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The New York-based Goldman Sachs will invest $172 million for a majority stake in Indian metal castings maker Sigma Electric and its affiliated companies. Chairman of Sigma Sajjan Agarwal will stay on as a significant shareholder, and existing management will stay in place, according to a company’s communique. Sigma president and chief executive Paul Hirt will also join the company’s board of directors. Harsha Raghavan, vice-president of Goldman Sachs, along with Sanjeev Mehra and Sanjay Patel of Goldman Sachs, will also join the company’s board. On November 27, 2006, ET had first reported about Sigma’s proposal to sell majority stake in the company. The company was then in advance talks with another private equity player Newbridge. The deal however did not materialise, probably due to valuation differences. Sigma, based in Raleigh, North Carolina, makes about 1,500 products, including cable connectors and transformer connectors for firms such as ABB, Delphi and General Electric. In India, its plants are located in Pune and Jaipur. Sigma has over 1,400 engineers and technicians. It has manufacturing facilities in Pune and Jaipur. […]
The Board of Ludhiana-based Ritesh Properties & Industries Ltd (RPIL) today approved a stake of 8 per cent to Bennett, Coleman & Co Ltd (BCCL). According to the agreement, RPIL would be issuing 840,000 shares of Rs 60 each to BCCL amounting to Rs 5 crore. This initiative will take RPIL’s equity capital to 1,050,000 shares against the earlier 920,000 shares. RPIL will infuse these funds for marketing of its proposed retail chain business to further ramp up the operations. Sanjeev Arora, managing director, RPIL, said, “We are launching a retail chain of stores, especially targeting the women’s segment. We have plans to launch a brand called Femella across the country. By this year, we will have our stores opened in New Delhi.” […]
Sintex Industries is planning to take over Nief Plastic Group (France) through its subsidiary Sintex Plastics , according to sources in India. Managing shareholder Gilles Nief told PIE, however, that “the matter hadn’t yet been finalised” and talks were still in progress. It had previously been suggested that negotiations over a partnership between Nief and Plastiques du Val de Loire had been broken off. However, Nief denies that these rumoured talks have ever taken place.(Plast Europe) […]
ICICI Venture Funds Management Ltd, private equity arm of ICICI Bank Ltd, is floating a $2 billion real estate fund next month, reports quoting its chief executive said. The new real estate fund will have a tenure of 10 years and the money will be invested in projects within three years, the report quoted Renuka Ramnath, managing director and chief executive of ICICI Venture, as saying. ICICI Venture manages assets of more than $2 billion and had raised a $550 million real estate fund earlier. It has a strategic long-term joint venture with Tishman Speyer Properties in India.(Domain B) […]
Future Capital, the financial services arm of Kishore Biyani-led Future Group, is making a private placement of shares constituting 5.1% of its equity to Peterborough Holdings for Rs 53.4 crore. Peterborough, a Mauritius-based firm, is promoted by former Goldman Sachs executives Atul Kapur and Alok Oberoi. Future Capital, in which Pantaloon Retail is the majority equity holder, is also coming up with an initial public offer(IPO) constituting 10% of its equity capital. The pre-IPO placement of 3 million shares with a face value Rs 10 each to Peterborough is being made at a price of Rs 178 per share. This is also the price at which hedge fund Oz Management picked 9.8% stake in Future Capital early this year. This puts the valuation of the company at Rs 1,047 crore. […]
IT Solutions company 3i Infotech has penned an agreement to buy J&B Software Inc., USA and it subsidiaries. For the deal, Infotech would be paying USD 25.25 million during the conclusion of the transaction. The acquisition will be EPS accretive. V. Srinivasan, Managing Director and CEO, 3i Infotech said, “The acquisition of J&B Software Inc. is a strategic one and will enable 3i Infotech to strengthen its positioning in BFSI segment globally”. “We believe that through this partnership we will be able to take J&B Software solution offerings globally,” said Bala Balasubramanian, Chairman and CEO, J&B Software. […]
Global financial services player Merrill Lynch has bought a five per cent stake in Religare Enterprises, a Delhi-based financial services-cum-brokerage outfit, for about Rs 60 crore through its subsidiary Indopark Holdings. The deal values Religare Enterprises, which has filed a draft document for an initial public offering (IPO), at about Rs 1,212 crore. The IPO is likely to hit the market by this month-end. Indopark Holdings will get 37,88,050 shares post-IPO and these shares will have a lock-in period of one year, as stipulated by the Securities and Exchange Board of India (Sebi) rules. […]
Knowledge and finance BPO firm Azure Styx Infosoft is close to buying 49 percent stake in Philadelphia's Citizen Financial Mortgage (CFM) for Rs 100 crore. “The deal, signed two weeks ago, is worth Rs 100 crore and it is a combination of cash (to be raised through internal accruals and private equity participation) and support services”, Azure Styx Infosoft's Chief Executive Officer Dushyant Joshi told PTI here today. CFM, set up five years ago, has licence to function in 16 states of the US. In its 45 branches, it employs 290 workers and has a turnover of USD 200 million. The US subprime crisis created an opportunity, he said. […]
Country's food processing industry, which is attracting the foreign investors, has received a record of 106.4 million euro (about Rs 600 crore) investments from private equity firms this year so far, a latest report says. The food and beverage sector which got PE investments of a mere 4.2 euro million in two deals last year, saw the funds soar to 106.4 million euro through 11 deals already this year, consultancy firm KPMG and industry chamber FICCI said in a joint report released here today. The report also said foreign direct investment (FDI) approvals in food processing sector more than doubled to 98 million dollar in 2006-07 from 42 million dollar in 2005-06. It also said the FDI in the F&B sector is likely to cross 2.1 billion euro in 2007-08. […]
State government-backed venture capital firms, once among the few sources of seed and early-stage capital for Indian start-ups before the current round of venture investing got under way less than two years ago, have started privatizing themselves in order to remain relevant in the changed environment. Their moves come ahead of a Rs1,500 crore fund-raising exercise—the largest aggregate corpus such funds have raised in the last 15 years. The new funds in the pipeline will see private asset management teams being brought in to invest and manage them. Some of this is already under way. Punjab Infotech Venture Fund (PIVF) and Kerala Venture Capital Fund (KVCF) have plans to privatize, while Hyderabad Information Technology Venture Enterprise Ltd (Hitvel), which is increasing its current fund corpus from Rs50 crore to Rs150 crore, recently entered into a partnership with Srei Infrastructure Finance Ltd. Srei holds a 76% stake in Hitvel. Other state government-backed outfits that are in fund-raising mode currently are those from Karnataka, Maharashtra, Rajasthan, Andhra Pradesh and Gujarat. The last two are pioneers in the public-private partnership model and have set the rules of the game. […]
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