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Private equity firm IL&FS Investment Managers Ltd has tied up with Milestone Capital Advisors Pvt Ltd to raise up to Rs 1000 crore through a real estate fund, it said on Monday. The IL&FS-Milestone Fund-I is a four-year close end fund with an option to extend the term by two more years, if required, the two firms said in a joint statement. The fund is looking at a initial corpus of Rs 1000 crore, including a greenshoe option of Rs 500 crore. It is looking at an annual yield of 11 per cent and an annual return of 18-20 per cent with the property price appreciation, it said. The minimum investment in this fund is Rs 0.1 crore for individuals and Rs 1 crore for corporates. It opened for subscription on Monday and will close on October 30, the statement said. (Sify) […]
UK-based Ashmore Investment Management Ltd is picking up a 74 per cent stake in Broadband Pacenet, a Mumbai-based broadband services provider. Earlier, Zee Group had agreed to buy out Pacenet but the deal did not conclude over differences in valuation. In May Jagjit Kohli, one of the three founder-promoters of Pacenet, quit Zee's demerged cable company Wire & Wireless India Ltd (WWIL) where he was the managing director. Broadband Pacenet will soon apply for FIPB (foreign investment promotion board) clearance. “We are making an application to FIPB for its approval to enable Ashmore take a 74 per cent stake in Broadband Pacenet,” says Kohli. The FIPB, in fact, has advised Broadband Pacenet to submit a revised proposal. This follows the new guidelines on ISPs (internet service providers) which allow a 74 per cent FDI (foreign direct investment) cap. Broadband Pacenet had earlier made an application to FIPB for a 100 per cent FDI clearance. […]
Kemwell Pvt. Ltd, a leading provider of contract manufacturing and development services for pharmaceutical products in India and Sweden, is in talks with private equity (PE) funds for diluting its stake. It is also looking at acquisitions in Sweden and the US. Explaining the rationale behind such future acquisitions, PerAke Oldentoft, board member, Kemwell AB said, “It is much more expensive to set up a greenfield facility. It also saves time and money.” Kemwell AB is the Swedish arm of Kemwell Pvt. Ltd. It already has a manufacturing facility at Uppsala in Sweden, which employs 170 people and manufactures active pharmaceutical ingredients, tablets, capsules and suppositories. In addition to its Swedish facility, the company also operates four manufacturing facilities in Bangalore. The company says its strategic moves will help it take a crack at the global market for contract manufacturing of prescription drugs, which is estimated to grow to $43.9 billion (Rs1.8 trillion) in 2009. A study by audit firm KPMG , on the Indian pharmaceutical industry’s collaboration for growth, argues that India and China alone could potentially account for 35-40% of the outsourced market share for active pharmaceuticals ingredients, finished dosage formulations and intermediates. […]
Arysta, the target, is a leading crop protection and life sciences firm. Another big-ticket global acquisition by an Indian company is brewing. United Phosphorus and Tata Group enterprise Rallis India are in the race to acquire the world’s largest privately held crop protection and life sciences firm, Arysta LifeScience Corporation, from private equity firm Olympus Capital Holdings. Sources close to the development said these two Indian companies were among the six contenders for the Tokyo-based firm. The acquisition is expected to cost nearly $2 billion (Rs 8,200 crore), or nearly double Arysta's turnover of 124.1 billion yen (Rs 4,400 crore) last year. Other bidders include an Israeli firm, Australia’s Nufarm and Blackstone, the global private equity fund. “Six companies have been invited to submit their non-binding bids. A decision on the sale of Arysta is expected by the end of October,” said a banker in the know of the developments. […]
India ranks second in capital market inflows and fourth in merger and acquisition deals in Asia Pacific (including Japan), as deals worth $65.033 billion were reported in the first eight months of calendar 2007. The data compiled by Thomson Financial revealed that 121 Indian firms mobilised $23.96 billion, while there were 697 M&A deals worth $41.069 billion. The strong inflows saw India’s share in capital markets in Asia Pacific region increase to 17.3 per cent from 9.7 per cent in calendar 2006. With Indian firms making overseas acquisitions and placing shares to private equities, its shares in merger and acquisition deals have increased to 10.3 per cent from 7.9 per cent in calendar 2006. The Indian firms have heightened activities in equity market and mergers and acquisitions mart in the last four years. The equity markets snapshot shows that 56 firms mobilised 9.27 billion in 2004, 14.39 billion in 2005, $16.1 billion in 2006 and 23.96 billion in the first eight months of the current calendar year. On the M&A platform, the total cross boarder deals registered $4.3 billion in 2004, $12.58 billion in 2005, $34.72 billion in 2006 and $54.48 billion in the eight months of 2007. […]
The publisher of southern editions of The Indian Express newspaper, Express Publications (Madurai) Ltd, plans to launch an initial public offering (IPO) sometime soon. Before that, it plans to sell stake to a private equity firm. The company is working on an aggressive expansion plan and the funds raised through these will help it bolster its operations and expansion. The company is known as The New Indian Express group because it was carved out from the old group in 1999 following a family litigation that started after the death of the founder of the group, Ramnath Goenka; the other part became The Indian Express Newspapers (Mumbai). The company has appointed YES Bank to look for private equity investors. “Private equity is the logical route for the group to take,” said Manoj Kumar Sonthalia, chairman and managing director of Express Publications. The New Indian Express is published from 14 centres in the South. Apart from The New Indian Express, the group also publishes two vernacular dailies, Kannada Prabha and Dinamani, a Tamil daily, and claims a combined circulation of around 5,50,000 for all its publications. Though the split between The New Indian Express Group and The Indian Express Newspapers (Mumbai) Ltd, is complete, the two still share content and advertisement. However, both companies have dismissed the possibility of a merger. […]
U.S.-based private equity group Blackstone is likely to join the race to acquire a 26 percent stake in state-run financial lender IFCI Ltd , the Economic Times said on Tuesday. Blackstone could come in as a standalone strategic investor or as the lead partner in a consortium, the report said citing sources. Company officials were not immediately available for comment. Other firms that are likely to submit their bids for IFCI include Standard Chartered Bank, Citigroup, Reliance Capital , Barclays and Swiss UBS Securities, the report said without citing sources. Earlier media reports have indicated that Punjab National Bank , Life Insurance Corp of India and IDBI Ltd are also likely to bid for the stake. Last month, the lender had invited expressions of interest for the 26 percent stake. The last date for bid submission is September 14 and the shortlisted candidates will be named on September 25, the report added.(Reuters) […]
In its bid to expand its footprint in the entertainment business, Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) is negotiating a buyout of India’s largest online movie rental company Seventymm Services Pvt. Ltd, which delivers video compact discs and digital video discs to homes of around 25,000 customers. Reliance Entertainment Pvt. Ltd, part of ADAG, is already into movie rentals under the brand of Big Flix. Seventymm chief operating officer Subhankar Sarkar denied buyout talks, but two senior ADAG and Seventymm executives, both of whom did not want to be identified, said negotiations were at an advanced stage. Terms of the potential acquisition were not immediately available. An ADAG spokesman said in an email that the group does not comment on speculation. An executive at venture fund Matrix Partners India, a local arm of US-based firm Matrix Partners, which is one of the key investors in Seventymm with a $7 million (Rs28.7 crore) investment, too declined comment. Other backers of Seventymm include venture capital firms such as Draper Fisher Jurvetson and ePlanet Ventures. […]
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