|
|
Realty major Phoenix Mills Ltd is considering to allot equity stake to Hong Kong based hospitality conglomerate Shangri-La, which has been awarded management contract to operate its (Phoenix Mills') luxury five star hotel in central Mumbai. “We are in discussion with the top management of Shangri-La and are open to allow them to pick up a stake in this hotel project,” Atul Ruia, Managing Director, Phoenix Mills Ltd told HT. Ruia said nothing has been finalized as yet and he did not reveal the quantum of stake that he would offer to Shangri-La. Global hospitality majors normally pick up a stake in hotel properties for stability of their brands, though many still operate through management contracts in lieu of a fixed fee or revenue sharing agreement. Shangri-La has 55 hotel properties at several locations in the world out of which 11 are through management contract. It is fast expanding in the markets of India and West Asia, which offer maximum growth potential. […]
According to a report by PricewaterhouseCoopers and Federation of Indian Chambers of Commerce and Industry (FICCI) the E&M industry recorded a growth of 17% over the previous year, against the projection of 15%. Equity majors like Blackstone, Temasek, Warburg Pincus, Goldman Sachs, T Rowe Price, Lehman, DE Shaw are key investors in the sector. “Given this growth, it may be the right time for such funds. Many of these funds cover a wide range of areas within the entertainment arena such as retail, shopping malls, mobile content providers lifestyle beyond the conventional media like television, film, print advertising and multiplex,'' said Jaideep Ghosh, director, KPMG Advisory Services. Asset management companies (AMCs) do have thematic funds focusing on select sectors. Mutual funds on entertainment industry are relatively new to India. Sundaram BNP Paribas Mutual and Reliance Mutual Fund have launched funds that are focused on entertainment and media industry. Religare with Vistaar Entertainment Ventures recently has launched, a film fund aimed at financing films in the country and overseas. In the first round it will have a corpus of Rs 200 crore. Pyramid Saimira is also said to be launching a similar fund in the country. […]
India-focused investor Eredene Capital will seek shareholder approval to enter the fund management business and raise $200 million to fund a pipeline of ports and logistics investments, its chief executive said on Monday. Eredene's ability to raise money using its listed equity has been limited after its shares were hit by an expensive divorce from its externally managed investment firm Saffron Capital. Shares in Eredene were up 1.5 percent at 16.75 pence at 1108 GMT, but are less than half their February 2005 peak of 37 pence, when it began trading on London's junior AIM market. “We're talking with shareholders whether to raise funds through an issue of equity or via a third-party fund management route, and we can see ourselves going down that route,” Eredene CEO Alastair King told Reuters in a telephone interview. […]
The skyrocketing global crude oil prices may have fuelled inflation across the world, with India being no exception. But it has also brought good news for the country by way of private equity participation. “Investors from the Middle East are taking keen interest in India’s private equity domain with a timeframe of 7-8 years to garner big returns, about which they are quite confident. According to Sharia Law, they will be investing in sectors like real estate, health care, retailing and education,” said Yen Management Consultant Managing Director and Chief Executive Officer Sunil Shirole, who met many such investors there recently. Many sovereign fund houses in Oman, Abu Dhabi, Qatar, Dubai, each with a corpus of Rs 4,000-10,000 crore, are scouting for Indian private companies to invest in. “They are trying to connect with the right kind of people to make inroads in India,” according to an industry insider, who declined to give names to safeguard his business interest. Investment Dar, an Islamic investment bank in Bahrain with a target investment of Rs 6,000 crore, has appointed Mumbai-based Yen Consultant to scout suitable investment opportunities here. […]
Two-wheeler company Kinetic Motor Co. Ltd is in talks with a private equity fund and other automobile makers, in addition to Mahindra and Mahindra Ltd, to raise about Rs150 crore and try revive its flagging fortunes. The Firodia family, which owns the company, is not averse to becoming junior partners and hold a minimum of 26% stake as they want to focus on their auto components business, said a person intimately familiar with the situation. The Pune-based family holds nearly 55% of Kinetic Motor through personal holdings and group firms. Of this, 43% is owned by auto parts maker Kinetic Engineering Ltd. Kinetic’s spokesperson declined to comment. In the past three years, Kinetic has raised Rs52 crore through preferential share placements to Taiwanese scooter maker Sanyang Industry Co. Ltd and the Reliance-Anil Dhirubhai Ambani Group, and an undisclosed amount from Citicorp Financial India Ltd through convertible debentures. It also tied up with foreign two-wheeler makers Italjet Moto SpA and Sanyang to introduce new products. But its market share remains at less than 1%, and it has posted losses for 19 straight quarters. […]
The Hongkong and Shanghai Banking Corporation (HSBC) has acquired a 73.21 per cent stake in IL&FS Investsmart, a leading retail brokerage house in India, for a consideration of Rs 1,110 crore ($261 million). HSBC has acquired the stake from E*Trade Mauritius ( 43.85 per cent) and an additional 29.36 per cent stake from IL&FS. In addition, HSBC has paid a non- compete fees of Rs 82.45 crore ($ 19.4 million) for a three-year period to IL&FS. “The timing for us was great in clinching this deal. We have picked it up at an attractive price,” said Naina Lal Kidwai, Group General Manager and Chief Executive Officer, HSBC in india. HSBC will also make an open offer to acquire up to 20 per cent of the remaining shares in Investsmart. Softbank Asia Infrastructure Fund (SAIF) continues to hold about 10 per cent equity in the Indian broking outfit. If HSBC fails to get a good response to the open offer, it might look at delisting Investsmart, which has a market capitalisation of close to Rs 1,275 crore ($ 300 million) […]
Topsgrup has acquired a 51-per cent stake in a security solutions company in the UK. The Mumbai-based company, however, did not disclose details about the equity buy out in the Rs 550-crore turnover overseas company. Diwan Rahul Nanda, Chairman and Managing Director, Topsgrup, told Business Line that this will be the first overseas acquisition from the security solutions industry. Earlier addressing a press conference here, Nanda said Topsgrup has bought out the Bangalore-based Guardwell Detectives Pvt Ltd for Rs 20 crore. He said together the Indian and foreign acquisitions are expected to boost the total revenue of the company to over Rs 1,000 crore during the current fiscal (2008-09). […]
A new player in the micro-finance space, Equitas, will raise up to Rs50 crore as second round of funding through private equity to expand its branch network in southern India. “For our second round of equity funding we are in discussion with private equity players. We hope to raise $12.5 million (about Rs50 crore) in the next two months,” Equitas managing director P N Vasudevan told PTI. The promoters have additonally committed a sum of Rs7 crore to be invested over the next three months, he added. Launched in December last year, Equitas has the distinction of being a micro-finance institution with the largest startup equity capital of Rs13.5 crore. In just four months of operation, the company has opened 15 branches, 10 in Chennai and five in Tricy. It has a base of 25,000 clients and an outstanding portfolio of Rs25 crore. “By the end of the year we should have 100 branches and a client base of 5,00,000 with an outstanding portfolio of Rs400 crore” Vasudevan said. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|