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ICICI Venture has made an equity investment of $24 million (approx. Rs 95 crore) through Iven Medicare in Vikram Hospital (VHPL) for a “substantial stake. The investment would enable the Mysore-based Vikram Hospital to set up a pan Karnataka footprint, informed Aluri Srinivasa Rao, director, investments, ICICI Venture. Iven Medicare, the health arm of ICICI Venture, would help VHPL, a family-owned business, to scale up its current infrastructure by offering dedicated support in key areas like Medical Informatics, quality and accreditation, HR practices, commercial and technology among others. […]
Gujarat Venture Finance Ltd (GVFL) has decided to invest in VMukti Solutions, a company incubated at the Centre for Innovation, Incubation and Entrepreneurship at IIM-Ahmedabad, and Vadodara-based Century Pharmaceuticals. “We will be making these investments from the Rs 20-crore Gujarat IT Fund and the Rs 50-crore Gujarat Biotech Venture Fund, respectively,” says GVFL chief executive officer Vishnu Varshney. The GVFL funding will also help the two companies in brand building. VMukti Solutions, which is listed on Nasscom’s Top-100 Innovative Companies of 2006 and 2007, is in the development and marketing of products based on unified collaborative communication platform. Its product line of web convergence, peer-to-peer architechture and telecom applications caters to global telecom services players such as Bluesky, T-Mobile and Stercom. […]
Exits in the Indian private equity (PE) market in 2008 are expected to maintain the momentum they have acquired over the past two years. The recent volatility in the stock markets may put initial public offerings (IPOs) by PE-backed companies on hold in the short term, but this is not expected to impact net gains from overall exits during the year. In calendar year 2007, PE investors completed exits worth an estimated $1.5 billion (Rs5,910 crore) via strategic stake sales or secondary transactions. In addition, there were 14 PE-backed IPOs during the year. The numbers on exits were compiled by Mint from data provided by a Mumbai-based PE firm that did not want to be named, industry reports and independent data providers Thomson Financial and Four-S Services Pvt. Ltd. Last year, there were eight disclosed exits with ticket sizes more than $100 million against only one in 2006. Leading PE firms attribute last year’s strong exit run to soaring valuations and the ripple effects of the US sub-prime crisis. The majority of investors say that the fundamentals of the Indian economy are steadfast and companies will continue to expand. Anil Ahuja, managing director and co-head for Asia at London-based 3i Group Plc. said: “This year will see exits of investments made in 2005, which could be a bigger number than last year.” Sequoia Capital India managing director K.P. Balaraj added: “2008 will see more exits because PE and trade buyer capital is focused on India.” Seven of Sequoia Capital’s portfolio companies will be considering IPOs this year. […]
Power trader PTC India Ltd, which plans to diversify into the coal business and supply fuel to companies from which it will buy power, will create a $1 billion fund for the acquisition of overseas coal blocks. The fund will be part of the overseas arm PTC is setting up to acquire these blocks. PTC is also looking to divest 70% stake in this overseas arm. “The offshore firm will be registered in Singapore and we will own a 30% stake in the firm. To start with, PTC India will put Rs300 crore in the fund. The rest of the money will be brought in by the firms that will take the balance 70%,” said a senior PTC official who did not wish to be identified. He declined to name the overseas firms that PTC is in talks with. The company is also looking to divest 70% stake in its overseas arm, which ‘will be registered in Singapore’ After looking for coal supplies from Australia, South Africa and Indonesia in an international market that is becoming increasingly competitive, PTC has decided to focus on Indonesia, prompted by the proximity of the South Asian country to India, which will mean lower freight costs. […]
Making its debut in the country’s fledging private equity (PE) space, the Aditya Birla Group is picking up nearly 5% stake in Core Projects & Technologies, a leading IT solutions provider with special focus on education, health and BFSI. In the second phase of its association, the Birla group will acquire equity in Core’s business with Indira Gandhi National Open University (IGNOU) and the state governments, which will be spun off into a separate entity. Core’s association with IGNOU is estimated to add nearly $100 million to its topline in two years while its business with the state governments is expected to earn $100 million every year. To begin with, the Birla group will subscribe to preferential issue of 4.5 lakh equity shares or convertible warrants, representing a 4.99 % stake in Core, for Rs 13.5 crore. The issue will be priced at Rs 300 a share, nearly 22% premium over Friday’s closing price. The stock rose 9.89% on Friday to end at Rs 246.20. […]
Private equity firm Red Fort Capital plans to invest about Rs 2,700 crore in real estate by 2009, including acquisition of 2,500 acres of land in over 20 cities across the country. “By 2009 we will have invested about Rs 2,700 crore in development projects in Indian real estate. Of which, about 70 per cent will go toward acquiring 2,000-2,500 acres of land in suburbs of metros and Tier II cities,” Red Fort India Real Estate Fund's Managing Director Parry Singh said. The company will develop properties worth Rs 12,000 crore, he said, adding “… the respective developers will also invest their share of the remaining equity amount on a project-by-project basis.” (The Hindu) […]
Tata plans to buy a stake in a high-tech unit of Germany's Deutsche Telekom which would see thousands of jobs outsourced, according to a German weekly newsmagazine. In a report in its upcoming issue on Monday, Focus said the Indian group — specialising in high-tech, automobiles and steel — was on the verge of acquiring the systems integration business of Deutsche Telekom unit T-Systems. It said there were only a few final legal issues to resolve. The Deutsche Telekom unit employs about 13,000 IT specialists. Focus said about half of those jobs would now be sent to India. A Deutsche Telekom spokesman declined to comment.(AFP) […]
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