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Ajay Piramal, one of India's top industrialists, has struck a deal with Religare Enterprises to sell 80% of his stake in realty fund, Indiareit Fund Advisors – as part of a move to sharpen his group's focus on real estate development. The deal is valued at over 300 crore according to two people with direct knowledge of the development. This divestment is part of a larger plan by Piramal to focus on the realty development business through two group companies – Piramal Sunteck Realty and Piramal Realty […]
Business correspondents, which partner banks in their financial inclusion programmes, are planning to raise funds from private equity investors to scale up their operations. SEED Financial Services, a business correspondent for 19 banks including State Bank of India (SBI), plans to raise $5.5 million from private investors by selling a part of its stake. The Delhi-based company is currently in talks with domestic and foreign investors and aims to raise the funds by the end of June. “We are cash-positive now. But we need this capital to scale up our operations, build infrastructure and augment our resources,” SEED Financial Services Managing Director, Anirban Roy, told Business Standard. Financial Information Network and Operations Limited (Fino), a Mumbai-based business correspondent, raised about Rs 150 crore from a group of investors, including private equity investors. […]
This, arguably, is one the biggest private equity funding in recent times in wind energy space. Caparo Energy India, wholly-owned subsidiary of Caparo Energy, owned by the UK-headquartered diversified Caparo Group from the lineage of Swraj Paul, is understood to have mandated investment bankers to raise $150 million (Rs 700 crore) through the private equity route. The company, which is into wind power generation in India, is putting in place an aggressive expansion plan. It is charting a two-phased expansion plan, which will see them generate upto 5,000 Mw over the next six years. The first phase will see a generation capacity of 3,000 Mw in another five years, while the other 2,000 Mw will be produced in the second phase. To implement the first phase, Caparo Energy India has already entered into an agreement with Suzlon Energy, to acquire up to 3,000 Mw of wind power generation farms. According to investment bankers close to the deal, the fresh round of equity raising will be used for this expansion. In January, Caparo Energy signed a record Rs 5,700 crore deal with Suzlon Energy to generate 1,000 Mw energy in the future. […]
Billionaire brothers Malvinder and Shivinder Singh are selling 86% stake in the country's largest medical diagnostics firm Super Religare Laboratories ahead of its public issue, to listed group firm Fortis Healthcare (India) for an undisclosed amount. Fortis Healthcare's board gave an inprinciple approval for setting up standalone dialysis centres and to foray into diagnostic centres starting with the acquisition of a majority stake in SRL, the company said on Thursday. The Singh brothers together own 81.5% stake in Fortis, India's second-largest hospital chain. The transaction will lead to transfer of ownership of SRL to another company, also majority owned by the same promoters. Shivinder Mohan Singh, MD of Fortis Healthcare India, said the addition of diagnostics and retail dialysis businesses will serve to enhance the quality of care to the company's customers. […]
LeapFrog Investments has announced a Rs. 62 Crore (US $14M) investment in Apollo Investment Ltd (AIL) – a leading East African insurance group. LeapFrog, launched with US President Bill Clinton in 2008, has become the world’s largest investment fund focused on insurance to under-served people. The fund has focused on India as a key market, and plans to make a major investment in the coming months. LeapFrog co-founder, Dr. Jim Roth, who leads LeapFrog’s investment efforts in India, says“We are on the cusp of a major deal in India. The Apollo investment demonstrates how LeapFrog supports strong management with capital and expertise. We help position a company to be a national leader by focusing on the opportunity mass market insurance presents for growth and profitability.” Roth added, “India is a key market for LeapFrog now and in years to come.” […]
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