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Ajay Piramal, one of India's top industrialists, has struck a deal with Religare Enterprises to sell 80% of his stake in realty fund, Indiareit Fund Advisors – as part of a move to sharpen his group's focus on real estate development. The deal is valued at over 300 crore according to two people with direct knowledge of the development. This divestment is part of a larger plan by Piramal to focus on the realty development business through two group companies – Piramal Sunteck Realty and Piramal Realty […]
Business correspondents, which partner banks in their financial inclusion programmes, are planning to raise funds from private equity investors to scale up their operations. SEED Financial Services, a business correspondent for 19 banks including State Bank of India (SBI), plans to raise $5.5 million from private investors by selling a part of its stake. The Delhi-based company is currently in talks with domestic and foreign investors and aims to raise the funds by the end of June. “We are cash-positive now. But we need this capital to scale up our operations, build infrastructure and augment our resources,” SEED Financial Services Managing Director, Anirban Roy, told Business Standard. Financial Information Network and Operations Limited (Fino), a Mumbai-based business correspondent, raised about Rs 150 crore from a group of investors, including private equity investors. […]
This, arguably, is one the biggest private equity funding in recent times in wind energy space. Caparo Energy India, wholly-owned subsidiary of Caparo Energy, owned by the UK-headquartered diversified Caparo Group from the lineage of Swraj Paul, is understood to have mandated investment bankers to raise $150 million (Rs 700 crore) through the private equity route. The company, which is into wind power generation in India, is putting in place an aggressive expansion plan. It is charting a two-phased expansion plan, which will see them generate upto 5,000 Mw over the next six years. The first phase will see a generation capacity of 3,000 Mw in another five years, while the other 2,000 Mw will be produced in the second phase. To implement the first phase, Caparo Energy India has already entered into an agreement with Suzlon Energy, to acquire up to 3,000 Mw of wind power generation farms. According to investment bankers close to the deal, the fresh round of equity raising will be used for this expansion. In January, Caparo Energy signed a record Rs 5,700 crore deal with Suzlon Energy to generate 1,000 Mw energy in the future. […]
Billionaire brothers Malvinder and Shivinder Singh are selling 86% stake in the country's largest medical diagnostics firm Super Religare Laboratories ahead of its public issue, to listed group firm Fortis Healthcare (India) for an undisclosed amount. Fortis Healthcare's board gave an inprinciple approval for setting up standalone dialysis centres and to foray into diagnostic centres starting with the acquisition of a majority stake in SRL, the company said on Thursday. The Singh brothers together own 81.5% stake in Fortis, India's second-largest hospital chain. The transaction will lead to transfer of ownership of SRL to another company, also majority owned by the same promoters. Shivinder Mohan Singh, MD of Fortis Healthcare India, said the addition of diagnostics and retail dialysis businesses will serve to enhance the quality of care to the company's customers. […]
LeapFrog Investments has announced a Rs. 62 Crore (US $14M) investment in Apollo Investment Ltd (AIL) – a leading East African insurance group. LeapFrog, launched with US President Bill Clinton in 2008, has become the world’s largest investment fund focused on insurance to under-served people. The fund has focused on India as a key market, and plans to make a major investment in the coming months. LeapFrog co-founder, Dr. Jim Roth, who leads LeapFrog’s investment efforts in India, says“We are on the cusp of a major deal in India. The Apollo investment demonstrates how LeapFrog supports strong management with capital and expertise. We help position a company to be a national leader by focusing on the opportunity mass market insurance presents for growth and profitability.” Roth added, “India is a key market for LeapFrog now and in years to come.” […]
Led by big-ticket investments from infrastructure and manufacturing funds, private equity (PE) firms' investments in the country touched an impressive USD 3.3 billion in January-March, 2011. PE investments in the January-March quarter of calender year 2011 were about 57 per cent higher than the USD 2.1 billion worth of PE investments registered in the year-ago period and more than double the USD 1.5 billion PE investments in October-December 2010, according to data provider Venture Intelligence. […]
Real estate company Parsvnath Developers is looking at raising up to Rs 200 crore by selling stakes in two group housing projects to private equity firms. According to sources, the company is in talks with three-four private equity players to raise funds for its two group housing projects in north India and may seal the deal next month. The funds would be used to meet the construction cost of these two projects, they added. The company could not be contacted. […]
It is not just the mergers and acquisitions (M&As) followed by the Daiichi-Ranbaxy or the Abbott-Piramal deal that are seeing an uptake in the pharmaceutical industry. Fat private equity (PE) and venture capital (VC) firms are also betting big on small and midsized pharmaceutical companies to put their bucks on. The average PE deal value which was $6 million in 2009, today stands at almost $140 million, according to VCCEdge. Even the deal volume has increased from 2 to 7. The most prominent PE investments which happened in 2010 include New Silk Route Partners $55 million investment in Nectar Life Sciences and a series of investments in Arch Pharmalabs by Emerging India Focus Funds and India Infoline Venture Capital Fund. Even this year had a kick-start with Arum Investments backing Plethico Pharmaceuticals by $17.41 million. […]
Announcing a major development, Economic Affairs Secretary Mr. R.Gopalan said that private equity firms, which were unregulated till now, will be brought under SEBI regulations. Mr. Gopalan said that the market regulator had already started work on regulating private equity players and that the guidelines would be issued very soon. The regulation of private equity firms comes at a time when there have been growing concerns over private pools of capital such as private equity. The Reserve Bank of India too, had voiced its concerns over the unregulated nature of the private equity firms in the past. Providing further insight into the regulation procedure, Mr. Gopalan said that the regulation would be on the same lines as that of venture capital funds. Right now, the venture capital regulations need compulsory registration with SEBI. […]
Private lender IndusInd Bank will acquire the credit card business of Deutsche Bank in India. The German bank today announced that it has entered into an agreement to transfer its local credit card business to IndusInd Bank. The deal, involving over 15,000 credit cards and a total loan portfolio of about Rs200 crore, will mark IndusInd Bank's entry into the credit card business. The deal is expected to be completed in the next couple of weeks, reports quoting IndusInd sources said. IndusInd Bank, which had already announced plans to enter the credit card business, last year, roped in Anil Ramachandran from Deutsche Bank to set up the credit card business. The acquisition will also make IndusInd Bank a full service bank and the private lender said it is planning to expand into a full range of customer-centric products. […]
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