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Vijay Kirloskar is set to unveil a German acquisition for his flagship Kirloskar Electric. Sources said KEC has clinched the bid for Lloyd Dynamowerke & Co (LDW) which manufactures motors, machines and drive systems for Siemens, Alstom, ThyssenKrupp and Gottwald in a deal estimated at around 50 million euro ($70 million). The acquisition, to be announced later this week, will be effected through a newly-floated subsidiary in Netherlands called Kirsons BV. Sources said a definitive deal to acquire LDW could be signed as early as Thursday. However, the exact deal size could not be ascertained with KEC working on a debt facility with multiple lenders. […]
Alok Vajpeyi, vice-chairman and managing director of Dawnay Day AV Financial Services, has sold his 25% stake in the company to private equity firm New Silk Route Advisors, according to two persons familiar with the deal. The private equity firm, co-founded by former McKinsey chief Rajat Gupta, bought the entire company for about Rs200 crore, acquiring Dawnay Day International’s 50% stake in the Indian venture and the employee trust’s 25% holding as well. Vajpeyi, who set up Dawnay Day AV in 2005 in a joint venture with Dawnay Day International, the financial services unit of UK-based Dawnay Day Group, would only say: “I cannot comment at this point.” A subsquent email sent to him remained unanswered. […]
Venture capitalists were eager to back advertising start-ups in India during the second quarter of 2008, according to the Quarterly India Venture Capital Report released today by Dow Jones VentureSource ( http://venturecapital.dowjones.com ), which found that $89 million-nearly 37% of the region's quarterly investment total-went to five advertising/marketing companies, more than any other sector. Overall, India attracted $238 million in venture investment with 17 deals closed in the second quarter, a 120% increase over the $108 million invested in 12 deals during the same period in 2007. The data showed that India saw seven second-round deals completed in the second quarter, garnering a record $161 million and exceeding the $118 million that was invested in second rounds in all of 2007. Ten seed and first round deals were also completed during the quarter, accounting for nearly $77 million in investment. No later-stage deals were completed. […]
After its divorce from STAR, Balaji Telefilms is learnt to be in conversation with a clutch of investors to park the 25.99% stake held by Rupert Murdoch’s media firm. The potential investors may include Reliance ADAG, sources say. The other name doing the rounds is film distribution company Eros International. While the negotiations are on, the promoters of Balaji are still unclear whether to buy back a part of the stake or a new investor would buy the entire 25.99%. While the Balaji spokesperson refused to comment, a senior ADAG official strongly denied any plan to pick up Balaji stake. Eros CEO Sunil Lulla could not be reached. It is possible that private equity investors may also be interested, but their names could not be ascertained. In the event, Reliance BIG Entertainment picks up even 15% of this stake, it will trigger an open offer for another 20%. […]
German real estate fund MPC Synergy has picked up equity in various special purpose vehicles (SPVs) floated by real estate developer Phoenix Mills for Rs 1,300 crore (ie $200 million). The deal is the second-largest foreign direct investment (FDI) in the Indian real estate market. The transaction is taking place at a time when many real estate and private equity funds have either put on hold their plans in the Indian market or are trying to sell the investments. MPC Synergy is a joint venture between Germany-based MPC Capital and Switzerland-based Synegy Asset Management. The real estate fund has picked up equity stakes ranging from 10% to 49% in 21 projects promoted by Phoenix Mills and its two subsidiaries — Entertainment World Developers and Big Apple — in Tier I and Tier II cities. These projects, subsidiaries of Phoenix Mills, are coming up in cities like Mumbai, Chennai, Pune, Bangalore, Indore, Jabalpur, Raipur, Udaipur and Chandigarh. […]
Global financial services giant Merrill Lynch has picked up a 50 per cent stake in the Salarpuria Group’s Rs 150 crore five-star hotel project in Bangalore. According to Mahesh Khaitan, director, Salarpuria Group: “Merrill Lynch has picked up a 50 per cent stake in the special purpose vehicle (SPV) floated to build a star hotel in Bangalore.” The proposed hotel, which will have 250 rooms, is to come up on 300,000 sft on the Outer Ring Road (ORR) between Sarjapur and Marathalli, opposite Cisco corporate office. […]
Seventymm, India’s largest movie rental service has raised Rs 50 crores in Series C funding making it one of the largest invested start-up ventures in India with a total capital investment of Rs 90 crores. This round was led by NEA-Indo US Ventures. Vani Kola, Managing Director of NEA India-Indo US Ventures, has joined the Seventymm board. Seventymm had earlier raised Rs 40 crores in funding from leading venture capital firms including Matrix Partners India, Draper Fisher Jurvetson and ePlanet Ventures. […]
Kotak Private Equity said on Tuesday that it has invested in Rubicon Research, a product development company. Kotak, however, did not disclose the amount invested. “We have invested in Rubicon Research,” Kotak PE CEO Nitin Deshmukh told reporters here. Rubicon Research was established in 2000 as a contract research service company. Kotak PE has deployed $700 million of the $1.4 billion that it is managing in various companies across verticals. “We have to deploy another $700 million. We will invest at least $100 million in pharma,” Deshmukh said. […]
Lupin Ltd has acquired a minority stake in Generic Health Ltd, an Australian pharmaceutical company. Generic Health markets a wide range of generic prescription and OTC products. Generic Health has strategic alliance with Actavis and had acquired Bellwether pharma. “Our investment in generic health reflects our commitment to expand in Australia.We have built a significant business in this market leveraging our existing alliances with leading local generic companies which we will continue to nurture and grow” said, Vinod Dhawan, president AAMLA.( Business Standard) […]
The promoters of East India Hotels Ltd, part of the Oberoi group, are in advanced talks with several corporate houses and private equity firms to sell a part of their stake, the Business Standard paper reported. Reliance Industries Ltd through various associate companies is one of the front runners, and talks between both groups are at an advanced stage, the paper said on Thursday, citing investment banking sources. Although PRS Oberoi, chairman of EIH and a Reliance spokeswoman denied to the paper that Reliance was in the race to pick up stake, the paper said Oberoi confirmed EIH was in discussions with various investors, though nothing was finalised. […]
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