|
|
The New York-headquartered Lehman Brothers has picked up 26 per cent stake in ECL Finance, the non-banking finance company of Edelweiss Capital, for close to Rs 180 crore. The acquisition comes within days after Lehman Brothers bought the institutional broking business of Brics Securities, a Mumbai-based broking house. In March, the Mumbai-based financial services company Edelweiss announced its foray into the non-banking financial space and asset management by investing a total of Rs 400 crore in the new ventures. The NBFC would be looking at mortgage business and other credit instruments. R Balakrishnan, who will head the NBFC business, was appointed executive vice-president of Edelweiss. Lehman Brothers’ acquisition of a substantial stake in the NBFC is the latest in the string of investments by foreign companies in the Indian NBFC sector. Recently BNP Paribas bought 50 per cent stake in an arm of SREI Infrastructure, AIG Capital and bought 75 per cent in Chennai’s Vivek Hire Purchase. Barclays bought Chennai’s Rank Investments. […]
Greylock Venture Partners, the US-based venture capital firm with $2 billion under management, has made its debut in India. The firm, which has backed globally renowned companies including Staples, RedHat and Facebook, made its first Indian investment in TechProcess (formerly BillJunction) as a growth stage venture funding. Greylock is currently investing from its $500 million global fund. TechProcess was initially funded by ICICI Ventures in 2000. Over the years it developed expertise in transaction and payment processing services across a spectrum of industries in India. Its services include processing transactions (debit & credit) for telecom, insurance, mutual funds, credit cards, banks and non-banking finance companies. In the insurance sector, offerings include both centralised and decentralised services in account receivables, account payables and document processing. A representative of Greylock India declined to spell out details of the investment as TechProcess might announce the details shortly. Greylock, however, added that they were part of a consortium which invested in Techprocess recently. […]
Leading private equity investor Citigroup Venture Capital is in talks with Pyramid Saimira Theatre (PSTL) to invest about $100 million in the company. The money is being raised to implement the company’s film production plans as well as set up new theatres. PSTL is looking at producing 100 films annually. However, company officials said that the deal was almost through, and it is currently awaiting shareholder approval for the same. The investment would be made by way of preferential allotment. PSTL managing director P Saminathan declined to comment on an query emailed to him. Pyramid Saimira Theatre, a leading movie theatre chain in the country, operates in the southern states of Tamil Nadu, Andhra Pradesh, Karnataka and Kerala. It has also begun operations in Malaysia, becoming the first Indian company to have international presence in the film exhibition segment. The company has recently introduced the innovative biometric card strategy in their theatrical business to win customer loyalty. It has recently completed a $90 million foreign currency convertible bond at a conversion price of Rs 454 per share, listed on the Singapore Stock Exchange. The company is present in Malaysia through its joint venture Company called Pyramid Saimira Theatre Chain Malaysia Sdn Bhd. […]
After scouting for deals over two years now, buyout funds are finally making a headway in the Indian market. Blackstone’s acquisition of Gokaldas Exports comes a few months after it bought Intelnet and PE watchers. With a PE fund likely to take over Patni Computers, experts believe that buyouts are set to gather momentum in the country. “Over the next 2-3 years, buyouts will be the next big thing in private equity in India. We expect the opportunities to increase,” said Chrys Capital Senior MD, Ashish Dhawan recently. Chryscapital, which has just concluded fund-raising for its $1.25 billion fund, will actively look for buyout opportunities. Buyout specialists such as Blackstone, Carlyle, KKR and Apax Partners, which are known for buying companies rather than picking minority stakes, have been on the prowl for some time in the country. But so far, PE players have only participated in a handful of buyouts. US-based PE KKR set the trend when it bought a 85% stake in Delhi-based Flextronics Software Services for over $900 million. The other buyouts in India included WL Ross’s acquisition of textile company OCM India for $37 million, Navis Capital’s buyout of restaurant chain Nirula’s and packaging company Oriental Containers and Actis, snapping south India-based food group Nilgiri’s for $65 million. […]
Ajay Piramal group on Monday launched a $200 million private equity fund dedicated to healthcare. This is the second healthcare-dedicated fund after Evolvence India launched one last year. The Mukesh Ambani-controlled Reliance Life Sciences, too, is looking at starting a similar fund along with MPM Capital that manages world’s largest healthcare-dedicated fund. State Bank of India’s ex-chairman A K Purwar has teamed up with Ajay Piramal for this fund and is expected to be launched in September. The fund will invest in hospitals, specialty clinics, IT/BPO and hi-tech equipment manufacturer. “Each investment will be in the range of $15-$20 million,” Purwar told DNA Money. […]
Bringing India’s fledgling textile garment industry into the global stage, Blackstone group, the world’s leading private equity firm, on Monday acquired a 50.1% stake in Gokaldas Exports from the Hindujas. The Hinduja family (not to be confused with the promoters of Ashok Leyland) will retain only 20% of its total stake of about 71%. However, they will continue to hold the reins at the board level. The Hinduja family and Blackstone have described the transaction as a “partnership to work together.” But Sebi regulations will mean that Blackstone will have to make an open offer, and depending on the success of the offer, it can take its stake to 70%. The total bill, including the cost of the open offer for the 20% stake from minority shareholders, would mean that the private equity firm will spend around Rs 682 crore for the acquisition. Akhil Gupta, CMD, Blackstone Advisors India Pvt Ltd, told DNA Money that the deal which took six months to be finalised, will be a win-win one. In the private equity industry, Blackstone has a reputation to play above the clouds where it has fewer competitors. The bulge-bracket firm does such a good job on due diligence that it rarely ever picks a firm where it does not have a strategic plan to add value. […]
Vision Corporation, engaged in entertainment business, on Monday said it has decided to acquire 51 per cent stake in shipping and logistics company Pol India Agencies Ltd (PIAL). A board meeting held on Friday decided to acquire 51 per cent equity stake in PIAL at a price yet to be mutually discussed and negotiated, the company said in a filing to the Bombay Stock Exchange. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|