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Even with high inflation, a progressively weakening rupee and slower growth estimates, the venture capital industry in India continues to grow exponentially. Close to $1 billion worth of deals took place last year and about $340 million worth of deals have already been closed this year. A research report by Deloitte released during a recent meet of the Venture Capital Association of India says VCs invested $158 million in just 26 deals between April- June this year. This includes new emerging fields such as film production, education and logistics this year. […]
After acquiring Chinese logistics firm Shenzen Dida, Mumbai-based Direct Logistics has firmed up plans to acquire two freight forwarding companies — one each in North America and Western Europe — for a total cost of Rs 400 crore. Confirming the development, Direct Logistics CMD Sunil Devrani told ET that the proposed acquisition is in line with the company’s plan to enhance its global presence. “The recent increase in trade volume in the US and Europe from India and China would help the company if it has presence in these foreign shores. The acquisitions will help Direct Logistics derive better economies of scale by having operations in India and other countries.” […]
Eyeing a bigger share in the domestic market, the Bank of Rajasthan will ramp up operations and is planning to raise Rs 250 crore by way of private equity placements for funding expansion. The bank plans to scale up its presence in the domestic market and has sought RBI approval to open 30-35 branches in FY’09, taking its total branch strength to around 500 from the current 463, bank’s managing director and CEO, Mr P.L. Ahuja, said. With a view to finance its expansion programmes, the bank is looking at raising around Rs 250 crore.(Asian Age) […]
Australian Firm, IPGA, through its wholly owned subsidiary, iProperty Group Asia Pte Ltd, entered into an agreement to acquire controlling stake in Horizon Infoventures, owner of Indian Online Property Portal, RealAcres.com, reported the media. The Online portal based in Mumbai has over 2.11 lakh property listings on its websites and about 1-lakh unique visitors each month. The company focuses on the western Indian market, though maintains property portals for major cities across the country, the report said. IPGA would own 60% of the shares in the business, with an option to acquire the balance of 40% based on future earnings. […]
Europe’s largest telecom firm, Deutsche Telekom, is picking up a 17% stake in Indian start-up Devas Multimedia for $75 million, or about Rs 317 crore. Deutsche Telekom is routing its investment in US venture capital-backed Devas through its wholly-owned Asian arm. The deal values the firm at Rs 1,865 crore or about $443 million. Bangalore-based Devas is a niche satellite-based multimedia services company with plans to deliver content via a hybrid satellite-terrestrial network to mobile devices. It works in the area of software development and research & development (R&D) for multimedia content creation and transmitting content using internet, satellite and terrestrial broadcasting. Deutsche Telekom would subscribe to upto 28,349 equity shares, amounting to about 17% of Devas’ paid-up share capital. […]
Until recently, the world's biggest movie machine, the Indian film industry, had gained an unsavoury reputation because of suspect funding sources, back-room deals and the general lack of transparency in the movie-making process. But this notion changed after films were given 'industry' status and legitimate or 'white' funds started pouring in. Today, you have the who's who of the corporate world—such as Anil Ambani and the Mahindras—entering the business for its growth prospects. VC funds are expected to bring in high standards of corporate governance into the film industry as they demand more accountability from producers and ensure that the project is completed as per the plan. […]
An ICICI Venture associate fund and a Singapore-based private equity (PE) player are in talks to invest Rs 300 crore in Kerala Institute of Medical Sciences (KIMS). The hospital will use the fund for Indian and overseas expansion. KIMS CMD M Sahadulla told ET, “We have been talking to several PE players to fund our expansion plans. We have now zeroed in on two funds—an ICICI associate fund and a Singapore-based healthcare focused PE player.” However, he did not disclose the amount of stake that KIMS would offload to these two funds. Mr Sahadulla added that apart from funds from PEs, KIMS was also looking at a strategic partner who would stay with the hospital for a longer period. […]
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