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Allied Digital Services acquired a 80.5 per cent stake in the US-based IT infrastructure management services provider, EnPointe Global Services (EGS) for $30 million. The company expects EGS to generate revenues of $40 million and EBDITA margin of 15-20 per cent in the current financial year. Allied Digital, which has about 10 per cent market share in the domestic infrastructure management services segment, derives 94 per cent of its revenues from India. (Business Standard) […] ChrysCapital, private equity fund has acquired around 5% stake in HCL Technologies for USD 220 million and more than 1% in Infosys for USD 200 million over the past three months through secondary market transactions, reports Economic Times. The private equity major has pumped around USD 500 million in Indian companies in the last few months. It has also acquired 7-8% stake in Amtek Auto for USD 80 million.(ET) […] Private equity (PE) funds in the real estate space are starting to don the developers’ hat. Funds such as Trikona Capital, South Asian Real Estate (SARE) and Yatra Capital have started to create in-house teams that can execute real estate projects on their own. For some, the opportunity has already arrived. For the funds, the idea is to have better control over their development partners while others are clear that they also want to make the kind of margins that construction offers (25-35%). Apart from the cost advantage, this would also mean a lower dependence on construction companies in a scenario where execution capability bottlenecks are threatening to derail projects. Trikona Capital, which has over $1-billion investments committed in India, is setting up a development group, which will be headed by the ex-chairman of HUDCO, Dr PS Rana. “There is very little scalability in India. My best development partner has at best developed 5 million sq ft of space,” says Trikona MD Aashish Kalra. Execution is the most important thing, he says. […] Reliance Money, the financial products distribution arm of the ADAG, is acquiring a 26% stake in Ahmedabad-headquartered National Multi-Commodities Exchange (NMCE), the third largest commodities bourse in the country in terms of turnover, for an undisclosed sum of money. Reliance Money and NMCE are expected to approach Forward Markets Commission (FMC), the commodities market regulator, for approvals. “We are in talks with NMCE to buy 26% in the exchange,” Sudip Bandyopadhyay, director and CEO, Reliance Money, told TOI. “Looking at the growing opportunities in the commodities space, we are planning to enter this space in a big way,” Bandyopadhyay said. Post-deal, the ADAG company would get two board seats on NMCE. Reliance Money's decision to buy into the commodities bourse came in after the government recently announced new norms for investors intending to buy into commodities bourses. Among those rules is a minimum networth requirement of Rs 100 crore and limiting a single investor's holding at 26%. […] World's biggest bank Citigroup is planning to sell its stake in the country's housing finance major HDFC to private equity firm Oman Investment Corporation for about USD 1.5 billion, a media report said. However, when contacted HDFC's vice chairman and managing director Keki Mistry said that the company has spoken to Citi and the banking major has said it has no plans to sell the stake. “We have spoken to Citi and Citi has no plans to sell the stake,” Mistry said. A private news channel on Friday reported that Citi may sell its stake worth USD 1.5 billion in HDFC to Oman Investment Corp. Noting that the move is part of Citi's restructuring plan, the channel said both the banking major and Oman Investment declined to comment. Earlier, UK's Sunday Times had reported that Citi is planning to offload its stake worth USD 2 billion in HDFC. […] |