July 2009
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Nine portfolio companies of three VC firms to tap market

Venture capital firms Sequoia Capital, Draper Fisher Jurvetson India (DFJ) and Norwest Venture Partners India (NVP) are set to see at least nine of their portfolio firms making initial public offerings (IPOs) over the next 24 months—the kind of exits venture capital firms dream about. The companies that are considering share sales are SKS Microfinance Ltd, Comviva Technologies Ltd, GlobalLogic Inc., Coastal Projects Pvt. Ltd, KMC Constructions Ltd and Genesis Colors Pvt. Ltd in which Sequoia has invested; Reva Electric Car Co. Pvt. Ltd and Cleartrip Travel Services Pvt. Ltd in which DFJ has invested; and Persistent Systems Ltd in which NVP has invested. […]

July 21st, 2009

Rel Infra acquires 51% stake in Reliance Cementation

Anil Ambani-led Reliance Infrastructure on Tuesday said it has acquired 51 per cent of Reliance Cementation from its group company Reliance Natural Resources Ltd. “The company has acquired 51 per cent of Reliance Cementation from RNRL. Consequently Reliance Cementation has become a subsidiary of the company,” Reliance Infrastructure said in a filing to the Bombay Stock Exchange. Reliance Cementation is engaged in manufacturing and exporting cement. […]

July 21st, 2009

Reliance Cap to sell insurance arm stake

Reliance Capital is planning to unlock value by selling a part of its stake in its life insurance arm and foraying into investment banking, group Chairman Anil Ambani has told shareholders. In addition, the Reliance Anil Dhirubhai Ambani Group (ADAG) has tweaked its private equity (PE) plans, which have been delayed by several months, to focus on domestic sources of funding. “We are considering various options to unlock value in our life insurance business, from a potential IPO (initial public offer) to strategic or financial stake sale or a combination of both. A final decision will be taken shortly,” Ambani said at Reliance Capital’s annual general meeting here. […]

July 21st, 2009

Fung Capital to invest $30-mn in Future grp's logistics arm

Hong Kong-based private equity firm Fung Capital has picked up about 26 per cent stake in Future Group's logistics arm Future Supply Chain Solutions and will pump in $30 million for expanding the firm's supply-chain network. Future Group founder and CEO Kishore Biyani today signed an investment agreement with Fung Capital, the private equity investment arm of the Li & Fung Group, in Hong Kong. “Fung Capital has agreed to invest $30 million in phases, of which $10 million will be injected immediately. They have taken up to 26 per cent stake,” Biyani told PTI over phone from Hong Kong. […]

July 21st, 2009