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Having successfully completed the $542 million acquisition of Globeleq America’s power assets in June this year, Delhi-based D S Constructions Ltd is now eyeing a share in a European company. It is expected to take up to 22% stake in Athens-based construction company Aegek SA for around $43.4 million (Rs 170 crore). A Bloomberg report said Aegek SA had informed Athens Stock Exchange that D S Constructions Ltd would be investing €30 million ($43.4 million) in buying the shares of the company. It may further increase the stake to 33% in the next three years, said Aegek in the statement to the stock exchange. However, officials at D S Constructions refused to comment on the development. After the acquisition of Globeleq America in 2007, D S Constructions was looking at more takeovers overseas to increase its presence in the power and construction sector. The recent development aptly complements the company’s plans of inorganic expansion strategy. […]
The Marico Group (Marico) today announced its entry into the South African ethnic hair care and Health care market. It has acquired the consumer division of Enaleni Pharmaceuticals Limited, through purchase of 100% shares in Enaleni Pharmaceuticals Consumer Division (Pty) Ltd (EPCD), an Enaleni subsidiary. The deal is valued at South African Rand (ZAR) 92.8 million (about Rs. 52 crore). Marico clinched this deal in a competitive bidding process. The Durban-based EPCD is present across segments such as Hair Relaxers, After Care -Hair Food and Hair Conditioners. EPCD’s Current annualised Turnover is about ZAR 95 Million that is about Rs 53 crore, (1 ZAR = Approx INR 5.6) EPCD operates 3 leading brands, viz. Caivil in premium ethnic hair care, Black Chic in VFM hair care, Hercules in OTC Health Care. […]
Pyramid Saimira Theatre Limited (PSTL), a Chennai-based theatre chain, has acquired Texas-based theatre chain FunAsia through its subsidiary, Pyramid Saimira Entertainment America. The enterprise value of FunAsia is pegged at $25 million. The acquisition includes FunAsia’s theatre screens, radio station, magazine and banquet halls. “With this acquisition, which is an all-cash deal, the total number of screens under PSTL has increased to 703 globally. We will scale up the number of screens from 23 to 60 in the US and Canada by the year end so as to cover 80 to 90% of the South Asian population there. We plan to expand to other cities such as Chicago, Virginia, Los Angeles and San Hose”, PSTL managing director P S Saminathan said. PSTL, apart from South Asia and US, would also ramp up its presence in the UK, another lucrative market for Indian cinema. Also, the company would create a mega digital theatre chain. Asked about the source of funding, he said it has already raised $ 90 million through convertible debentures. […]
Old Lane Mauritius III, an investment vehicle of Old Lane India Opportunities Funds, has invested $26 million (around Rs 104 crore) in Hyderabad-based KVK Energy's flagship company – KVK Energy and Infrastructure Private. The investment by Old Lane in KVK Energy and Infrastructure will primarily help fund the latter's projects including the 1,200Mw KVK Nilachal power project in Orissa, a project being monitored by the Inter Institutional Group (IIG) set up by the ministry of power, and the 120Mw SV power project in Chhattisgarh. KVK Group, operating across conventional as well as renewable sources such as natural gas, LSHS, coal, biomass and hydro power, currently owns stakes in 9 power generation projects spread across 6 states. The Old Lane India Opportunities Funds were established in July 2006, and are sized at $518 million with a 10-year life. […]
ePlanet Ventures, the world’s leading global venture capital firm headquartered in Silicon Valley, California, announced an investment in India’s leading medical technology company Trivitron. The US$11 million investment, by ePlanet Ventures and HSBC Private Equity (Asia) Limited, will facilitate Trivitron’s ambitious manufacturing business plans through acquisitions and joint ventures and will be used for the infrastructural development for its forthcoming medical technology park. The proposed Rs 250-crore medical technology park is a first of its kind initiative and will promote indigenization of medical technology in India. Trivitron has also requested the Government of Tamil Nadu to allot 25 acres of land near Chennai to start this project. […]
Venture capital firm VenturEast Funds launched its seventh fund, called VenturEast Proactive Fund, which will invest $150 million (Rs590 crore) into technology across early-stage and growth-stage companies. Out of the $150 million, $96 million has already been raised by the firm, which is headquartered in Chennai and Hyderabad. The fund will focus on businesses that serve small-and medium-enterprises and lower economic segments. This brings the firm’s total funds under management to approximately $300 million. Investors in the fund include US-based Argonaut Private Equity, Saudi Economic and Development Co., Life Insurance Corp. of India (LIC) and International Finance Corp. (IFC). Mint had reported on 12 October that VenturEast would be raising new funds worth $150 million for technology and life sciences. VenturEast gave additional details on its plan on Wednesday, explaining that $150 million will be dedicated to technology alone. The life sciences fund (the firm’s second fund for this sector) will be launched early-2008, but the size has not yet been decided. […]
YES BANK, India’s new age private sector Bank, today announced that its Capital Raising Committee of the Board of Directors approved the decision to issue 14.7 million equity shares, on a preferential basis, to Orient Global Tamarind Fund Pte Ltd (Orient Global Tamarind). Orient Global Tamarind is part of the Orient Global group, a Singapore-based private investment company founded by Mr Richard Chandler. This preferential issue of Tier I equity capital, constituting 4.99% of the expanded share capital of the Bank, is subject to necessary regulatory and YES BANK shareholder approvals. The shares have a lock-in period of one year from the date of issue. The resulting investment of INR 3.31 billion (approximately USD 84 million) will enable YES BANK to further accelerate its growth initiatives and build on the significant momentum it has generated across its various businesses since it commenced commercial operations in August 2004. […]
Nalanda Capital Pte Ltd, a Singapore-based private equity firm floated by Pulak Prasad, former managing director of Warburg Pincus, the Europe-based private equity giant, has picked up a 14.9% stake in precious stones and jewellery maker Vaibhav Gems. Of this, 9.9% stake was bought by Nalanda’s India Fund through global depository receipts, while 5% was through subscription of warrants. The total transaction size, if warrants are exercised, will be about $35 million. Warburg itself has 27% stake in the company. Prasad, who made the famous investment in Bharti Airtel for Warburg, which resulted in profits in thousands of crore for the private equity firm, will get a slot on the Vaibhav board. “We are very pleased to have Nalanda Capital on our board,” said Sunil Agrawal, chairman of Vaibhav Gems. “We look forward to their insights and expertise to take Vaibhav to the next level.” The board had taken a decision to this effect at its meeting on October 12. Among other things, it had also approved the issue of warrants to Surawell Pacific Ltd. […]
International Finance Corporation (IFC), the private sector lending arm of World Bank, will pick up stake worth Rs 143.39 crore in Mangalore-based Karnataka Bank through preferential issue of shares. Karnataka Bank will issue 63.73 lakh shares to IFC on preferential basis at Rs 225 apeice after obtaining the approval of Reserve Bank of India, the private sector said in a communique to the Bombay Stock Exchange. On October 5, the bank had issued bonds worth 10 million dollar to Washington-based IFC on private placement basis. (The Hindu) […]
A predominance of family-owned companies and a booming Indian stock market are posing challenges for private equity firms, who are finding new ways to invest in the fast-growing economy, top private equity managers said. Private equity investment in India is expected to grow by a third to $10 billion this year, but most deals involve publicly traded firms because families are reluctant to cede management control, they said. “Culturally, there's been resistance to give up management control, as entrepreneurs just pass on their business to their children,” Manisha Girotra, managing director, UBS Securities India, said at a Fortune Global Forum conference. “So PE (private equity) firms are taking minority positions instead of doing buyouts, and do late-stage investments.” Most top global private equity firms have set up offices in India and have stepped up the pace of deal-making recently. Blackstone Group has said it has a huge pipeline of deals and was targeting deals in the $50-$500 million range, even as U.S. and European credit markets remained frozen because of a global credit crunch. […]
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