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Hyderabad-based digital marketing firm Ybrant Digital today said it plans to acquire a minority stake in Israel-based Web 3.0 that also operates in similar domain, for an undisclosed amount. “We have signed a letter of intent to acquire minority stake in Web 3.0 which specialises in mobile marketing…The due diligence is likely to take about two months,” Ybrant Digital Chairman and CEO Suresh Reddy told PTI without disclosing details such as the quantum of stake and valuation. If completed, this would be eighth acquisition for Ybrant in the last five years. “Ybrant has acquired 100% stake in seven digital marketing companies in the last five years. These are US-based MediaOne and Ad Dynamic, Serbian firm VoloMP, Israel's Oridion, Argentina's DreamAd, Australia-based Max Interactive and Internet search engine Lycos,” he said. […]
Two recent private equity (PE) deals show how capital has begun flowing to companies in low-income states and smaller cities. In November 2010, Aureos Capital, a mid-market PE firm, invested $10 million (Rs.45.1 crore today) in Apollo BSR Hospital, based in Bhilai, Chhattisgarh. A month earlier, Fidelity Growth Partners invested $20 million in Shreem Electric Ltd, a power equipment and turnkey solutions provider in Sangli, Maharashtra. Aureos, with $1.3 billion under management globally, is looking to make similar investments in low-income states. Balaji Srinivas, managing director of Aureos India Advisors Pvt. Ltd, said: “We are looking for deals in places like Bihar and Orissa. Fifteen per cent of our investment in the new fund will go to such areas.” Chhattisgarh is the 17th largest Indian state by population and accounts for 1.6% of national gross domestic product. Aureos has plans to raise a new PE fund. […]
Vedanta Resources Plc took another 10 per cent stake in Cairn Energy's Indian assets as part of an overhaul of a long-delayed deal which will cut the price tag by more than $600 million. As part of changes announced on Monday, the deal will complete in two tranches, with Vedanta buying an initial 10 per cent stake by July 11. This will add to shares bought through an open offer and from Malaysian group Petronas, lifting Vedanta's stake in Cairn India to 28.5 per cent, with Cairn remaining the majority shareholder. Vedanta, which will become a fully fledged diversified miner once it secures a slice of India's oil reserves, will acquire the remaining 30 per cent stake it has agreed to buy once it has necessary consents from India. Vedanta and Cairn said they had agreed to remove a non-compete provision and a related fee of 50 rupees per share, cutting the price tag for the total 40 per cent stake being sold to $6.02 billion from $6.65 billion. […]
Venture capital company, Sequoia Capital, has decided to pump in USD 30 million in leading snacks food company from Indore, Prakash Snacks Pvt Ltd. With the help of the new funds, Prakash has plans to add a new range of Indian namkeen or savouries and expand production capacities at its manufacturing plant. As part of the investment, VT Bharadwaj and GV Ravishankar of Sequoia Capital will now be joining the board of BCM Group's Prakash Snacks. […]
Private equity fund Apollo Global Management LLC will invest about $500 million in Indian steel pipe manufacturer Welspun group, marking the second biggest private equity investment in India this year as firms take advantage of the rapid growth in Asia's third largest economy. Private equity deals are rapidly growing in India, with firms such as 3i Group Plc and Blackstone Group scouting for new investment opportunities, and many others selling their holdings as valuations improve. India saw 61 private equity buyouts worth $3.3 billion in the first half of 2011, up 21.6 percent from the same period last year. And private equity-backed M&A in the first six months of 2011 was the highest for the first half of any year so far. Earlier this year, Bain Capital and GIC invested about $850 million in Hero Honda in the largest PE deal in India this year. […]
The KK Modi group is set to wrest majority control in cigarette maker Godfrey Phillips India (GPI) from American tobacco major Philip Morris as the Indian business house leads the company's charge into noncigarette segments such as beedi and chewing pan masala , potentially to the discomfort of the foreign partner. GPI, a Rs 3,000-crore publicly-listed company, is a joint venture between the Modis and Philip Morris who each held 36% stake originally. However, changing equations , and the new diversification plans-led by the Indian promoter-saw the Modis pick up an additional 11% stake from the foreign partner last year, taking up their holding to 47%. Modi, chairman of Modi group, told TOI that as per an agreement between the partners, he has the “right” to take up his holding to 51% by buying further into Philip Morris' holding to get a majority control of the company, India's second-biggest cigarette maker that sells the “Four Square” brand and also distributes the iconic Marlboro brand (from Philip Morris stable). […]
Blackstone and Standard Chartered Private Equity are vying to acquire a large chunk of the promoter stake in Redington India Ltd, one of the country's oldest and leading distribution firm of telecom and IT products. Singapore-based NRI conglomerate Kewalram Chanrai Group is set to dilute just under 15% stake to one private equity investor for roughly Rs 500 crore, said sources familiar with the development. […]
The fifth largest brewer in the world, Molson Coors is buying 51% stake in Cobra India, making it a lateentrant into one of the fastest growing beer markets in Asia. The NYSE-listed company, whose brands include Coors Light, Molson Canadian and Carling is investing $35 million in Cobra India, which will be christened as Molson Coors Cobra India. Karan Bilimoria, the founder chairman of Cobra Beer, will hold the remaining 49% in the new JV. This investment includes stake-purchase and capital expenditure for expanding the company's brewery in Bihar. TOI had reported about the deal in its edition dated November 25, 2010. […]
It's play time for theatres in Chennai, with one of them catching the attention of angel investors (names withheld). Evam Entertainment, an English theatre group, received a funding of Rs 40 lakh for its venture Sideways Training. Sideways provides training to corporate houses using theatre as a medium. It has already conducted workshops for IT majors such as Google, Cognizant and Sify. The funding – claimed to be the first for a playhouse – is significant considering such moves will help theatre as a sector to move away from a patronage-based to a revenue-generating model. Most theatre groups are sponsorshipdriven . “We are moving away from the sponsorship model,” says Karthik Kumar, co-founder of Evam, whose major productions include Chetan Bhagat's Five Point Someone. […]
Classteacher Learning Systems Ltd. has received $15 million from a Fidelity fund for a minority stake in the Indian educational content provider. The money from Fidelity Growth Partners India Ltd., a private-equity arm of the global fund management company, will be used to expand Classteacher Learning's product portfolio, the Indian company said in a press release. Classteacher Learning didn't specify the stake it sold. Two members of FIL Capital Advisors (India) Ltd., the private-equity advisory arm of Fidelity Growth, will join the board of Classteacher Learning. […]
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