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Super Religare Labs, promoted by the Singh brothers, has acquired Dubai-based Mena Healthcare for $20 million. This is the group’s second acquisition after the promoter’s sold their stake in Ranbaxy Laboratories. Super Religare Labs, formerly SRL Ranbaxy CEO Sanjeev Chaudhry told ET, “We have acquired Mena Healthcare facility in Dubai for $20 million. This is the company’s first overseas acquisition.” In August, Religare Wellnness, (formerly Fortis Healthworld) the pharma retail arm of the group acquired rival firm CRS Health. Malvinder Singh, the joint promoter of the group had earlier said that the group would aggressively pursue expanding in the financial and healthcare services space — both through organic and inorganic route. It is learnt that Super Religare, Religare Wellness and Fortis Healthcare are all scouting for acquisitions in the healthcare space in the domestic market also. The rapid expansion of the group marks a distinct change in the company’s business strategy. Religare has rechristened all its group companies, except Fortis Healthcare, under the Religare brand. […]
Ansal API’s 2,500-acre township Megapolis in Dadri, Greater Noida, might see another round of stake dilution in the very first month of the project’s launch. According to sources, State General Reserve Fund (SGRF) of Oman is planning to pick a 24.5% stake in the upcoming township, which pegs the total value of the project at Rs 26,500 crore. The total investment in the project was reported at Rs 13,000 crore of which 8.5% was picked up by HDFC AMC for Rs 1,105 crore recently. Another 15% is reportedly being eyed by PE firm Warburg Pincus, and Citigroup. Though sources involved in the discussions confirmed the deal, Ansal API president international marketing Kunal Banerji said: “Two years back, SGRF wanted to make an investment in our SEZ project but nothing materialised. Currently, we are not dealing with them for any new project.” Sources said a big Delhi-based law firm is giving finishing touches to the MoU. […]
The financial meltdown has dampened the merger and acquisition spirit in India with companies and private equity (PE) players adopting “extreme caution” in dealmaking. The sudden market crash in the face of a liquidity crunch has impacted M&A plans with some deals even falling apart. Experts at top consultancy firms told TOI that the current sentiment in the M&A space was of “wait and watch” with no company in a hurry to rush through deals. “There are a lot of people who are sitting on cash. But most are in a wait-and-watch mode and are taking time to decide,” Pankaj Karna, Head M&As at Grant Thornton, said. Karna said while good companies are generating interest among suitors, the meltdown had seen the collapse of many deals-in-the-making. “There has been a good excuse for investors to re-negotiate… We have come across situations where due to the changed market conditions, people got cautious and held off (from previously negotiated deals),” Karna added. […]
The world's leading private equity firms are reassessing how they invest in India after racking up huge paper losses buying stakes in listed companies. Firms have struggled to deploy capital in India in recent years because of the unwillingness of familyrun companies to sell control, and limits on leverage. The situation led to a huge increase in private investments in public equity, or so-called “Pipe” deals, as private equity firms sought exposure to companies that were among the world's fastest growing. However, the amount invested in Pipe deals has fallen sharply amid the collapse in company stock prices in the wake of the global financial crisis. […]
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