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Eka Software Solutions, a multi-commodity trade and risk management solutions provider, has received a funding commitment of US $10 mn from Nexus Venture Partners. The startup had earlier been seed funded by the GP Group, a conglomerate with interests across shipping, manufacturing, real estate development and hospitality. “Eka is very well positioned to take advantage of the growing need for commodity trade and risk management software. Our products, technology and team are highly regarded in the market, and the rapid expansion in our customer base is testimony to this. The new funding will allow us to further enhance our technical, support and sales capabilities, and help capitalize on current opportunities to accelerate our growth,“ said Manav Garg, founder & CEO, Eka Solutions. […]
Specified Undertaking of Unit Trust of India (SUUTI) has offered its entire 39.3 per cent stake in Mumbai-based Asset Reconstruction Company (ASREC) to its existing shareholders, including Bank of India (BoI). The valuation was still being discussed and the stake for each shareholder would depend on their plans and approvals, sources said. SUTTI has offered a 10-11 per cent stake to BoI, which is the second largest shareholder of ASREC. Indian Bank, Allahabad Bank and Andhra Bank have 11.22 per cent stake each in the entity. […]
Private equity fund manager, IL&FS Investment Managers, has raised USD640mn for its infrastructure fund floated in a joint venture with Standard Chartered Bank, a top official said today. The Standard Chartered IL&FS Asia Infrastructure Growth Fund, plans to mop up a total of USD800mn by December, IL&FS Investment Managers managing partner Krishna Kumar said. “We have a handful of investors to contribute to this fund. It would invest in 15-18 projects in Asian markets,” Kumar told reporters at a private equity summit here. […]
Private equity firms invested about $763 million across 47 deals during the quarter ended September 2009, according to a study by Venture Intelligence, a research service focused on private equity and M&A transaction activity in India. While the amount invested during the latest quarter was during the quarter was significantly lower than that during the same period last year (which witnessed $2,581 million invested across 132 deals) and also lower compared to the immediate previous quarter ($964 million across 47 deals). […]
The education sector is sometimes touted as the next big opportunity for investors. You only have to look at the valuations of the few plays on education in the market to realize it’s a story that has been sold to investors. And not without reason. A recession-proof sector, an inefficient public education system, a growing young population and aspiring middle class besides the “education-hungry” Indian, are reckoned to be reasons for this rush of funds into education. A CLSA Asia-Pacific report last year said India’s education and training sector is a US$40 billion market, with a potential to grow at a compounded 16% a year for the next five years. Profit margins at the operational level range from 15 to 35 % across the sector. […]
Global private equity firm Actis today said it has raised $750 million for investment in infrastructure across emerging markets, including India. These pan-emerging markets will focus principally on opportunities in power generation and transport, Actis said in a statement, adding the $750 million will come under its 'Actis Infrastructure Fund 2'. “Actis' presence on the ground across Africa, China, India, Latin America and South East Asia gives the fund an unrivalled presence in its targets markets,” it added. […]
HDFC Asset Management Company has picked up 10% in Bangalore-headquartered real estate firm Nitesh Estates for Rs 100 crore, said banking sources privy to the development. The transaction comes at a time when Nitesh Estates is working towards an IPO in the last quarter of the current fiscal. Sources said the transaction at discounted price was a pre-IPO placement, with the HDFC arm planning to offload shares at the time of the issue or anytime in the next one year. The deal, clinched over the weekend, may have come at 15-20% discount. KPMG and J Sagar Associates were advisors to the transaction. The company executive director LS Vaidyanathan declined to comment. […]
Milestone Real Estate Fund has invested Rs 110 cr into a residential project to be developed by Godrej Properties in Kolkota, a release from Milestone said. Though Milestone did not disclose the percentage of stake picked by itself, it said that both iself and Godrej will jointly develop 3 million square feet of residential property, it said. […]
Fund raising by global private equity funds has dipped to an over five-year low of $38 billion in the third quarter of 2009, as fund managers are refraining from making any new commitments before next year. Fund raising in Q3 2009 represents a 55 per cent slump from Q2 of 2009, when the PE funds had raised an aggregate $84 billion globally, according to a report by global research firm Preqin. Private equity fund raising plummets to lowest levels since 2003, with the third quarter figures equivalent to just 45 per cent of the $84 billion raised in Q2 2009, Preqin said. […]
Indian airlines Paramount Airways and GoAir have played down reports that they are engaged in acquisition talks which would make the combined entity control nearly 8 percent of the domestic aviation sector. On Saturday, reports began making rounds that Chennai-based Paramount Airways, which is promoted by M. Thiagarajan, and Mumbai-based GoAir, the budget carrier promoted by the Wadia Group, were close to agreeing a cash-and-stock deal whereby the Wadia Group would sell GoAir to Paramount for Rs.100-150 crore and also get a stake of 7-8 percent in Paramount in return. The rumors grew stronger as GoAir has nearly a debt of Rs.400 crore in its books and the sale would have helped the airline retire some of its debts. […]
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