Renewable energy firm Greenko raises $125-M investment from EIG

Business Line

Renewable energy company Greenko, through its subsidiary Greenko Mauritius, has secured commitment for $125-million investment from Washington DC (USA)-based EIG Global Energy Partners. The investment is through a long term six-year instrument with a cash coupon of 5% per annum and a payment-in-kind coupon of 6% payable at maturity with an option to convert this into Greenko Group shares. EIG is eligible for one board position at the Mauritius level. Macquarie Capital advised on the transaction.

Greenko, which trades on AIM market of London Stock Exchange, plans to deploy the proceeds to refinance the Standard Chartered facility of $70 million, due in January 2015 and support the development of renewable power projects in its portfolio of 2.2 GW dominated by hydro and wind assets.

http://www.thehindubusinessline.com/companies/greenko-raises-125-m-investment-from-eig/article6523187.ece

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Private Equity Fund Investments

Warburg Pincus to acquire 24% in Kalyan Jewelers

PTI

Warburg Pincus, via its Mauritius-based unit Highdell Investment Ltd, has acquired a 24% stake in Kalyan Jewellers India Pvt Ltd on a fully diluted basis. The deal has been approved by the Competition Commission. Kalyan Jewellers is into manufacture and sale of gems and jewellery. A Shareholders' Agreement (SHA) and a Subscription and Share Purchase Agreement (SSPA) between Highdell, Kalyan Jewellers and promoters and other shareholders of Kalyan were executed on August 28. Axis Capital was the financial advisor to Kalyan Jewellers on the deal.

http://articles.economictimes.indiatimes.com/2014-10-16/news/55107029_1_kalyan-jewellers-cent-stake-purchase-share-purchase-agreement

Fidelity picks up 28% in healthcare chain Cygnus Medicare; leads Rs 60-Cr round

Economic Times

Cygnus Medicare, which operates a chain of super specialty hospitals in Delhi and Haryana, has raised Rs 60 crore in a new round of funding from Fidelity Growth Partners India and existing backer Somerset Indus Capital Fund. The deal will see Fidelity pick up around 28% stake in the company.

Cygnus, whose promoters are four doctors, had merged with Altius Healthcare in early 2013. The company reported revenues of INR 68 crore in 2013-14 and hopes to increase its topline to INR 115-120 crore this fiscal. The company plans to open 10 more hospitals in the next two years in Haryana, Punjab and eastern Rajasthan. It follows an asset light model where it does not own the land or building where the hospitals are located.

http://articles.economictimes.indiatimes.com/2014-10-18/news/55172786_1_fidelity-growth-partners-india-small-towns-rs-60-crore

Netherlands-based Bright Ventures invests in coupons site Priceburp.com

iamwire.com

Coupons and online deals portal PriceBurp.com, owned by Mumbai based Priceburp Media Pvt. Ltd., has raised under $100,000 from Bright Ventures B.V, an early stage investment company from the Netherlands. The investment will be used to facilitate tech development and add to the workforce. Currently, the site has covered categories including coupons and deals for electronics, fashion, health & beauty, home & lifestyle and travel etc. The portal plans to expand to e-commerce categories as well including online education and other services.

http://www.iamwire.com/2014/10/priceburp-com-indian-coupon-site-raises-usd100k-netherlands-based-angel-investors/102788

Matrix invests in creator of youth app Frankly.me

Economic Times

Matrix Partners India has invested in Pochi Mobile, a start-up by IIT Delhi graduates, which is developing a social application targeted at youth called Frankly.me.

http://economictimes.indiatimes.com/articleshow/44893429.cms

Nirvana leads $2-M round for e-commerce enabler KartRocket

Nextbigwhat.com

E-commerce enablement platform KartRocket has raised Series A funding led by Nirvana Venture Advisors. Existing investor 500 Startups and Japan-based NetPrice also participated in the funding round.

Founded in 2012 in New Delhi, KartRocket provides a do-it-yourself E-commerce platform to SMEs including web and mobile site designs, built-in shipping, payment and multi-channel sales integration for their online portals. KartRocket is integrated with eBay, Amazon and Snapdeal to allow multi-channel sales. Earlier, the firm had raised angel round from 5ideas, 500Startups and angel investor Jatin Aneja in July 2013.

http://www.nextbigwhat.com/ecommerce-enabler-kartrocket-secures-2-mn-funding-nirvana-500-startups-297/

Ideaworks Partners invests Rs.10-Cr in outsource product development firm People10

Economic Times

Bangalore-based outsourced software product development firm ‘People 10’ has raised about INR 10 crore from US-based fund Ideaworks Partners in a Series A round of fundraising. Founded in 2011, the firm has presence in the US, Germany and Canada, besides India. RSVP Capital Advisors was the investment advisor for the transaction.

People10 plans to use the funds to build a stronger local presence in the US and expand its client base. It plans to expand the size of its workforce from the current 60 to 100 in the next quarter. The company expects to earn revenue of INR 10 crore by March 2015.

http://economictimes.indiatimes.com/articleshow/44907136.cms

Restaurants booking service GourmeItUp.com raise $300-K

Mint

Tastebox Hospitality Pvt. Ltd, which owns and operates an online restaurant reservation portal GourmetItUp.com, has raised $300,000 from early-stage investors. Investors include Karan Bhagat, managing director of IIFL Private Wealth Management, Prabhat Awasthi, managing director Nomura Financial Advisory and Securities (India) and Atul Kumar, founder of Genome Capital.

Tastebox Hospitality, founded in 2012 by Deepa Jain and Kunal Jain, plans to use the money to expand into newer markets in India as well as internationally. The company has marketing partnerships with more than 75 of the top restaurant brands in India.

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Liquidity Events (Private Equity)

Creador sells Repco Home Finance shares worth Rs. 141-Cr, registers 3x return

Creador Capital, through its unit Creador I LLC, has sold 2,675,000 shares on NSE at Rs.470.11 per share and 325,000 shares on BSE at Rs.470.05 per share of publicly listed Repco Home Finance Ltd. aggregating INR 141.03 Cr on Oct 20, 2014. This constitutes 4.83% of total outstanding shares of Repco Home Finance Ltd. Post-deal the investor would hold 2.64% stake in the target.

From the Venture Intelligence PE Deal database: In Feb 2013, Creador Capital invested INR 72.40 Cr for 10% stake in the company. Other PE investors invested in the company includes Carlyle (exited with 6.10x return) and Wolfensohn & Co. (exited with 2.08x return).

Directi buys out Ashmore from Media.net

MediaNama

Directi UAE is buying back Ashmore Investment Management’s stake in the contextual advertising service Media.net. Ashmore had invested in the company in 2008 and currently owns about one-third stake in the business. Media reports suggest that Ashmore will be given market value along with some more rights. Directi has already bought the India assets of Media.net from Ashmore.

Founded in 2010, Media.net currently has operation centers in Austin, Texas, and Mumbai and Bangalore in India, besides in Dubai. It has over 450 employees across these locations. The company reportedly generates revenue of over $200 million a year.

http://www.medianama.com/2014/10/223-directi-media-net-buyback/

Angel Investments

VentureNursery Angels invest in HotelsAroundYou

Economic Times

Last-minute hotel booking start-up HotelsAroundYou has raised seed funding from more than 10 angel investors associated with early-stage accelerator VentureNursery. The investors include Patni scions Amit and Arihant, Aditya Birla Capital Advisors chief executive Bharat Banka and Fame Cinemas Founder Shravan Shroff.

Started in 2013 by college friends Harsha Nallur, Mohsin Dingankar and Animesh Chaudhary, HotelsAroundYou was chosen for VentureNursery's bootcamp in May 2014. The company, which has launched operations in Mumbai, connects last-minute travellers with hotels looking to sell off unsold hotel rooms for that day. The company aims to solve a problem for frequent business travellers. It will use the funding to expand operations to Pune next month and to six more cities by mid next year.

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Incubation / Acceleration

Secondhand books marketplace Notemybook incubated at Vesit

Notemybook, a start-up based in Mumbai that aims to make books available to students at 40% less cost, has been incubated at Vivekanand Education Society's Institute of Technology (VESIT) located in Chembur, Mumbai. Notemybook enables students to register as a buyer or seller or both. The start-up is run by two students of VESIT.

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Other Private Equity/Strategic Investments

Wipro invests addl $8.2 M in US-based M2M analytics startup Opera Solutions

Times of India

Wipro has invested an additional $8.2 million in New Jersey (USA)-based Opera Solutions for an undisclosed stake. Opera applies machine learning to glean data and extract insights. It allows organizations to turn raw big data into strategic advantage that improves clients' productivity and profitability.

Wipro had first picked up a stake, of about 6.5%, in Opera for $30 million in May 2013. It then picked an additional 6% stake in early 2014.

http://timesofindia.indiatimes.com/articleshow/44914157.cms

Info Edge invests Rs.10-Cr more in Canvera, Rs. 4-Cr in Happily Unmarried

Medianama

Info Edge, which runs portals like Naukri.Com, has invested INR 10 crore in Bangalore-based online photography firm Canvera and another INR 4 crore in portal Happily Unmarried Marketing.

The investment in Canvera Digital Technologies has been made through optionally convertible cumulative redeemable preference shares. In March 2014, Info Edge had invested INR 13.5 crore in Canvera and INR 35 crore in August 2012. Its cumulative investment now stands at INR 67.1 crore for an about 36% stake. Canvera offers customized printing solutions like photo books, photo albums, posters, photo prints and calendars among others.

Happily Unmarried has now received a total of INR 9.4 crore from Info Edge, translating to about 34% stake. Setup in 2003, Happily Unmarried designs and sells fun and quirky merchandise with India-centric designs. It currently offers products like t-shirts, mobile phone cases, bar accessories, bags, travel accessories, stationery products and office accessories. These are sold through Happily Unmarried’s online store and a chain of offline stores in New Delhi, Mumbai and Chandigarh.

http://www.medianama.com/2014/10/223-info-edge-canvera-happily-unmarried/

Mergers & Acquisitions

Telenor buys out residual 26% stake in Uninor for Rs.781-Cr

MediaNama

Norwegian telecom operator Telenor Group has increased its stake in Telewings, its JV to provide telecom services in the country under the Uninor brand, to 100% by acquiring the remaining 26% stake held by its Indian partner Lakshdeep Investment & Finance. Telenor had received an approval for an investment of INR 780.86 crore from Foreign Investment Promotion Board (FIPB) last month to acquire the remaining stake.

Telenor is operational in six circles - UP East, UP West, Bihar & Jharkhand and Andhra Pradesh. The telco had earlier shut down operations in 7 of 13 operational telecom circles in 2012 and in Q1 2013. However, it later acquired spectrum in a new circle of Assam and additional spectrum in four of its six existing circles in the 1800 MHz band – UP East, UP West, Bihar & Jharkhand and Andhra Pradesh in the February 2014 2G auctions.

http://www.medianama.com/2014/10/223-telenor-uninor-buyout/

Future Lifestyle acquires 60% in footwear maker Elisir Lifestyle

Future Lifestyle Fashions Ltd has acquired 60% stake in Elisir Lifestyle Pvt Ltd, a company engaged in business of manufacture, supply and distribution of footwear and accessories.

http://www.bseindia.com/corporates/ann.aspx?curpg=1&annflag=1&dt=&dur=A&dtto=&cat=&scrip=536507&anntype=A

Info Edge acquires design studio to roll out interactive 3D building models on 99Acres

MediaNama

Info Edge, which operates the real estate portal99acres.com, has acquired a design studio that has developed proprietary technology for 3D floor plans and walkthroughs. Post this acquisition, more than 30 new projects on 99Acres have been enabled with 3D floor plans, site plans and apartment selector and the company plans to increase this coverage to several hundred projects over the next few months.i.

http://www.medianama.com/2014/10/223-99acres-3d-floor-plans-acquisition/

Obul Reddy family to sell 17% stake in Panasonic Appliances for Rs.26.22 Cr; Co. to delist

Panasonic Corporation has bought 1,665,106 shares at Rs.157.50 per share from the promoters of publicly listed Panasonic Appliances on Oct 17, 2014 aggregating INR 26.22 Cr. This constitutes 16.95% stake of the company. Post-deal Panasonic Corporation holds 74.22% stake in the company.

http://www.bseindia.com/corporates/ann.aspx?curpg=1&annflag=1&dt=&dur=A&dtto=&cat=&scrip=523307&anntype=A

P.D International and Suretex Prophylactics sell their stake in CE Gloves

J. Sagar Associates (JSA) advised & assisted P.D International Pty Ltd. and Suretex Prophylactics (India) Limited in connection with the transaction involving the acquisition of CE Gloves (India) Limited by Mukesh Gelaram Talreja and Neelam Mukesh Talreja. The JSA Team comprised Partners – Vivek K Chandy & Raj Ramachandran; and Associate – K.Z Kuriyan. Tax related aspects involved in the transaction were handled by Partner - Sunil Jain. The buyers were represented by Krishnamurthy & Co., Bangalore.

McLeod Russel to acquire 90% in Rwanda tea estate for $19.5 M

Publicly listed, Kolkata-based tea producer Mcleod Russel India Ltd’s wholly owned subsidiary, Borelli Tea Holdings Limited, is to buy 90% shares held by UK-based LAB International Ltd in Pfunda Tea Company Ltd., Rwanda, for $19.5 million. Post deal, Pfunda, engaged in tea plantation and manufacturing activities, will become a step-down subsidiary of Mcleod Russel.

http://www.bseindia.com/corporates/anndet_new.aspx?newsid=e2c19f90-0f37-4297-ba97-8539136918e7

Consumer electronics support firm TSS acquired by Germany’s B2X

Munich, Germany headquartered provider of customer care solutions for smartphones, B2X Care Solutions GmbH, has acquired majority share in Mumbai-based consumer electronics and telecom customer care company The Service Solutions (TSS). Post-acquisition, all the TSS stores in 19 locations will be rebranded as B2X Care Solutions.

Founded in 2009, TSS currently employs over 200 people and is a Apple Authorized Service Provider (AASP) and Apple Authorized Reseller (AAR). The existing management team will continue to drive business in India and Middle East for B2X. TSS also develops and licenses its after market support platform to OEMs and other service providers and has built its own cloud based CRM system. It currently counts D-Link, Micromax, HCL, Voltas, AnyData Technologies and Fly Mobiles among others as customers. B2X had recently raised $15 million in a Series B round of funding led by Earlybird Venture Capital, to be used to grow its engineering and sales efforts.

http://www.theservicesolutions.com/b2x_news.php

http://www.medianama.com/2014/10/223-b2x-acquires-the-service-solutions/

Germany’s Dachser buys out AFL Group from India JV

Legallyindia.com

German logistics provider Dachser has acquired 50% shares in freight forwarding focused Dachser India Pvt Ltd, from its joint venture partner AFL Group. J Sagar Associates advised Dachser Germany while AFL Group was advised by AZB & Partners..

http://www.legallyindia.com/201410225227/Corporate-/-MA/jsa-azb-act-on-dascher-rsquo-s-buy-of-dascher-india-from-indian-jv-partner-afl

Kellton acquires US staffing services firm Vivos; sells off stake in MCS Global

Kellton Tech Solutions Ltd has acquired 100% stake in Vivos Professional Services, LLC, a New Jersey (USA)-based staffing company. Headquartered in Northern Virginia, Vivos offers solutions in 5 functional areas: IT & Technology, Healthcare & Life Sciences, Trade & Industrial segment, Government Staffing Solutions and Outsourcing Solutions. Some of Vivos key customers include Alcon, Covance, ETrade and Emergent Bio-solutions.

Kellton Tech has also disinvested 100% of stake held by the company in MCS Global, Inc., an existing subsidiary company, for strategic reasons. MCS Global provides outsourced product development solutions in Web 2.0, Consumer Internet Applications, Mobile Applications (iPhone, iPad, Android, BlackBerry), Social Network Technology, and custom software development solutions.

http://www.bseindia.com/corporates/anndet_new.aspx?newsid=6afb2182-0d73-476e-81b5-d53c9008551d

Debt Financing

IFC to invest Rs 450-Cr in Temasek's banking & financial services arm

IFC is to invest INR 4,500 million (US$75 million equivalent) through the subscription of secured non-convertible debentures that would be rated, listed and tradable on the Bombay Stock Exchange of Mumbai-based Financial services company Fullerton India Credit Company Ltd. (“FICCL”), a fully owned subsidiary of Temasek, through its holding company Fullerton Financial Holdings (“FFH’)

FICCL focuses on rural and urban micro lending and also caters to mid sized SMEs. As of March 31, 2014, FICCL has total assets under management of around $1 billion and has reached out to more than 1.1 million customers.

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SAP Ventures rebrands as Sapphire Ventures

SAP Ventures has been rechristened as Sapphire Ventures. With $1.4 billion in committed capital currently, Sapphire Ventures has invested in more than 125 expansion-stage companies, as well as early-stage venture funds, across five continents. SAP Ventures spun out of SAP SE in January 2011, becoming an independent venture firm.

http://sapphireventures.com/press/sap-ventures-becomes-sapphire-ventures/

Global Schools files criminal complaint against Baring Asia

Economic Times

Global Schools Foundation, a Singapore-based firm run by a group of NRIs, led by Atul Temurnekar and Kaustabh Bodhankar, has filed a criminal complaint with the Economic Offences Wing (EoW) of the Mumbai Police against Baring Asia, some of its associates and seven senior officials, including managing directors Jimmy Mahtani and Kosmos Kalliarekos, and CEO Jean Eric Salata. The dispute between Baring and Global is already being heard in an arbitration court in Singapore.

The allegations: Baring and others conspired to hold back Global from going ahead with a series of profitable acquisitions, with the intent of taking control of the company on the basis of an agreement that linked the PE fund's shareholding in Global to the company's profits. As profits dipped in the absence of growth from fresh acquisitions, the particular clause in the shareholding agreement would have allowed Baring to substantially raise its stake to more than 47% in Global and even acquire control of the company at a cheaper price. The PE fund refutes all the charges.

http://economictimes.indiatimes.com/articleshow/44893209.cms

GSF ropes in Phani Sama, Manish Dalal to advisory board

Economic Times

Startup accelerator GSF has roped in redBus founder Phanindra Sama to join its board along with angel investor Manish Dalal with an aim to deepen the mentoring and support it provides incubatee companies. Sama and Dalal will work part-time for GSF helping them pick the right startups and will also take on board/advisor responsibilities in some of its portfolio companies.

http://economictimes.indiatimes.com/articleshow/44894144.cms

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Private Equity/Strategic Investment

Carnival Group in talks to buy L&T Realty's Elante Mall for Rs.1,900-Cr

Business Standard

Media & entertainment group Carnival is in advanced discussion with Larsen & Toubro (L&T) Realty to acquire the latter's Chandigarh mall, Elante for INR 1,900-crore. Elante Mall is spread across 1.15 million sq ft and includes three distinct facilities - a retail mall, an office complex and a hotel with a central courtyard. Construction of a 215-room five-star hotel of Hyatt Regency is on at the premises. Singapore-based sovereign fund GIC and private equity major Blackstone were also in the race for the buyout.

http://www.business-standard.com/article/companies/carnival-group-in-talks-to-buy-l-t-realty-s-elante-mall-114101900893_1.html

Hedge fund investor Falcon Edge to visit Housing.com with $50-M round

Times of India

Real estate portal Housing.com is close to sealing a $40-50 million funding round being led by a New York-based hedge fund Falcon Edge Capital. Other new investors who are likely to come on board are Nirvana Venture Advisors and Russian tycoon Yuri Milner who is expected to make a personal investment of about a million dollars in the company.

Started by 12 IIT-Bombay graduates, Housing is a two year-old map-based real estate portal which helps people rent, sell and buy houses. Housing's latest financing round comes just three months after it announced a $20 million fund-raise from a clutch of investors.

http://timesofindia.indiatimes.com/articleshow/44892722.cms

Navayuga in talks to sell strategic stake in Krishnapatnam power project

Economic Times

Navayuga Power, a unit of CVR Group that is in the process of setting up a 1,980 Mw coal-fired supercritical power project at Krishnapatnam deep water port in Andhra Pradesh's Nellore district, is in talks with several global power producers and equipment makers to sell a significant stake in its power assets.
The companies in talks with Navayuga include Toshiba, Sumitomo, Mitsubishi and GDF Suez. The stake on offer could be 49% or 51%. The potential value of the transaction is estimated to be Rs 1,380 crore to Rs 1,440 crore.

The power project coming up near the Krishnapatnam port will have 1,320 Mw of capacity in the first phase and add 660 Mw in the second phase. It involves a total investment of Rs 9,400 crore. Having tied-up with the UP power utility for 85 per cent of capacity, the company plans to sell the balance in the open market.

http://articles.economictimes.indiatimes.com/2014-10-22/news/55318980_1_power-stake-power-project-majority-stake

Wearable devices maker Intugine raising up to $100-K

Mint (Print Edition)

Bangalore-based Intugine is in the process of raising between $80,000 and $100,000 from a group of angel investors to help it commercially launch its motion-control wearable device called Nimble.

IPOs

Aanchal Ispat files for Rs.16-Cr SME-IPO

Aanchal_Ispat Ltd, maker of TMT bars under the brand name Relicon is planning for an IPO through the BSE SME platform by issuing 8 million equity shares of the company at a unit price of Rs 20, totalling Rs16 crore. The issue is being managed by Inventure Merchant Banker Services. With the proceeds the company plans to expand its operation and upgrade its TMT Bar manufacturing facilities. Incorporated in 1996, Aanchal Ispat has two manufacturing facilities, one for TMT Re-bars and other for Structural Re-bars.

http://www.bseindia.com/downloads/ipo/2014925182611Aanchal%20Ispat%20Limited%20-%20Draft%20Prospectus.pdf

M&A

J&J to sell Savlon, Shower to Shower brands for Rs.300-Cr

Times of India

Consumer health and pharma company Johnson & Johnson (J&J) is close to selling two of its brands - Savlon antiseptic soap and liquids, and Shower to Shower talcum powder - in India for over INR 300 crore. Privately held Wipro Consumer Care, Emami and Dabur are among the bidders who have looked at the deal. The transaction involves selling brand rights and technical knowhow.

Savlon antiseptic soap, liquid and hand washes had clocked INR 65 crore in business, while the smaller operations of Shower to Shower prickly heat powder had turned up with INR 25 crore.

http://timesofindia.indiatimes.com//articleshow/44882974.cms

United Spirits to sell units in AP, Kerala

Mint

United Spirits Ltd is looking to sell two distilleries in Andhra Pradesh and Kerala. The sale would significantly cut the company’s direct operations in these two states, which rank among the top 5 liquor consuming states in India. United Spirits operates 18 distilleries, out of which it owns nine.

The Kerala government said in August it would shut down the state’s liquor retail outlets in a phased manner over the next 10 years, although the courts could overturn this decision. With the creation of Telangana, there is uncertainty about the liquor business in that state and Andhra Pradesh, from which it was carved out.

http://www.livemint.com/Companies/VTRoYFQPKkG4R7OUBBrWjI/United-Spirits-to-sell-distilleries-in-Andhra-Pradesh-and-Ke.html

Flipkart to buy consumer appliances after-sales services firm Jeeves

Mint

Online retailer Flipkart is close to buying a large stake in Jeeves Consumer Services Pvt. Ltd, which provides after-sales services on large home appliances and electronics, partly because the company plans to launch its private brands in home appliances such as televisions and refrigerators as well as electronics. Flipkart has already launched a range of tablets under the Digiflip brand in June and is planning to launch private brands in the large appliances category.

Jeeves Consumer was started by former BPL executives Alok Sen and R.N. Balasubramanya in 2007. In May 2012, early stage investor Seedfund agreed to put in about Rs.12 crore in tranches for a stake that could have risen to 30% over time.

http://www.livemint.com/Industry/VXrQE0umJiFGZ5VNIHQKIL/Flipkart-to-buy-into-Jeeves-in-home-appliances-push.html

Secondary Issues

Justdial to raise Rs.1,000-Cr

Economic Times

Mumbai-based local search engine Just Dial is raising up to Rs 1,000 crore through issue of equity shares. Founded by VSS Mani, Just Dial counts Sequoia Capital, SAIF Partners and Tiger Global as its investors. Just Dial already has Rs 741 crore in cash and investments in the bank.

Just Dial had launched its Search Plus business earlier this year, moving from just a listing and discovery platform to online transactions. The company had 20 such services on platform like ordering groceries, flowers, pharmaceuticals, electronics and booking doctors appointments covering 145,000 merchants. While these services are available on Just Dial website, they will also be available on mobile now.

http://articles.economictimes.indiatimes.com/2014-10-21/news/55279509_1_local-search-engine-ceo-vss-mani-search-plus

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New Ventures

Tata AutoComp & Katcon Global in 50:50 JV

Financial Chronicle

Tata AutoComp Systems and the $350 million Mexican Katcon Global, the exhaust and after-treatment Tier 1 global supplier to auto market, have signed a 50:50 joint venture agreement to set up a new company in India. The JV will produce exhaust systems and emission after-treatment systems to the Indian automotive industry. The new JV will be headquartered in Pune.

Tata AutoComp Systems has 28 production factories in India, several of them JVs and two wholly owned subsidiaries in China. The company which clocked sales revenues of Rs 2,600 crore in fiscal 2014, is targeting a turnover of Rs 3,000 – Rs 3,500 crore in FY 2015.

http://www.mydigitalfc.com/news/tata-autocomp-katcon-global-pact-set-joint-venture-262

Suhas Baliga launches VC deals focused Innove Law

Legally India

Impact Law Ventures partner Suhas Baliga left the firm in June to start up Innove Law. Innove focuses on investment and corporate advice to growth-stage companies, with a team of two associates.

http://www.legallyindia.com/201410205211/Law-firms/impact-law-ventures-partners-pankaj-jain-and-suhas-baliga-split-baliga-starts-innove-law-alongside-policy-crafte

GVK Bio, Takeda Pharma in JV for drug research

Business Line

Hyderabad-based GVK Biosciences and Takeda Pharmaceutical Company have decided to jointly evaluate the pre-clinical proof-of-concept for certain indications of selected therapeutic compounds to develop novel indications for the previously failed compounds. The two companies have formed a joint venture for repurposing database, 8 different algorithms, analytics tools and a visualisation engine.

http://www.thehindubusinessline.com/companies/gvk-bio-takeda-pharma-in-jv-for-drug-research/article6524007.ece

Voltech inks two JV pacts in Kuwait, Zambia

Business Line

The Chennai-based Voltech group, engaged in engineering services and manufacturing of transformers and electrical components, has entered into joint ventures in Kuwait and Zambia to expand its operations. Voltech has entered into an equal partnership with Rank General Trading Company, Kuwait, to provide a range of services including operation and maintenance of power, oil and gas plants in Kuwait. It also entered into an agreement with Goldberg Associates Ltd, Zambia, a trading company, to build and operate solar power projects in Africa.

http://www.thehindubusinessline.com/companies/voltech-inks-overseas-pacts-for-expansion/article6524141.ece

Expansion/Diversification

Cavin Kare opens retail outlet

Business Line

FMCG firm CavinKare has entered the retail segment by launching its first retail outlet under the brand Cavin’s Parlour, in Chennai. The parlour will retail the company’s product range including dairy products, beverage, snacks and other food products. It will function as a stockist for 80-100 outlets in that locality. The company plans to open at least 50 such outlets before the end of the current financial year in Tamil Nadu.

http://www.thehindubusinessline.com/companies/cavinkare-opens-first-retail-outlet/article6520240.ece

Brigade Group to invest Rs 500-Cr in Gujarat’s GIFT City

Times of India

Bangalore-based realty player Brigade Group will invest Rs 500 crore in Gujarat International Finance Tec-City (GIFT City), a globally benchmarked International Financial Services Centre (IFSC), over next few years. The company has been alloted 1.1 million sq. ft. of BUA for development of commercial, residential, retail mall and hotel projects in SEZ and non-SEZ area in GIFT city. The group has also submitted their interest for taking additional 1.7 mn sq ft of BUA to be developed at an estimated investment of Rs 600 crore.

http://timesofindia.indiatimes.com//articleshow/44909388.cms

People

Happiest Minds CEO Vikram Gulati quits

Mint

Vikram Gulati, CEO and MD of Bangalore-based information technology services firm Happiest Minds Technologies is to leave the company. The move is reported to be based on board members feeling the need for CEO and MD to be located in Bangalore.

From the Venture Intelligence PE Deal database: In Nov-11, Happiest Minds had attracted $45 million from Canaan Partners, Intel Capital and others including primary founder Ashok Soota. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

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Bergruen Hotels India CEO Sanjay Sethi resigns

Mint

Sanjay Sethi, managing director and chief executive officer (CEO) of Berggruen Hotels India Pvt. Ltd, which runs hotels under the Keys brand, has quit after an eight-year stint with the company. He will, however, continue to be a shareholder and is currently working with the company to find a successor.

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IndiaProperty appoints Muralikrishnan B as its COO

Medianama

Online real estate portal IndiaProperty.com has appointed Muralikrishnan B as its Chief Operating Officer. At his new role, Murali will be responsible for end to end consumer experience including product management, marketing, customer support, and operations and data analytics.

http://www.medianama.com/2014/10/223-indiaproperty-appoints-muralikrishnan-b-as-its-coo/

L&T Infotech joint CEOs quit

Times of India

The joint CEOs of L&T Infotech, Vivek Chopra and Mukesh Aghi, have quit the company after two years at the helm. The two were also executive directors on the board of L&T Infotech. Aghi was the chief executive of the services cluster, responsible for banking, financial services, insurance, travel & logistics, media & entertainment. Chopra was the chief executive of the industrial cluster responsible for services in the areas of energy & utilities, hi-tech & consumer electronics, consumer packaged goods, retail & pharmaceuticals, and auto & aerospace.

http://timesofindia.indiatimes.com//articleshow/44904634.cms

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The Deal: Pineridge Investment sells ACB shares

Advisor: AZB & Partners

Client: Pineridge Investment Ltd (an unit of Warburg Pincus)

Deal Date: October 1, 2014

Deal Description: Offer for sale of up to an aggregate of 30,940,000 equity shares of ACB (India) Limited, comprising up to 23,800,000 equity shares by Pineridge Investment Ltd, up to 3,140,000 equity shares by Mr. Ganesh Chandra Mrig and up to 4,000,000 equity shares by Mr. Ashok Mrig.

Advisory Role: Domestic legal counsel to Pineridge Investment Ltd

Advisory Team: Partners : Anil Kasturi / Madhurima Mukherjee

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The Deal: SAIF Partners invest in Senco Gold

Advisor: Khaitan & Co

Client: SAIF Partners

Deal Value: USD 13 million

Deal Description: SAIF Partners has invested USD 13 million approximately into Senco Gold Limited by way of subscribing to Compulsorily Convertible Preference Shares and nominal equity shares.

Advisory Role: Conducting a Due Diligence exercise and submitting the Due Diligence Report. Advising the Client on all the regulatory issues and the structuring of the deal; Drafting the transaction documents including the Share Subscription Agreement and the Shareholders Agreement; Board and shareholders resolutions; Amending the charter documents of the company and assisting in the execution and closing of the transaction.

Advisory Team: Arindam Sarkar, Associate Partner; Sucharita Basu, Associate Partner

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Knowledge Partner

Trilegal is one of India's leading law firms with offices in four of India’s major cities - Mumbai, New Delhi, Bangalore and Hyderabad.  The firm has the experience and expertise in acting on complex, high-value, cross-border as well as domestic transactions, leading to its key practices winning top industry awards and accolades. The firm’s key practice areas include private equity and venture capital; corporate - mergers and acquisitions, strategic alliances and joint ventures, projects, energy and infrastructure, banking and finance, restructuring, capital markets, telecoms, media and technology, dispute resolution, competition law, labour and employment, real estate and taxation. Trilegal is recognised as having a market leading practice with a client base that includes leading international and Indian companies as well as smaller growing businesses. The firm’s client roster comprises many of the world's leading funds, corporations, banks and financial institutions.

http://www.trilegal.com/

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