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ICICI Venture puts ACE on block

Two years after ICICI Ventures acquired ACE Refractories (formerly known as ACC Refractories), in what was the largest leveraged buyout by a private equity fund in India during that time, it is understood that the fund has now put the company on the block. A source told TOI that two international funds and two global players in refractories have shown interest in ACE Refractories. It is learnt international biggies Goldman Sachs, Carlyle, RHI and Calderys have offered to buy the company as rapid growth in the domestic market continues to lure foreign firms. […]

PE flow down 50% on pass through curbs

The government’s decision to restrict the number of sectors for which domestic private equity funds can claim pass through status for tax purposes has begun to impact PE deal flow. In April, the first month in which the new norms … […]

FINO eyes $20m in private equity

The ICICI Group-incubated Financial Information Network Operation (FINO) is about to close its first round of fundraising, worth about $20 million, by the end of month. Besides International Finance Corp (IFC), the private-equity arm of World Bank, a clutch of … […]

Franklin buys Indian fund ventures for $89.7 mln

Money manager Franklin Resources said on Wednesday it paid $89.7 million in cash to buy the 25 percent interest in two Indian joint ventures that it did not own.

Franklin said in a filing it bought out the Indian joint ventures … […]

SHRENUJ & CO ACQUIRES ONE OF THE USA'S TOP FIVE JEWELERY DISTRIBUTORS

India-based diamond and jewelry company Shrenuj & Company Limited announced the acquisition of US-based Simon Golub & Sons Inc. (SGS), which is one of the top five jewelry distributors in America. The deal is valued at US$22.7 million for acquiring … […]

M&A wave travels from headlines to media offices

After writing reams on merger and acquisitions worth trillions of dollars, the media industry is now playing the protagonist in the takeover drama with 53 billion dollars worth of hostile and agreed offers hitting the headlines since the beginning of 2007. While the overall M&A activities so far this year have crossed the two trillion dollar mark, the media and publishing sector's share has soared past 50 billion dollars with two of the world's biggest media properties Reuters and Dow Jones emerging as hot takeover targets. […]

Canara Bank looks to buy Dena Bank – report

State-run Canara Bank is looking to buy smaller rival Dena Bank, the Business Standard reported on Wednesday quoting unnamed sources. Canara had appointed Ernst & Young to explore the possibility of the deal and the banks' chairmen would meet soon, the report said, quoting sources close to the development. […]

BNP to buy 49.9 pct stake in Sundaram Home Finance

French bank BNP Paribas said on Wednesday it will pay 1.97 billion rupees ($48.2 million) for a 49.9 percent stake in India's Sundaram Home Finance Ltd, extending its presence in the fast-growing economy.

BNP Paribas, the euro zone's second biggest … […]

JP Morgan to invest Rs400 cr in Indian residential project

J P Morgan Property Fund, which has mobilised over $300 million (Rs1,228 crore) to focus on Indian real estate, is going to set up a residential project in Chennai, at an estimated cost of Rs400 crore.

Chennai-based realty developer Arihant … […]

Venture arms of big firms step up their Indian start-up investments

Venture capital (VC) arms of companies such as Intel, Cisco, Reliance ADAG, Google and Yahoo are increasing their investments in early stage technology and consumer service start-ups in India. In the past 12 months, Intel Capital, the venture arm of the world’s largest computer chip manufacturer, has invested in 10 start-up companies; the aim is to make one new investment every six weeks. In contrast, in the eight years from 1998, when Intel Capital first started investing in India, through December 2005, when it announced the Rs1,125 crore Intel Capital India Technology Fund, the firm would typically invest in an average of three-four start-ups in a year. […]

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