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Apeejay Surrendra Park Hotels Ltd, owners of The Park Hotels chain, on Thursday said it has raised $55 million through a private equity deal with Credit Suisse. The money will be used to fund future expansions, a release issued said. “This infusion of capital will be a catalyst enabling us to expand our footprint throughout the region,” Apeejay Surrendra Park Hotels' Chairperson Priya Paul said. The Park Hotels is India's first collection of contemporary luxury boutique hotels with properties in Bangalore, Chennai, New Delhi, Kolkata, Navi Mumbai and Visakhapatnam. […]
Bessemer Venture Partners, a U.S. venture-capital firm, plans to invest $350 million of its new $1 billion fund in India, one of the world's fastest growing economies. The fund, Bessemer Venture Partners Global Fund VII, closed Thursday and had been significantly oversubscribed, according to the firm. BVP managing partner Rob Chandra sees India as an excellent investment destination for the long term. “India is going through profound change in its economy,” Chandra said Thursday in a phone interview from Mumbai. “It's deregulating and embracing capitalism. This deregulation is fuelling a lot of prosperity. It's fuelling jobs.” “India is still a society that's very capital starved,” Chandra said. With a population of 1.1 billion, India has a booming economy. Its GDP grew a whopping 9.2% in 2006 and is projected to grow at about 9% this year. “On the back of buoyant equity markets and fresh equity issuance, foreign institutional investment at nearly $9 billion so far in 2007 has (already) exceeded total inflows in 2006,” Eurasia Group analyst Seema Desai said in a research note Thursday. […]
PE players, including Blackstone, Warburg Pincus and Carlyle, are eyeing a 10% stake in Moser Baer Photo Voltaic (MBPV) business for a consideration of about $150 million. Moser Baer may look at options of spinning off the PV business as a separate entity and may subsequently look at an overseas listing for its PV arm. When contacted by ET, MBPV CEO Ravi Khanna said: “While there is a lot of interest from PE players in the PV business, we have not yet reached the valuation stage. PV is a fast growing business worldwide and firms with good proposition do generate a lot of interests. As far as listing is concerned, there is no decision as yet.” […]
Indian telecom services provider Reliance Communications (RCom) has sold a 5% stake in the unit that owns its telecom towers to a group of institutional investors at a price that was sharply above what the market expected. The price tag of Rs14 billion ($337.5 million) values the entire unit at $6.75 billion and sets a powerful benchmark for a planned initial public offering that, according to RCom’s chairman, will take place “in the near future”. The listing, he said yesterday, will give investors “another attractive opportunity to participate in India’s incredible telecom growth”. […]
Alcan Inc., the world's third-largest aluminum company, agreed to sell its 45 percent stake in India's Utkal Alumina International Ltd. to its partner in the venture, Hindalco Industries Ltd. The sale probably will be completed during the third quarter, and the financial terms weren't disclosed, Montreal- based Alcan said today in a statement. Hindalco already owns the remaining 55 percent of Utkal Alumina. The venture was established in 1992 to develop a bauxite mine and alumina refinery with potential capacity of as much as 3 million tons a year in the Indian state of Orissa. Bauxite ore is refined into alumina, which is smelted into aluminum. Alcan said in April, when it announced plans to sell its stake, that it didn't have enough influence in the venture. […]
BCCL has acquired a stake in Pampered Home, a Mumbai-based company which specialises in the design, manufacture and retail of designer name plates under the brand 'Identiti.' Founded in 2003 by Seema and Rattan Joneja to fulfill the need of homemakers, it commenced smart retailing, (i.e. small format stores in high footfall areas targeting a large catchments.) in October 2004 at Inorbit Mall and Nirmal Lifestyle in Mumbai. Each of the name plates designed & manufactured by Identiti are personalised to suit a customer's specific needs. […]
Kotak Realty Fund on Wednesday said it had raised Rs 1,600 crore from domestic investors to invest in diverse real estate asset classes across the country over a period of three years.
Stating that the average investment would be in the range of $20-25 million, KRF's CEO S Sriniwasan told reporters here that the average holding would be of 3-5 years.
“We will invest both at a project level as well as in the […]
Media house TV18, Financial Technologies India Ltd and Liberty Shoes are among the seven bidders interested in buying a stake in Delhi Stock Exchange (DSE) as the defunct bourse gets ready to restart operations. “So far we have received seven bids, including Financial Technologies, for 51 per cent brokers' stake.” BB Sahny, DSE director and chairman of the demutualisation committee, said. Two foreign entities Kuwait-based Noor Investments Ltd and US-based Horizon Assets Management Company, domestic footwear manufacturer Liberty Shoes and a group company of TV18 have also bid for picking up stake in the bourse. […]
US-based mobile value-added services provider Kirusa has received 10 million dollars in funding from venture capital firms Nexus India Capital and Helion Venture Partners, reports Our Bureau in Mumbai. As a result of the investment, Helion Venture MD Ashish Gupta and Naren Gupta from Nexus would join the board of directors of the company. […]
Biocon Ltd today said it will sell its enzymes venture to Denmark-based Novozymes for USD 115 million to focus on core bio-pharmaceuticals business. The agreement between the two companies has been signed today and the business transfer agreements are expected to be dosed before the end of third quarter of calendar year 2007, the company said in a communique to the Bombay Stock Exchange. “We believe this is the right time to divest our enzymes business and focus on unleashing the full potential of our bio-pharma businesses,” Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said. […]
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