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A clutch of investors are set to pick up 47% stake in the Intas Biopharmaceuticals, the biotech arm of Ahmedabad-based pharma major Intas Pharmaceuticals. Intas Biopharmaceuticals plans to issue about 62 lakh compulsorily convertible cumulative preference shares to four Mauritius-based foreign investors — Jarir India Investments, Kotak India Venture, BL Associates and Mordril Properties. One of the four investment holding companies — Kotak India Venture — has applied for a venture capital registration with Sebi. These shares will be issued at a face value of Rs 10 per share each, at a premium of Rs 20 per share. After the issue of shares, the percentage of non-resident investments in the company’s paid up capital will be 46.84%. Intas Pharmaceuticals is among the top 20 pharma companies in India with a turnover above Rs 600 crore in 2006-07. Its biotech arm, Intas Biopharmaceuticals, researches on recombinant therapeutic proteins and other biotech products and the company plans to use the fund for major capacity expansion for the same. It also plans to use the funds to expand its unit near Ahmedabad which manufactures biotech bulk drugs and formulations. […]
Leading global private equity and venture capital company, 3i Group plc,said it has raised 500 million dollar with the closure of first phase of the 3i India Infrastructure Fund. The fund was established to apply the successful investment strategy of 3i's global infrastructure business to the rapidly-growing Indian infrastructure market. 3i has, as part of first close, committed a minimum of USD 250-million to the fund, with 3i Infrastructure Ltd committing USD 250 million. The Fund, which is targeting USD 1-billion in commitments, will create a balanced portfolio of investments spanning the asset lifecycle and is managed by 3i's infrastructure investment team, a release issued here today stated. The fund is the first to be established within the framework of the strategic partnership agreement announced by 3i and the India Infrastructure Finance Company Ltd (IIFCL) in April. […]
Infrastructure development finance company (IDFC) is now in the race to acquire stake in IFCI, reports Business Standard. It is now in competition with the Blackstone Group and General Electric Capital Corporation. The other companies looking at IFCI`s stake includes a group led by billionaire Wilbur Ross and comprising the Goldman Sachs Group, Standard Chartered and HDFC, Cargill Financial Services Corporation, Natixis and Newbridge Asia. The winner of the 26% stake in IFCI stake will gain access to a market where lending grew 28% last year, and where the central bank limits foreign banks` ownership of local private rivals to 5%. IFCI, was bailed out by the government in 2003 because of bad debts, in July it announced plans to sell stake to a local or overseas investor to bolster its capital. […]
Legatum, a private firm that invests in global capital markets and in initiatives that support social development, on Monday said it has invested Rs 34 crore (US$ 8.4-million) in Intellecap. Intellecap provides business advisory services for investors and companies that seek both a financial and sustainable social return on investment. “Intellecap is an innovative and entrepreneurial company that has created a unique niche, intermediating financial capital into development-oriented businesses operating in India's poorest communities,” Legatum's Senior Vice-President, Philip Vassilou, said in a statement issued here. “Intellecap will now seek to extend and develop its combination of world-class services and people, delivering independent, impartial and insightful enterprise solutions,” he added. […]
Reddy expressed concerns regarding private equity flows while dwelling on the issue of setting up a currency stabilisation fund and sovereign wealth fund. “We have been seeking comfort in the nature of investment associated with capital inflows through hedge fund channels and participatory notes. Similar issues could also be relevant to private equity flows,” said governor, Y V Reddy, in his address at the golden jubilee function of Foreign Exchange Dealers Association of India (FEDAI) today. The objective of establishing a stabilisation fund is to smoothen revenue flows arising out of volatility in commodity export proceeds. A wealth fund is generally created amid current account surpluses by using a part of the foreign currency assets. Reddy said that a large part of the capital flows into India were portfolio investments, while a significant part of foreign direct investment (FDI) was in the form of private equity and geared towards brownfield projects rather than greenfield investments. […]
IL&FS Investment Managers Ltd is planning to launch its second realty fund. The first fund, IL&FS India Realty Fund, was floated in 2006 and raised $525 million. The money was invested in around 20 projects. Sources said the second realty fund would be “one-and-a-half times the size of the first fund”. The company didn’t give further details. IL&FS Investment Managers Ltd is the private equity investment arm of Infrastructure Leasing & Financial Services Ltd. Along with Milestone Capital Advisors, the company recently launched a real estate investment fund to raise Rs 1,000 crore to invest in leased and rented properties. […]
Citigroup is buying a minority stake in Indian real estate firm Nitesh Estates, a newspaper reported on Tuesday, but a source familiar with the matter said no deal had been done. The Economic Times, quoting unidentified sources, reported that a fund run by the U.S. bank's property investment arm, Citigroup Property Investors, was investing around $250 million. It would pick up a minority stake in Nitesh Estates and hold stakes in individual special purpose vehicles to build at least five luxury hotels, the paper said. But a source told Reuters: “Citigroup has not taken a stake in Nitesh”, although the two were working with other developers on a US$100 million luxury hotel in Bangalore. A spokesman for Citigroup in India did not immediately return a call seeking comment on the report. Nitesh Estates declined to comment, the Economic Times said. David Schaefer, the Asia head of Citigroup Property Investors, told Reuters in an interview in April the unit was investing around $400 million of a recently raised fund in India.( Reuters) […]
After the acquisition of the automotive plastics division of Bright Brothers in September for Rs 149 crore, Sintex is again on the prowl and closer to acquiring another overseas firm. The Rs 1,500 crore Ahmedabad-based plastics maker known for its water tanks, is completing due-diligence for acquisition in the composites business at Europe or US. The deal size is seen at $120 million and is likely to be announced in November, sources said. Recently, a clutch of foreign investors — HSBC, Lehman Brothers, Merrill Lynch, Master Trust, Bank of Japan and Batterymarch Financial — had bought 14.3% stake in Sintex Industries from Warburg Pincus. Amit Patel, managing director, Sintex Industries, said at an analysts’ conference on Monday that the company will invest Rs 350 crore in the next three years. […]
Denmark-based Zodiak Television has agreed to acquire 35 per cent stake in Indian production house Sol. The two parties have entered into a memorandum of understanding (MoU) and the deal is subject to due diligence and final agreements. Under the agreement, Zodiak Television World, the distribution arm of Zodiak Television Group, will licence and distribute Sol's programming internationally, excluding India. According to an official release, the two companies will now cooperate on actively developing Sol as a company with the aim of Zodiak increasing its stake in a later stage. […]
Powerica Limited, a leading genset manufacturer and provider of power solutions announced that its Board had approved an issue of equity shares to Standard Chartered Private Equity. The total investment by the fund will be USD 50 mn (Rs 200 crore). Powerica Limited, an ISO: 9001-2000 Company has been providing Power Solutions with CUMMINS engine powered generating sets to Indian industries for well over 27 years and is operating in India with 8 manufacturing units – in Navi Mumbai, Daman, Silvasa, Bengaluru and Chennai-SEZ and has 16 Sales and Marketing offices. “The funds would be deployed in upgrading the existing manufacturing, marketing and execution facilities and also for opening a new state of the art integrated generating set manufacturing facility at Khopoli (on the Mumbai-Pune Express Highway) on a recently acquired 22 acre plot,” said Naresh Oberoi, Managing Director, Powerica Limited. The plant at Khopoli will also house complex control panel manufacturing facilities, regularly required by large and multi-genset users. […]
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