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Tata Chemicals through its wholy owned subsidiary Tata Chemicals Asia Pacific Pte Ltd, will invest Rs 180 crore over four years for a 35 per cent stake in JOil (Singapore) Pte Ltd, a jatropha seedling company set up by Temasek Life Sciences Laboratory Ltd. Tata Chemicals’ investment comes at a time when Tata Sons Chairman, Mr Ratan Tata, has warned of hard times ahead and told group companies to put on hold their acquisition and capital expenditure plans. In a letter sent to heads of the group firms and subsidiaries, Mr Tata has told to “put on hold any plans for acquisition unless considered strategically critical and also defer non-essential capital expenditure and capacity expansion.” […]
Principal Financial Group, a leading US based financial group is looking to acquire an asset management company (AMC) in India as it wants to scale up its fund unit operations in the high-potential market, reports Business Standard. Investment bankers have already been told to look out for possible acquisitions especially those with large equity assets. The company feels that current market situation is best time to do an acquisition because of lower valuations commanded by the company. Principal Financial has three way joint venture with Punjab National Bank and Vijaya Bank, managing about Rs 70 billion. […]
Suzlon Energy is exploring possibilities of selling part of its promoters’ stake in its unlisted Indian units to private equity firms, to raise money for buying Martifer’s equity stake in REpower. The Tulsi Tanti-promoted company, last month, postponed a Rs 1,800-crore rights issue that would have part-financed the Martifer stake buyout, estimated at about $338 mn (about Rs 1,690 crore), according to sources close to the development. Suzlon has 66% in REpower and has to acquire the Portugal-based Martifer’s 22.5% stake, as per an earlier agreement. […]
However, it is not only the real estate and auto sectors that are witnessing a slowdown; the entire industry is facing a liquidity crisis. In ’08, PE deals slowed down for the first time in July in terms of numbers as well as value. The total number of deals in the first seven months of ’08 stood at 215, against 224 in the first seven months of ’07. Though PE deals have slowed down, certain PE funds still feel there is value in several companies. The recent Rs 12,960-crore PE stake sale in Tata Teleservices to Japanese firm NTT DoCoMo proves that certain promising business models still exist even today and one can make the best of it. […]
Baring Private Equity Partners India (Baring India), an advisor to Baring Funds which partner with companies for long term value creation today announced a decision by the Funds to invest upto $10 million in Sphaera Pharma, an integrated drug discovery and development company. Announcing the investment, Mr. Akhil Awasthi, Partner – Pharmaceuticals and Healthcare Practice, said: “Baring Funds believe that India would continue to provide leverage in R&D for global pharma even in a challenging economic scenario. […]
Philips Electronics India today announced the acquisition of Mumbai-based X-ray machines manufacturer Meditronics for an undisclosed amount. “The acquisition underlines our decision to step up investment in high-growth areas while also delivering on our commitment to supply affordable healthcare solutions in emerging markets,” CEO of parent company Royal Philips Electronics, Mr Gerard Kleisterlee told reporters here. However, he declined to give financial details of the deal like, how much the company paid or what the turnover of Meditronics was in the last financial year. […]
Sugar and nutraceuticals major EID Parry (India) Ltd, part of the Murugappa group, has acquired 48% stake in the Florida-based US Nutraceuticals, LLC, a privately-held company, for a consideration of $9 million. The US company is engaged in the nutraceuticals business under the name of Valensa International and its turnover is estimated to be around $8 million to $9 million. The deal makes EID Parry will become the major shareholder of the company, said D Kumaraswamy, President (Bio, Nutraceuticals & Corporate Affairs), EID Parry. […]
Dabur India on Friday acquired a 72.15% stake in Fem Care Pharma for Rs 203.7 crore in an all-cash deal in its bid to aggressively enter the skincare market in the country. It will make an open offer for an additional 20% stake in Fem Care as required under takeover regulations. “We will fund the entire acquisition from internal accruals … we have around Rs 250 crore of cash,” Sunil Duggal, chief executive officer, Dabur India, told DNA Money, adding the transaction would be accretive to the balance sheet next fiscal onwards. […]
Though private equity (PE) players in India are in a wait-and-watch mode, a few of them are ready to explore the opportunities from which they can reap amid turmoil. Reliance Equity Advisors Ltd (REAL), the PE arm of Anil Dhirubhai Ambani Group (ADAG), is betting big on the secondary deals in the PE space in India. Through these deals, which are not common in India, a PE player can buy the investment or stake, which was earlier primarily done by another PE firm. Previous, in the buoyant market, exits through initial public offer (IPO) route were common. As the situation worsens, companies are keeping aside their IPO plans, which made the exits for PE players difficult. In 2007, about 95 IPOs were floated, out of which 16 PE players made exits. However, this year, out of a total of 36 IPOs, only about nine PE made exits […]
Trikona Capital Group, an asset management firm in the infrastructure and realty sectors, is looking to enter the logistics space. Aashish Kalra, managing partner, Trikona Capital, said the company has already made significant progress in its logistics foray. “We will soon be launching a new entity for our entry into the logistics business,” he said. This new entity will be officially announced in the next six months, Kalra added. In the interim, activities under this business will be under Trikona Logistics, a part of the company’s infrastructure division. Kalra intends to create a logistics model that will have its own infrastructure and will also do third-party logistics (3PL). […]
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