September 2010
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Enam launches $750 mn infrastructure fund

Enam group, a closely held financial boutique in Mumbai, is raising a $750 million ('3,473 crore) infrastructure fund–its first private equity (PE) fund–to invest in the power, port, road and airport sectors, said a person familiar with the development. The fund will target infrastructure assets for 75% of its investments and allied sectors for the balance 25%. It will equally invest in new and existing infrastructure projects. “The fund has been recently launched and there is a lot of interest in it,” said the person, who asked not to be identified. Akash Bhansali, director, Enam Holdings Pvt. Ltd, the group's investment management arm, declined to comment on the fund. The PE fund's team comprises Arun Srivastava, former managing director and chief executive of Essar Power Ltd; Parvez Umrigar, former managing director and chief executive officer of Gammon Infrastructure Projects Ltd and Ajay Munot, former executive director of Kalpataru Power Group. […]

Vishal Retail to sell wholesale division to private equity

Vishal Retail will sell its retail trading business to Shriram Group and its wholesale division to private equity firm TPG for a combined value of Rs 100 crore. “The company was not performing well for quite sometime. The market was expecting better valuation than what was offered by the buyers, which led to the fall in the stock,” Geojit BNP Paribas Assistant Vice-President Gaurang Shah said. In a filing to the stock exchanges, the company said its board has decided to conduct a postal ballot to seek shareholders' approval for the deal. […]

Aqua to acquire upto 60 pc stake in Star Distribution

Aqua Logistics will be acquiring upto 60 per cent stake for an undisclosed sum in Chennai-based Star Distribution Logistics, the company said here today. The acquisition will help Aqua, a third-party logistics solutions provider, strengthen its distribution and reverse logistics capabilities as also get new clients in the FMCG, pharma and consumer electronics space, currently serviced by Star, read a press release by the company. Aqua will pick 40 per cent stake in Star initially and subject to business done by Star and other conditions, it will acquire an extra 20 per cent within two years, giving it complete control over the target company, the release said, without specifying the deal size. “The acquisition would help us strengthen our pan-India presence and address a wider customer base,” Aqua's Vice- Chairman M S Sayad said. […]