March 2010
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Nine Rivers Capital takes $7m stake in Indian agribusiness

India-focused private equity firm Nine Rivers Capital has taken a $7m stake in Global AgriSystem Private (GAPL), a New Delhi agribusiness supply chain specialist. The promoters of GAPL also participated in the funding round to strengthen the company’s capital base. GAPL provides procurement, storage, processing and distribution services for the fresh fruits and vegetables sector, currently operates six bases in various parts of the country and has expressed plans to expand its footprint to 20 or more over the next three years. According to the company, the demand for all-season availability of produce is increasing in India in light of the country’s growing wealth and emerging middle class. […]

March 13th, 2010

India's PE, QIP deal volume soar to $1.8 bn in 2 months

Private equity group India Agri Business Fund will invest $10 million (about Rs 48 crore) in Gautam Thapar-promoted Avantha Group's food division Global Green Company Ltd. A shareholders agreement was signed between the Avantha Group and Rabo Equity Advisors, India Agri Business Fund and Global Green said in a joint statement. Rabo Equity Advisors is the investment adviser of IABF. “We have successfully developed into a multinational food company through acquisitions. As we have aspirations of building our brands and develop a more robust India business, Rabo Equity's knowledge pool will work to our advantage in the next phase of growth,” Global Green Managing Director and CEO Vineet Chhabra said. […]

March 13th, 2010

TV18 exits India JV with Jobstreet.com

As part of its strategy to exit from bad businesses, TV18 is selling its entire 50 per cent stake in Jobstreet.com India. The joint venture made no progress and TV18 has taken a hit of Rs 25 million in the entire exercise, a source in the company says. The shares have been sold back to the partner, Jobstreet.com Singapore. Floated in late 2006, the joint venture company was to tap into the rapidly growing job portal space in India and provide consolidated value to Web18, the internet and mobile arm of TV18. The market cap of Info Edge, the holding company of naukri.com, is Rs 25.09 billion. Though Info Edge has other smaller properties like www.jeevansathi.com, www.99acres.com, www.quadranglesearch.com and www.shiksha.com, it definitely provides an indicative valuation of a successful job portal in India. […]

March 13th, 2010

Siesta plans global buys, eyes $20-m PE funding

Bangalore-based diversified business conglomerate Siesta Group is slated to raise $20 million through the private equity (PE) route to acquire three logistics trading firms in three Asian countries. Post acquisition, Ravi Naware, ex-divisional chief executive of ITC’s food business, will head the company’s logistics division. Speaking with FE, Siesta’s chairman and managing director Ashok Chattaraj said, “The company will acquire firms in Singapore, Hong Kong and Shenzhen in China.” It has done all the groundwork for the acquisition and deals will be officially closed in the beginning of the new financial year beginning April, Chattaraj added. […]

March 13th, 2010