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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. […]
Reliance Communications Ltd is in talks with Malaysia's Maxis Communications to buy a controlling stake in its Indian unit Aircel Cellular Ltd, the Mint said on Monday, citing sources from the two firms. Reliance Communications is the number two mobile services firm in India, the world's fastest-growing mobile market with more than 6 million people signing up for mobile phones every month. Maxis is Malaysia's largest mobile operator. The newspaper quoted unidentified officials at Reliance Communications and Aircel as saying that the two firms were exploring options such as buyout or a joint venture. A Reliance Communications spokesman declined comment on the report, while Aircel could not be immediately reached. […]
Private equity firms Texas Pacific Group and Apax Partners are close to buying some of the founders' stake in India's Patni Computer Systems Ltd , the Business Standard newspaper reported on Monday, citing unnamed sources.
Gajendra and Ashok Patni, two of the three brothers who founded the software services firm, are looking to sell their stake, local media had earlier reported. Their holding in the company total about 29 percent. The agreement between one of the private equity partners and […]
Private equity and venture capital funds have exited from 160 companies through either IPOs or merger and acquisition routes between 2004 till the first half of 2007, according to a research firm. “From January 2004 to June 2007, PE and VC investors have made investments in 706 companies in India for an estimated $17 billion while they have made exit from 160 companies in the same period through IPO or merger and acquisition route so far,” Arun Natarajan, Founder and CEO of Venture Intelligence, the research firm that tracks venture capital and private equity investment in the country said. Incidentally, a very large majority of the exits were successful, meaning they resulted in Private Equity investors and VCs making money on their original investment. Exiting from the investee company is an important feature of private equity and VC investment, as it not only determines the returns for the investors in that fund but also determines the ability of the fund managers to raise funds in future. […]
India's biggest private-sector bank, ICICI Bank Ltd, the country's second largest lender after state-run State Bank of India has received Foreign Investment Promotion Board (FIPB) approval to divest 24 per cent stake in its insurance business, ICICI Financial Services, to foreign investors, sources close to the deal said. “The proposal has been recommended for conditional clearance. ICICI will have to take the clearance from the Reserve Bank of India and the finance ministry,” newspaper reports quoted an unnamed government official as saying. […]
According to an estimate by RREEF, the value of globally invested commercial real estate market is around $10 trillion in 2006. Invested market is the real estate market where space is owned by professional real estate investors, such as money managers, funds, private investment vehicles, listed companies, institutions etc. and this market is only two-thirds of investible market, which also includes investment-grade space that is owner-occupied. US accounts for more than a third of investible stock (around $5.6 trillion) and around 85 per cent is already invested. Other major markets that have large proportion of invested real estate are Japan, UK, and Germany. About 90 per cent of around $1 trillion investible stock in the UK has already been invested. Emerging markets like India, China, Brazil and Mexico have very small proportion of market that are institutionally invested. Despite phenomenal economic and property market growth in India, the size of investible commercial real estate stock is $100 billion because a large chunk of real estate stock is not investment grade. However, India is adding real estate stock at a fastest rate in the world. During current and next year, around 300 per cent of total stock is projected to be added despite an expected slowing down of the real estate cycle. According to RREEF, India would add 700 million sq ft of office space valued at $35 billion. […]
Sequoia Capital India, India’s leading venture capital and growth equity investment firm, has closed its third venture capital fund for India at approximately $300 million. This, the company claimed, is the largest venture capital fund ever raised for India, as opposed to private equity or late stage fund, and makes Sequoia Capital India (formerly known as WestBridge Capital Partners) India’s largest and most active backer of early stage companies. Consistent with its two prior India-focused venture capital funds, this fund will focus on investing in high-growth early stage companies across sectors. The firm currently manages over $1 billion in dedicated capital for India across three venture capital funds and a growth equity fund. […]
ICICI Venture and Indivision, the private equity arm of Future Capital Holdings, have together picked up 16.46% in security solutions firm Tops Security for Rs 140 crore. Tops group CMD Diwan Rahul Nanda said on Thursday in Mumbai that ICICI Venture picked up 13.6% stake for Rs 115 crore, while Indivsion, which earlier held 4.94% in the company, invested Rs 25 crore to take its total stake to 7.08%. After the stake sale, the stake of Nanda family is expected to come down from 79.18% to 65.98%. Besides Nanda family, investor Rakesh Jhunjunwala owns a 12.7% stake in the company. In a move to enhance its international presence, the company is close to acquiring a UK-based firm for around Rs 120 crore. The company is also looking to spread its operations Australia, the US and the Middle East in the next five years. The company may enter the market in a year, said Mr Nanda. […]
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