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Singapore-based Temasek Holdings, Swiss Re and Tata Capital are in talks with financial services firm First Leasing for 27.3% stake, according to agencies. The deal is likely to be announced in a month. According to agency reports, the transaction could be at a substantial premium to the current market price. First Leasing shares closed up 5.45% at Rs 103.5 at the Bombay Stock Exchange in Friday's trade. Based on the closing price the deal is valued at approximately Rs 64 crore. First Leasing, Swiss Re and Temasek were not immediately available for comment. Tata Capital declined to comment. Bid prices were not immediately available, but the sources said the transaction could be at a substantial premium to the current market price. First Leasing provides corporate financing along with consumer credit and fixed deposits. Its clients include Citibank, Johnson & Johnson and Volvo. It reported FY11 revenues worth Rs 177 crore. […]
In another month that saw more than $1 billion (around R4,500 crore) in private equity/venture capital (PE/VC) investments, May accounted for $1.14 billion of investments in Indian companies across 39 deals; around 180% increase over $408 million across 17 deals in the same period last year. The average deal size increased from $29.1 miliion to $33.6 million. 2011 has so far attracted investments worth $5.42 billion, compared with $3.53 billion in the first five months last year. The infrastructure (including power) sector topped the investment chart, accounting for 59%, with 12 deals worth $676.4 million. […]
Future Group's logistics arm is planning to raise Rs1,000 crore by selling stake either through an initial public offering or private equity placements in the next 15 months. “This is a capital intensive business and we will raise funds through a combination of debt and equity,” said Anshuman Singh, MD and CEO at Future Supply Chains . “It could be anything – private equity placements, IPO or even existing stakeholder Li & Fung increasing its stake. We will decide the route next year,” he added. In 2009, Hong Kong-based supply chain giant Li & Fung Group had bought 26% stake in the company for $30 million. At present, Future Supply Chain gets more than 70% of its Rs600-crore business from servicing retail operations of its parent company. However, the company is also de-risking its business model and tapping other opportunities by adding newer clients across consumer sectors. […]
International Finance Corp. (IFC), a member of the World Bank Group, is investing $4 million in India’s Sapphire Industrial Infrastructures Private Limited to implement the country’s first large-scale grid-connected thin-film solar plant, which will help bolster clean energy locally and provide additional electricity to about 11,000 people. IFC’s investment in Sapphire Industrial Infrastructures, subsidiary of Moser Baer Clean Energy Limited, will support construction of the 5-megawatt solar plant at Sivaganga in Tamil Nadu, a southern state in India. The plant, with a capacity of 8 million units of power a year, is expected to avoid approximately 6,600 metric tons of greenhouse-gas emissions annually. Rajya Ghei, Country Head Solar Farms, Moser Baer Clean Energy Limited, said that as demonstrated through its support, IFC recognizes the potential of large-scale solar-power generation to help meet India’s enormous energy needs. The learning from this project will help the company replicate similar projects in other Indian states, said Ghei. […]
France's Schneider Electric will buy 74% in inverter-maker Luminous Power Technologies for Rs 1,400 crore, making its eighth acquisition in two years in the rapidly-growing market. Luminous Power would continue to operate with the same management and brand. Luminous had debt of Rs 240 crore at the end of March, earned Rs 1,100 crore revenue during the year, and employs about 3,000 people at nine sites in India and China. ET had first reported Schneider's approach on April 1. Schneider Electric India managing director Olivier Blum said the joint venture would provide the company a strong platform to reach out to Indian consumers that is growing at 20% every year. […]
Nippon Steel's associate Krosaki Harima Corporation (KHC), a leading global refractory maker, has completed the acquisition of 51% stake in Tata Steel's group company Tata Refractories(TRL) for Rs 576.3 crore. With this sake sale, Tata Steel's holding in TRL would fall to 26.46%. The company has also inducted the Japanese firm as a strategic partner in the largest domestic refractory manufacturer. Tata Steel shares closed at Rs 589.10 a piece on the BSE today, up 1.51% from the previous close. “The company has completed the transaction and received the relevant consideration for the transfer of 51% equity shares of TRL out of its current stake of 77.46% stake in TRL to Krosaki Harima Corporation of Japan at an equity valuation of Rs 1,130 crore,” said the company in a statement to the Bombay Stock Exchange (BSE) on Tuesday. […]
Consumer goods maker Jyothy Laboratories is close to raising about $150-$200 million from private equity funds, with a deal likely to be announced in 6-8 weeks, three sources with direct knowledge of the matter told Reuters. The Indian maker of fabric whiteners and detergents is in talks with a clutch of private-equity funds including the Carlyle Group, Actis, TPG Capital and Apax Partners to sell a minority stake, sources said. The deal could be the second round of private equity infusion into Jyothy as Actis, CLSA and Baring India had invested and exited from the company earlier. Jyothy Labs recently bought 51 percent of Henkel AG's Indian arm for 5.7 billion rupees ($127 million). […]
Godrej Consumer Products (GCPL) has acquired 51 per cent stake in Darling Group Holdings that manufactures and distributes a range of hair extension products across sub-Saharan Africa. The deal is expected to enable GCPL to leverage its product portfolio and capabilities in personal wash, toiletries, household insecticides and air care across the African continent. Also, the company aims to build a global, premium ethnic hair care brand across Africa through marketing and innovation processes. Darling Group’s current management team will continue to manage the business. GCPL will put in place a cross-functional team consisting of current Darling Group management and GCPL’s team members. These teams will work in the areas of marketing, sales, manufacturing, finance and human resources. GCPL believes that over time, this acquisition can provide a strong distribution and marketing platform for taking other home and personal care products from the company’s portfolio to the African consumer. […]
Necessity, they say, is the mother of invention. In the high adrenaline world of private equity (PE), it’s also a matter of sustenance. So at a time when raising money for new PE schemes from global high new worth individuals (HNIs), family offices, endowment and educational trusts or pension schemes — or any such limited partners (LPs) in industryspeak — is becoming exceedingly tough, GPs from these fund houses are coming out with innovative ideas to woo global investors. Forget about lock-ins, assured IRRs or ROEs or any other high finance jargon. In this mad scramble (see chart: On the road) of getting a cheque signed from the fat cats, some GPs are even willing to give personal guarantees against investments, offer a liquid pool of cash — in many cases from their own pocket — for “any time” redemptions and are willing to negotiate and split the traditional 2 per cent management fee. Lawyers, global placement agency chiefs, and the fund managers will not take specific names but recently two real estate PE funds, based out of Mumbai and Delhi, raised about Rs 300 crore each after negotiating with LPs and by keeping a liquid cash pool. […]
India Venture Advisors, founded by industrialist Ajay Piramal and former State Bank of India (SBI) chairman AK Purwar to focus on healthcare and life sciences segment, is set to launch yet another healthcare-focused fund by September. It plans to raise R500 crore via new fund. Launched in 2007 the firm has a corpus of R900 crore ($200 million). The new fund will also focus on social infrastructure sectors, like education, sources said. Confirming to FE, the launch of a healthcare-focused fund, Purwar said, “The investors in the fund will be domestic, including institutional and high net worth individuals (HNIs).” India Venture Advisors has invested $11 million in C&C Construction last year and $18.4 million in Sri Kavery Medical Care (Trichy) in 2009. […]
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