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The sale of Axis Private Equity Ltd, the private equity (PE) arm of Axis Bank Ltd, India’s third largest private bank by assets, has stalled even though bids were received from PE firms in June this year, three people familiar with the development said. The investors in the fund, known as limited partners (LPs), are unhappy with the sale and any decision cannot be executed without their consent, the three people added. The LPs in the fund include state-owned banks such as Corporation Bank, Canara Bank, Bank of Baroda, Union Bank of India, United Bank of India, and Punjab National Bank. Meanwhile, Axis Private Equity has stopped raising funds from international LPs. […]
Avantor Performance Materials Holdings SA has entered into a definitive agreement to acquire RFCL Limited from ICICI Venture Funds Management Company Ltd, a subsidiary of India's second-largest bank ICICI. Avantor identified RFCL as an attractive target to build on its current presence in the laboratory and pharmaceutical markets in India, a press release issued here today stated. The company, previously known as Mallinckrodt Baker, was acquired by an affiliate of New Mountain Capital, LLC in August 2010. Avantor and its subsidiaries manufacture and market high-performance chemistries and materials around the world under two well-known and respected brand names, JT Baker and Mallinckrodt Chemicals. Avantor and New Mountain Capital will provide RFCL with significant financial and strategic resources to support their growth initiatives. […]
Cambrex Corporation, a US-based life sciences company, has acquired a 51% stake in Zenara Pharma, Ltd., an India-based pharmaceutical company focused on the formulation of final dosage form products, for $20 million. Zenara will be renamed Cambrex Zenara. Pursuant to the agreement, Cambrex will acquire the remaining 49% in early 2016 at a value based on a weighted combination of a multiple of 2015 earnings before interest, taxes, depreciation and amortization (EBITDA) and cumulative EBITDA for the years 2011 through 2015. […]
The share of emerging markets in private equity deals has increased from 5 per cent to 30 per cent over the last decade, rivalling the proportion of deals in the USA and Europe, and it is expected to increase, according to a study which indicates that private equity's centre of gravity is shifting toward emerging markets which are witnessing accelerating returns. The study by IESE Business School and The Boston Consulting Group says returns from emerging markets have more than tripled since the 1990s to more than 17 per cent today, and the most attractive markets are India, Brazil, Turkey and Malaysia. The study, which is based on an analysis of the largest data set of its kind, has found that emerging markets' share of deals has increased steadily from 5 per cent in 1998 to 30 per cent in 2009, in contrast to the USA and Europe which accounted for 34 per cent and 38 per cent of the deals, respectively. Over the same period, emerging markets' share of deal volumes more than quadrupled to 21 per cent. […]
Dhanlaxmi Bank, one of the fastest growing mid-size private sector banks in India, announced today that it will acquire 15 % stake in Destimoney Securities Pvt. Ltd. (DSPL). The strategic investment will reinforce the Banks commitment to be an integrated financial solutions company. Destimoney Securities is a 100 % subsidiary of Destimoney Enterprises Pvt. Ltd., a full-service financial services provider and an advisory firm which is owned and controlled by New Silk Route (NSR), a private equity firm. New Silk Route is a leading Asia-focused growth capital firm founded in 2006 with $1.4 billion under management, focused on the Indian subcontinent, as well as other rapidly growing economies in Asia and the Middle East. […]
Bombay Rayon Fashions has announced that its Board of Directors has approved the acquisition of equity shares and Optionally Convertible Debentures (OCDs) alongwith underlying securities from the existing investors and OCD holders, constituting in the aggregate 70.56% equity stake in STI India (STI) for the total consideration of Rs 700 million. STI India (STI) is Indore based textile company; listed on Bombay Stock Exchange and National Stock Exchange. […]
“The proposed fund would be in the range of $100-150 million,” Mr Mohanjit Jolly, Executive Director, DFJ, told Business Line on the sidelines of Carbon Forum Asia 2010 in Singapore last week. DFJ, which invests in early to mid-stage companies, would earmark about a fourth of its India-specific fund to invest in clean technology companies. “The India story has been pretty strong – growing from an experiment to reality. Our Limited Partners (those who invest in a fund) are bullish on the India story. Moreover, with the recent exit, we have completed a full cycle in India,” Mr Jolly said. DFJ, which has a total portfolio of 20 investments in India, recently exited from Reva Electric, which was acquired by Mahindra and Mahindra. […]
Engineering and construction group Larsen and Toubro (L&T) is planning to launch a Rs.500-2,000-crore private equity fund as part of a strategy to become a financial supermarket. ‘We are in the process of putting the pieces. We have to synergise on the skills that the group currently possess. We will start with a fund size ranging between Rs.500 crore and Rs.2,000 crore. The corpus will be domestically raised,’ Senior Vice President (Financial Services) N. Sivaraman told IANS in an interview. He said the group can provide expertise in evaluation of opportunities in the principal business and the organisation. ‘The financial evaluation will be done by an independent professional team.’ Sivaraman said the group is progressing at a steady pace to have its hands in every sphere of the financial services business. The L&T Financial Services group today consists of two non-banking finance companies (L&T Finance and L&T Infrastructure Finance Company), L&T Mutual Fund and L&T General Insurance Company. […]
Parsvnath Developers Limited (PDL), India’s leading integrated infrastructure developer with a pan-India presence and a diversified portfolio, has partnered with Red Fort Capital to develop “Red Fort Parsvnath Towers”, a modern, state-of-the-art commercial office complex located in the heart of New Delhi’s Connaught Place on Bhai Veer Singh Marg. PDL has executed a concession agreement with Delhi Metro Rail Corporation (DMRC) to deliver the project on a BOT basis for a consideration of Rs. 995mn. PDL has partnered with Red Ford Capital, a leading international private equity real estate firm, to jointly develop the landmark Grade A commercial office complex according to international standards. The entities controlled by Red Fort Capital have acquired 24.50% equity stake in FDPL by inducting Rs1200mn as foreign direct investment. “Red Fort Parsvnath Towers” shall offer end-users world class design, modern floor plates and compelling value. Located on a 5-acre parcel adjacent to the five-star Metropolitan Hotel, the project has a leasable area of approximately 300,000 sq. ft., approx. 800 basement parking spaces and a wide array of mixed-use facilities and amenities. […]
Sun Tyre & Wheel Systems, part of the $6 billion TVS Group of India, has completed the acquisition of Watts Lanka Private Limited, the firm’s solid industrial tyres manufacturing company in Colombo, Sri Lanka. No details of how much was paid for the company or of the extent of the new owner’s expansion plans have been released. Announcing the news Sun Tyre & Wheel Systems said it is “dedicated to serving the world’s material handling industry with a wide range of tyre and wheel solutions covering most applications and operating environments.” Watts Lanka Private Limited (which will be renamed shortly) was a joint venture between Watts Tyres Limited of the UK and KVK Invest JSC of Bulgaria, principal shareholder in Balkancar Zarya PLC. One insider told Tyres & Accessories that, as the sale relates to a purchase prior to Watts’ recent buyout, this had been considered as an option for some time. Sun Tyre & Wheel Systems reports that 95 per cent of its sales overseas are exports with distribution across all continents. Despite expanding its manufacturing facilities in India substantially over the past three years, the firm reports that it still “finds itself seriously short of capacity.” Even during the global recession, the company is said to have recorded a healthy growth rate of 40 per cent. […]
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