|
|
Bangalore-based local search company Four Interactive Pvt. Ltd has received $10 million (39.8 crore) in its second round of funding from Lightspeed Venture Partners, SVB India Capital Partners and Matrix Partners India. The company had earlier received funding of $2 million from Matrix Partners when it set up operations in December 2006. Four Interactive launched its service, local information search site AskLaila.com for Bangalore city in August. The portal allows users to search for places or utilities in areas within the city. Four Interactive will use the funding primarily to scale up services across the country and for technology investments to add product features and enhance its information database. The company will also use the capital to double its current headcount of 18 . “The first round of funding helped us with product trial in one city,” said Shriram Adukoorie, co-founder, Four Interactive. “The additional capital will help us expand faster into more cities.” The company will launch services in Mumbai by end-October, and expand into New Delhi, Kolkata, Chennai and Hyderabad in the next 10 months. […]
The widening demand-supply gap in power generation is turning out to be a ‘blessing in disguise’ for India’s leading captive power and diesel generator manufacturers. While Goldman Sachs is set to buy around 10% stake in Delhi-based Sudhir Gensets for $100 million, Standard Chartered Private Equity (SCPE) is buying 11% stake in Mumbai-based Powerica, another leading equipment maker, for around $50 million. Investment banking sources said the power sector, particularly captive power companies, is attracting private equity (PE) investors. “Even if the government initiates any action today, it would take at least five years for the demand-supply gap to narrow. Till then, captive power is the only solution,” says a senior country manager at a UK-based PE firm. For Goldman Sachs, investments into India’s infrastructure, especially the power sector, will remain key, said sources. The global investment banking firm has already invested around $800 million across various sectors in the country since early 2006. […]
NIIT Technologies is reportedly in talks with private equity majors Carlyle and TPG (Texas Pacific Group) for selling a majority stake in the company. A financial daily reports that a strategic investor is also believed to be interested in the deal. At present, the promoters' stake in NIIT Technologies is around 40%, and the newspaper report says that the company may sell anywhere between 25% and 40% to the potential suitor(s). This would trigger an open offer for an additional 20% in the company. […]
Deutsche Bank AG, Germany's biggest, led a group of private equity firms in investing $425 million in Indian real estate developer Lodha Group to tap a market where property prices have doubled in two years. The funds will be used for three real estate projects in India's commercial hub of Mumbai, Lodha Group said in an e- mailed statement. JPMorgan Chase & Co. and ICICI Bank Ltd.'s venture capital unit have already invested in the group, it said. Deutsche joins Emaar Properties PJSC in investing in India, where the fastest wage growth in Asia Pacific is helping more of the nation's 300 million-strong middle class buy homes. JPMorgan expects developers may sell as much as $10 billion of shares in the next 18 months as the world's second-fastest pace of economic growth boosts demand for offices and homes. […]
Citigroup Inc., Merrill Lynch & Co. and two other investors acquired stakes in the Multi Commodity Exchange of India Ltd. as trading surges in the Asian nation, the world's second-largest sugar and rice producer. The U.S. investment banks acquired 5 percent stakes, Ravi Muthreja, a spokesman for the Mumbai-based company said today. Passport Capital acquired 3 percent and GLG Partners LP purchased 2 percent in MCX, as the exchange is known. Goldman Sachs Group Inc. and Fidelity International Ltd. have invested in Indian markets as the fastest pace of economic growth since independence in 1947 spurs commodity demand. Overseas capital may help MCX, the world's third-largest gold exchange, develop products as the metal rises to near a record. “The foreign companies will bring in their expertise from overseas and help enhance the Indian commodity market,'' Amol Tilak, an analyst at Kotak Commodity Services Ltd., said by phone from Mumbai. “It's a good time to be in.'' […]
Wipro Ltd , India's third-biggest software exporter, said on Friday it was acquiring the wireless design subsidiary of Oki Electric Industry Co Ltd to help it expand in Japan and east Asia. Wipro will also set up a dedicated development center for Oki, with which it had signed a strategic partnership agreement in the area of design services for the semiconductor market, the Indian company said in a statement. “As part of this partnership, Wipro has signed a definitive agreement to acquire Oki Techno Centre Singapore Pte Ltd (OTCS), including its own intellectual property rights in an all-cash deal over a period of one year,” it said. Wipro did not disclose the cost of acquiring OTCS, a wholly owned subsidiary of Oki. “The acquisition also provides a solid base for addressing the large market in Japan and east Asia,” said Ramesh Emani, head of Wipro's telecom and product engineering solutions division.( Reuters) […]
Beacon India Private Equity Fund started investing in July after entering India’s underserved $5-25 million (about Rs20-100 crore) deal segment one year ago. Beacon, which is sponsored by financial services firm Baer Capital Partners (UK) Ltd, has made two investments totalling $27 million and is about to close $32 million more from an initial corpus of more than $100 million. The firm is looking to raise another $100-150 million towards the end of the year that would be deployed over three years. Beacon’s strategy of doing smaller private equity (PE) deals is similar to others who also saw a gap in supply for established companies that needed less than $25 million. New Delhi-based Avigo Capital Partners does deal sizes of $3-$10 million. SAIF Partners is an example of a firm that serves smaller deal sizes within a range of $10-100 million. Deepak Shahdadpuri, managing director of Beacon India Advisors Pvt. Ltd, said they are also looking at a few deals between $1 million and $3 million. Similar to a venture capital (VC) investor, they are looking to invest in “the next big trend,” Shahdadpuri said, and are banking on finding proprietary deals. But they only back proven business models, which differentiates them from the VCs doing similar deal sizes. The fund heads, Shahdadpuri in Mumbai and Rajeev Thakore in New Delhi, have chosen this investment strategy for a reason. […]
The Trissur-based South Indian Bank has completed one round of equity dilution wherein marquee investors like International Finance Corporation, Fidelity Group and UTI Ventures have all picked up stakes. The entire exercise saw the bank raise Rs 326 crore or $81 million. The shares were placed at Rs 163 to the investors. According to sources, IFC lead the pack with an investment of around Rs 70 crore, Fidelity Group, UTI Ventures and Blue Ridge Group pitched in with around Rs 40 crore each. Besides fund houses like Birla MF, Merill Lynch, Indian Capital opportunities Fund, DE Shaw, Moon Capital and others have also picked up stakes in the Bank. […]
Vijay Mallya, chairman, United Breweries (Holdings, has bought a 50 per cent strategic stake in Epic Aircraft for $120 million (about Rs 480 crore), according to a statement by the UB Group. Mallya, whose UB Group owns the full-service carrier Kingfisher Airlines and also has a 26 per cent in Deccan Aviation (which owns budget carrier Air Deccan), has made the investment in Epic in his personal capacity. Epic Aircraft, a unit of Aircraft Investor Resources LLC, manufactures private business jets with single and twin engines, capable of carrying six to seven people. While Mallya’s initial focus would be on the US market, which is the largest with 11,000 of 14,000 business jets in the world, he will also use this acquisition to tap the business jets market in India. As India Inc looks to acquire assets abroad, its CEOs are looking for corporate jets that will fly them to destinations quicker and more comfortably. […]
Al Bateen Investment Co. LLC (ABI), a unit of the Abu Dhabi-based Al Ain International Group, said yesterday it has acquired a 4.24 per cent stake in India's Development Credit Bank (DCB), thus marking its entry into the Indian market. “We have paid the money and the allotment of shares to ABI has been completed,” Madhu B. Madhusudan, Al Ain International Group's chief financial officer told Gulf News. He declined to comment on the value of the deal. However, a source close to the developments told the newspaper that the acquisition cost ABI close to $21 million. “ABI invested by subscribing to DCB's preferential issue to a group of institutional investors. These include Tata Capital and the Mauritius-based GRA Finance Corporation,” ABI said in a statement. DCB is one of the fastest growing private sector commercial banks in India. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|