 crore to acquire a majority 60% stake in Kolkata-based Nicco Corporation’s industrial cables business. Nicco will spin off its cables business into a distinct JV company, christened Nicco Cables, in which Prysmian Cable Moulding, Netherlands will hold 60% while the balance 40% stake will be held by Nicco. Nicco has just inked a JV agreement with Prysmian Cable Molding. “The entire cables business of Nicco will be transferred into the new company in which Prysmian will have a 60% shareholding,” Nicco chairman Rajive Kaul told ET on Tuesday. Nicco is likely to receive a consideration of Rs 130 crore for transfer of its cables division. According to the contractual arrangement, the Nicco Cables board will consist of five directors, three of them including the managing director will be appointed by Prysmian and other two, including the chairman, will be appointed by Nicco. Rajive Kaul will be chairman of the new company, while Prysmian will be responsible for managing the JV’s operations. […]
Global investment group Eton Park will spend 5.01 billion rupees ($127 million) for about 5 percent in the asset management arm of Indian financial services firm Reliance Capital Ltd RLCP.BO, the Indian firm said on Wednesday. The funds will be used for domestic and international expansion, Reliance Capital said in a statement. The transaction is subject to approvals and is expected to close in January 2008, it said.(Reuters) […]
Private equity firms are likely to pick up stake in Bengal Faith Health Care, the Special Purpose Vehicle (SPV) formed to set up the Bardhaman Health City, a Rs 1,000 crore PPP (public-private partnership project) to come up on a 60-acre plot near Durgapur Expressway(NH-42). “We are in talks with some private equity firms who have evinced interested in acquiring stake in Bengal Faith Health Care (BFHC) and we are open to offloading stake in the SPV”, said S S Chakraborty, chairman of CES Infratech, a joint venture between Consulting Engineering Services (India) and West Bengal Industrial Development Corporation (WBIDC). […]
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