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Greater Pacific Capital (GPC), a London-based strategic investment firm, will acquire 38% stake in Ahmedabad-based BPO, Azure Knowledge Corporation, for a consideration of $32.5 million, the company said on Tuesday. GPC will subscribe to around 26.4% shareholding for $10 million in the first phase while the balance will be invested in 2010 based on Azure’s performance evaluation. The strategic investment will enhance Azure’s position as a specialist company in the two upcoming and promising domains—financial services and knowledge-based customer interaction services. It is in line with GPC’s investment model based on identifying and taking stake in strong, high potential public and private companies in the highest growth industries within India and China, the company said in a statement. […]
In one of the largest private equity deals in the real estate sector this year, financial services major Credit Suisse has invested $100 million (about Rs 430 crore) in Hyderabad-based Indu Projects for a minority stake. Indu Projects is a leading name in the construction and real estate sector in Andhra Pradesh in which, about two years ago, Citigroup's private equity arm had invested about $50 million. Since the stock markets went into a tailspin at the beginning of the year with real estate companies among the worst hit deals in the sector have dried up. In this deal, Credit Suisse invested directly in the company, and not through a special purpose vehicle in one or more projects which is more common in this sector now, sources said. […]
Voltas Ltd, an engineering projects company belonging to the Tatas, today, announced acquisition of a Mumbai based firm. The Tata group company said it would acquire 51 per cent stake in Rohini Industrial Electricals for Rs 62 crore with an understanding that it could increase its holding upto 100 per cent in future, a release said here. Rohini Industrial, a 25-year old company with a turnover of Rs 120 crore last fiscal, is engaged in undertaking large turnkey electrical and instrumentation projects and commands healthy profit margins. […]
Global interest in Indian automotive strengths is reviving. US-based automotive giant Federal-Mogul is learnt to have acquired a 51% equity stake in the recently-delisted Perfect Circle — part of the New Delhi-based, Rs 3,000-crore Anand group — to strengthen its presence in India. The foreign company had recently acquired the engine bearings unit from the Anand group’s Gabriel. The combined sales of the engine bearings division and that of Perfect Circle is estimated to be around Rs 300 crore. While the acquisition of the controlling stake in Perfect Circle is at Rs 17 crore, it is a strategic step that will complement Federal-Mogul’s recent move to build an automotive friction components manufacturing facility in Chennai, besides taking over business from an Indian group that makes components for almost all vehicle and engine parts manufacturers in the country. […]
India’s housing finance regulator, National Housing Bank (NHB), will pick up 12.5% stake in Mahindra Rural Housing Finance Ltd, a wholly owned subsidiary of non-banking financial services firm Mahindra and Mahindra Financial Services Ltd (MMFSL), for an undisclosed sum. NHB would also help the home loan firm raise funds in the next two years and would eventually get 12.5% stake of the capital raised, said Uday Phadke, vice-chairman of MMFSL. NHB has so far invested Rs5.80 crore in Mahindra Rural Housing for its stake. This figure could go up depending on the capital raised. The capital base of Mahindra Rural is expected to be Rs100 crore in the next three-four years, said MMFSL’s managing director Ramesh Iyer. […]
The erosion of value in equities since the past year has presented first-time private equity funds opportunities to invest in potential blue-chip companies. But, converting such openings into deals may be some distance away for these first timers, who are having a tough time raising funds amid worsening macro-economic conditions and waning risk-appetite of potential investors. Industry officials and watchers said limited partners (LPs), which are institutions that back private equity funds, are being very choosy about investments in first-time funds and are preferring to put money in established funds. […]
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