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Baring Private Equity Partners India (BPEP), along with some of its international investors, is likely to invest about $75 million, or approximately Rs 350 crore, in the Bangalore-based Century Real Estate. Baring's individual commitment to the deal is around $53 million, while overseas investors who are backing the fund may bring in a little over $20 million in additional investment. Industry sources say that Baring has initiated the diligence process. As the realty firm is still working out the commercial terms, sources say the deal could be closed in February. When contacted, Century Real Estate managing director Ravindra Pai did not confirm or deny the development. The Baring-led investors may pick up around 26% stake in the holding company, which is one of the largest land aggregators with an estimated 3,000 acres of land bank in south India. The investment may be deployed as seed capital to develop multiple townships around Bangalore. E&Y and KPMG are assisting with the due diligence. […]
Dubai-based $6-billion conglomerate Emirates Trading Agency (ETA) will be divesting up to 25% stake in its Indian engineering services firm ETA Engineering to New Silk Route (NSR). The Rajat Gupta-spearheaded private equity may invest Rs 300 crore in ETA Engineering, said sources privy to the development. ETA Engineering, based in Chennai, provides electromechanical services to hotels, hospitals, technology parks and other commercial buildings. A top official at ETA group said the company was in talks with the PE funds to raise capital for unlocking the huge growth potential in India. The investor will subscribe mostly to fresh shares apart from buying a small part of the promoting holding in a secondary transaction, he added. Veda Corporate Finance is adviser to the transaction, sources added. NSR is $1.4-billion private equity fund focused on Asian markets, especially India. The recovery in private equity investments has been led by the buoyancy in the core infrastructure and allied services, and this potential transaction reflects the continued investor interest in solution providers to the infra play. […]
Three months after a spate of lawsuits were filed in the Delhi high court by suppliers to recover their dues from Koutons Retail India Ltd, Ascent Capital, one of the principal investors in the cloth seller, has exited the firm at a loss and considers the investment a “write-off”, said two executives at the private equity (PE) firm briefed on the development. “We have completely exited Koutons. It’s at a loss…it’s as good as a write-off. We haven’t made any money in it,” one of them, a top executive at Ascent Capital, said on condition of anonymity. He declined to give more details. Ascent Capital, formerly known as UTI Ventures, invested about Rs.54.6 crore in Koutons through two rounds in 2006, a year ahead of the company going public. The PE firm held an 8.3% stake. In December, VC Circle reported that Ascent Capital part-exited from its investment by selling 2.8% stake at a 58% loss. It sold the balance stake in the market late December. […]
Multiples Alternate Asset Management, a private equity (PE) fund founded by Renuka Ramnath, the former CEO of ICICI Venture, has received Rs 325 crore ($70 million) for its offshore fund from the Public Institution for Social Security (PIFSS) — a pension fund run by the Government of Kuwait. With this fund, Multiples has achieved a corpus of more than $425 million. It is targeting a size of $450 million. In March, the government-run Canada Pension Plan Investment Board made an anchor investment of $100 million into the fund. In July, CDC Group, a UK-based development finance institution, committed $30 million. Its first sector-agnostic fund will focus on sectors like financial services, healthcare, infrastructure and retail, with a typical deal size of $20-30 million. Though the size of PIFSS is not known, it is one of the largest pension funds in West Asia. […]
3i Group Plc, Europe's largest publicly traded private equity firm, plans to start a $1.5 billion fund in about six months to invest in Indian infrastructure including railways, ports and roads. The fund, to be based in London, would probably target a return of between 13 per cent and 18 per cent, Chief Executive Officer Michael Queen said in an interview in New Delhi today. Queen is traveling as part of a delegation with UK Business Secretary Vince Cable, who is seeking to increase exports and secure investment for Britain. 3i, one of the U K's oldest private equity firms, is seeking to boost profit after the credit crisis slowed deal- making. India is planning to spend about $1 trillion in the five years to 2017 on upgrading its transport and power networks, which are ranked below those of war-ravaged Ivory Coast. […]
Hyderabad based digital marketing firm Ybrant Digital Ltd has raised $48 million in debt and equity from Oak India Investments and existing investors, Asia Pacific Capital and ICICI Bank. Founded in 2000, Ybrant Digital offers digital marketing solutions to businesses, agencies, and online publishers worldwide. It connects advertisers with their audience across any form of digital media through the most relevant digital channel. In August last year, it had acquired a search engine and web portal company Lycos Inc for $36 million. It intends to use the corpus raised for growing its reach, develop new technology, expand internationally and explore acquisitions, the company said in a statement. Source: Livemint […]
Standard Chartered Private Equity Advisory (India) Pvt Ltd., or SCPE, has decided to offer debt finance alongside private equity (PE) finance as it seeks to enter India’s lucrative infrastructure sector. The PE arm of Standard Chartered Plc is currently working on three mezzanine deals—which include equity and debt components—in India and hopes to close at least two by March, Nainesh Jaisingh, managing director, SCPE, said in an interview last week. “For the first time in the history of Indian PE investing, four-five deals in the $200 million-plus category happened in 2010. All of these were infrastructure asset plays,” Jaisingh said. The Planning Commission has forecast a major ramp up in infrastructure spending—from $514 billion in the 11th Five-Year Plan (2007-12) to $1 trillion in the 12th plan (2012-17). […]
As rapid economic expansion creates a booming market for private security services, small and mid-sized companies in the sector are seeking risk capital infusion to further expansion plans. Growing public infrastructure in the form of roads, airports, shopping malls and commercial complexes has triggered a boom in the market for security services that is expected to grow five-fold to reach a size of 30,000 crore by 2015. Delhi-based Security and Intelligence Services (India) is looking to raise nearly $100 million and is in talks with a slew of private equity firms . “The security sector is characterised by high growth, stable cash flows and margins, low capital expenditure and high returns,” said Rituraj Sinha, group chief operating officer of the firm that raised capital in 2008 from DE Shaw & Co , a New York-based hedge fund to acquire the Australian arm of the guarding and mobile patrol business unit of United Technologies. Globally too, the security services sector has been red hot for private equity funds. Most major global funds, such as Blackstone, Carlyle, Dublier & Rice, have invested in security services space in the US, Europe and Japan over the last decade. In India, PE firm ICICI Venture Funds Management invested $26.74 million in Topsgrup in 2007, while Standard Chartered Private Equity invested $33 million in Firepro Systems in late 2009. […]
Private equity and venture capital firms invested a whopping $7,974 million in about 325 deals in India during 2010 calender year, according to data released by by PE/VC research firm Venture Intelligence. PE investments in 2010 almost double to $7.9 billion compared with $4,068 million across 290 deals in 2009. This data excludes deals in real estate. PE/VC exits were the most interesting sectoral trend in 2010 with 121 transactions, including 24 via IPOs. PE-backed companies raised about $2.20 billion via IPOs, while 2009 witnessed just 66 liquidity events, including seven via IPOs. The largest IPO by a PE-backed firm in the year was the $359 million SKS Microfinance IPO. Among exits via strategic sales, ChrysCapital’s reported $400 million sale of its holdings in Infosys Technologies (in which it had invested about $175 million in May 2008) was among the most significant exits via public market sales Actis and Sequoia Capital India exited OTC drug firm Paras Pharmaceuticals via sale to UK-based Reckitt Benckiser for $726 million. Actis had held a 63% stake in Paras. […]
Komli Media, a digital media network and audience measurement firm, has raised $15m in a funding round led by Norwest Venture Partners, backed by existing investors Nexus and Helion Venture Partners. Komli said the additional capital will be used to fuel “aggressive expansion” throughout India and across key markets in Asia Pacific. Investments will be made in both the digital media network and ViziSense, the company’s online audience and ad measurement business. ViziSense was recently launched in Australia, and is thought to be bidding to become IAB Australia’s “preferred supplier” of online audience measurement services. […]
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