September 2010
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Auro Mira Energy raises US$ 21 mn from a consortium of leading PE Funds

Auro Mira Energy Company Private Limited (AME), one of the fastest growing clean energy companies in the Indian sub-continent, today announced that it had raised USD 21 million through its second round of institutional funding by a consortium of PE investors comprising of Aureos South Asia Fund, IFC and ePlanet Ventures for a minority stake. Auro Mira was founded in 2005 with funding support from a PE Fund advised by Baring India and has currently two sites in India generating renewable energy using biomass for sale to corporates across the country. The company has aggressive expansion plans and has commenced four new renewable energy projects in small hydro and biomass sector to attain 100 MW generation capacity by 2012. It currently has two operating biomass projects of 7.5 MW and 10 MW size. The investment by the three private equity investors will enable Auro Mira to complete these projects as well as acquire land and licences for further new projects. […]

Blackstone Group to invest $2 Billion in India

Blackstone Group is in plans to invest in India over the next three years. As of now, the New York based private equity company has already invested $1.2 billion since it commenced its operations in India nearly five years ago, reports Vinod Mahanta of the Economic Times. “I think we certainly could invest another $1-2 billion in India in the next three years and we have the ability to invest more if the opportunity presents itself. We were very bullish on India,” said Stephen Schwarzman, Co-founder and Chairman of Blackstone. The company seems to be more interested to go for investments in India and it has invested in 12 companies, some of them being Gokaldas Exports and Intelenet Global Services. Blackstone usually uses pools of investor money backed with debt to acquire companies and sell them later to realize profits. But such a strategy did not help them to resist the global economic downturn in 2008 which affected many organizations after the collapse of Lehmann Brothers. But the scene is slightly better now as the deal flows have been increasing and several private equity funds are willing to invest. […]

Paras Pharma's PE investors to sell stake to outside promoter

For the Patels of Ahmedabad, news about Paras Pharmaceuticals being put on the block has come as a shocker. Leaders of the community, originally farmers who became successful businessmen over generations, are loathe to the idea of a Gujarati company nurtured and built over so many years passing into the hands of people outside the community. “It hasn’t happened before. No big Gujarat-based company has ever been sold like this,” says Aroon Patel, who runs a small engineering unit in the city. In the backdrop of such strong local sentiments, Girish Patel’s nod to a deal between Actis and Sequoia Capital, two private equity firms who together own 70% shareholding, and an yet unknown suitor, seems a bit out of place. But it also brings to fore the perils of inducting PE firms on board, and the usefulness too. If Patel and his younger brother Devendra sell their 30% stake today, they will walk away with Rs 1,350 crore, on a total company valuation of Rs 4,500 crore. Considering that their father, Naranbhai Patel, had started the company with a seed capital of Rs 8 lakh, that would be a deal! […]

CARE sells 13% stake to PE firms

Private equity firms Aditya Birla PE, Milestone Religare and Bajaj Group financial unit Bajaj Finserv have together picked up a stake of about 13 per cent in ratings agency Credit Analysis & Research Ltd (CARE). CARE Managing Director D R Dogra today confirmed the stake sale. “Bajaj Finserv Ltd has bought a 4 per cent stake, Milestone Religare 5 per cent and Aditya Birla PE 4 per cent,” Dogra told PTI. While Dogra didn't disclose details about the size of the deal, he said that the latest transactions value the ratings agency at about Rs 1,500 crore. […]