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Pizza Corner-owners Global Franchise Architects (GFA) is considering raising funds through private equity investment or through venture capitals as it looks to a 30-40 per cent compounded growth in the next three-four years. The food service chain, which also owns food service brands such as Pizza Corner, The Donut Baker, Coffee World and The Cream and Fudge Factory, is considering raising funds by the end of the year, said Joseph Cherian, Chief Executive Officer, GFA India, and MD, Global Services. He did not say how much funds the company plans to raise or how much of a stake it intends to offload. […]
India’s largest private equity player ICICI Venture is rejigging its core management team. The PE firm is hiring Prashant Purker, former managing director (global finance) of Lehman India, as president. Mr Purker was responsible for Lehman’s operations in debt, equity and client-based risk solutions group in India. He has over 20 years of industry experience, having previously worked with ICICI Bank. Three senior members of the core team — Sumit Chandwani, Jayanta Banerjee, KS Jangbahadur — are being redesignated as presidents and will look after specific verticals like technology, healthcare, infrastructure and MBOs. Besides Mr Purkar, ICICI Venture is set to hire another senior member of the PE industry as president. The new team is being handpicked by Vishakha Mulye, MD & CEO of ICICI Venture, who stepped in earlier this year. Ms Mulye was travelling and could not be contacted for her comment. […]
Venture capital firm Sequoia Capital India has invested 400 million rupees ($8.2 million) in telephone and web search services provider, Just Dial, the firms said in a joint statement on Thursday. Sequoia Capital India's managing director Sandeep Singhal will join the board of Just Dial, which has over 90 percent of the market share and reaches out to about 400 million mobile customers and 40 million internet users, they added. The number of calls Just Dial receives has more than tripled to 200,000 per day in three years, the statement said adding over 100,000 small and medium enterprises advertise on Just Dial. […]
UTI Asset Management Company has set up a private equity fund worth $500 million in partnership with Germany's HSH Nordbank and Kuwait's Noor Financial Investment Company, the firm said on Thursday. The fund will mainly tap offshore clients and invest in unlisted infrastructure firms engaged in sectors such as roads, ports, power, logistics, airports and energy among others, the money manager said in a statement. (Reuters) […]
Falcon Tyres, part of the Ruia Group, is drawing up plans to offload its promoter’s stake by a few percentage to a private equity firm for Rs. 100 crore according to latest media reports. The amount raised will then be deployed to scale up its output at Mysore to 14 lakh units per annum by 2010-11. The manufacturer of Dunlop Tyres is currently in the process of preparing our presentation and aims to raise the money in a couple of months. In addition to that, the company will also introduce tubeless tyres in its portfolio shortly, in a bid to increase profitability. It is to be mentioned that Falcon currently manufactures two- and three-wheeler tyres under the Dunlop brand name. […]
Reliance Infrastructure (Rel Infra) has acquired a 51 percent stake in Reliance Cementation from another group firm Reliance Natural Resources (RNRL). Consequently, Reliance Cementation, the newly-created company of the diversified Anil Ambani Group for its foray into the cement business, has become a subsidiary of the Reliance Infrastructure that runs power generation, distribution and transmission businesses. Addressing the shareholders at Rel Infra's annual general meeting, group chairman Anil Ambani said: “We have plans to set up cement capacity of 20 million tonne per annum with an investment of nearly Rs 10,000 crore over the next five years. This will make us the top five cement player in the country,” Mr Ambani told the shareholders. […]
French shipping firm Louis Dreyfus Armateurs SA (LDA) has bought a 49% stake in the bulk port handling business of port logistics firm ABG Infralogistics Ltd, a top company official said. “The deal is done,” said Saket Agarwal, managing director of ABG Infralogistics. An official announcement will be made on Friday, he said over the phone from Mumbai. Louis Dreyfus will pay Rs90 crore to ABG Infralogistics for the stake purchase, Agarwal said. The deal was cleared by India’s Foreign Investment Promotion Board (FIPB) a few months earlier. FIPB vets all foreign investments coming into India. The deal comes even as the world battles a crash in commodity demand and prices, triggered mainly by the global economic slowdown. Ahead of the sale, ABG Infralogistics had hived off its bulk cargo handling assets operating at Union government-owned New Mangalore, Paradip and Vizag ports into a separate subsidiary ABG Bulk Handling Pvt. Ltd. […]
The country's third largest national level stock exchange, MCX Stock Exchange (MCX-SX), has appointed global investment banker Nomura Financial Advisory for selling stake in the company to private equity firms. MCX-SX, promoted by Financial Technologies (India), currently runs currency derivatives trading and is awaiting regulatory approval to begin equity trading. MCX-SX, which is understood to be in talks with several private equity firms for selling stake in the company, has appointed an investment banker for divestment process. […]
Lightspeed Venture Partners, a leading global venture capital and growth equity firm, has led an investment of Rs.500 million in Itz Cash Card Ltd., India’s largest multi- purpose pre-paid card company, along with existing investors Matrix Partners India and Intel Capital. The investment will be used by ItzCash Card to further expand its product portfolio and diversify its business, including venturing into the retail payments space. With this investment, Mr. Bejul Somaia, Managing Director, Lightspeed Advisory Services India Private Ltd. will be joining the board of Itz Cash Card Ltd.. The amount invested will help ItzCash Card to scale the existing business and tap new products and market segments. […]
ICL Financial Services, a wholly-owned subsidiary of India Cements is increasing its stake in Indo Zinc by an additional 39.84 per ce-nt. As a result, ICLFSL’s st-ake in Indo Zinc will incre-ase to nearly 53 per cent, since it already held a 13 per cent stake in the latter. The acquisition of this additional stake will set in the process of complying with the relevant provisions of Sebi (substantial acquisition of shares and take-overs) regulations, and will go for an open offer to acquire a minimum of another 20 per cent. ICLFSL has entered into a share purchase agreement on July 19 with the promoters of Indo Zinc for purchase of a little more than 17.87 lakh equity sha-res of Rs 10 each fully paid up in Indo Zinc, constituting 39.84 per cent of its paid up equity share capital, India Cements infor-med BSE on Monday. […]
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