The Big Deal

Energy > Oil & Gas
Chevron buys RIL's 80% stake in 2 Kurdish oil blocks for $200-M

San Ramon, US-based, NYSE-listed Chevron Corp has acquired Mumbai-based listed Reliance Industries Ltd. (RIL)’s 80% stake in two oil drilling blocks in the Kurdistan region of Iraq. Media reports estimate the deal size at $200 million. RIL held the stake via Reliance Exploration & Production DMCC. Austria’s OMV AG holds the balance 20%.

The Rovi and Sarta blocks are located north of Erbil and cover a combined area of approximately 1,124 sq km. 

For more information:

http://goo.gl/LaFvy

http://www.livemint.com/2012/07/19205621/Chevron-buys-two-Kurdistan-blo.html

Spotlight

Reliance Mediaworks to raise Rs.605-Cr from L Capital: report

SKS Microfinance QIP oversubscribed; raises Rs.230-Cr

Gujarat Pipavav Port raises Rs.199.5 Cr via QIP

Nexus participates in Aryaka Networks' $25-M 3rd round

Japan’s SG Holdings invests Rs.90-Cr for 40% stake in Sindhu Cargo, Sunlog

Navis Capital to sell Nirula’s to A2Z for Rs.80-Cr
 

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Done Deals

PE / VC Fund Investments

Media & Entertainment > Production (Film, TV)
Reliance Mediaworks to raise Rs.605-Cr from L Capital: report

Mumbai-based listed ADAG firm Reliance Mediaworks Ltd. is set to raise Rs.605 crore for a substantial minority stake. Economic Times reports the investor as L Capital, the PE arm of luxury goods maker LVMH.  The investment will go into the film and media services division of the company. A term sheet has been signed and a 90 day exclusivity period has been entered into. 

The company, with a market cap of about $50.8 million, plans to use the funds to primarily cut debt and for expansion. It owns and operates brands such as BIG Cinemas and BIG Synergy.

For more information:

http://www.reliancemediaworks.com/Press29.html?TB_iframe=true&height=500&width=545

http://articles.economictimes.indiatimes.com/2012-07-19/news/32747538

IT & ITES > Enterprise Software (Cloud-based WAN Optimization)
Nexus participates in Aryaka Networks' $25-M 3rd round

US and Bangalore-based cloud-based WAN optimization as-a-service company Aryaka Networks has secured a $25 million Series C funding round led by InterWest Partners, with participation from Presidio Venture (a Sumitomo Corporation Company) and existing investors Nexus Venture Partners, Trinity Ventures and Mohr Davidow Ventures. The funding will be used to support Aryaka’s market penetration and global reach. 

For more information:  

http://ventureintelligence.blogspot.in/2012/07/deal-alert-nexus-participates-in-aryaka.html 

http://www.aryaka.com 

Healthcare & Life Sciences > Clinics (Eye-care)
Evolvence invests Rs.60-Cr in Dr. Agarwal's Healthcare

Evolvence India Life Sciences Fund III has invested Rs.60 crore in Chennai-based, eye-care focused Dr. Agarwal's Healthcare. The investment, which was through subscription to CCPS for a 25% stake on a fully diluted basis, happened in two tranches of Rs.25 crore and Rs.35 crore, respectively. The first tranche investment happened early last year while the second was completed a few weeks back. Hari Buggana of Evolvence has joined the board.

http://www.dragarwal.com 

Manufacturing > Electronic Boards
OIJIF acquires 19.65% in Indus Teqsite for $10-M

Oman India Joint Investment Fund has acquired a 19.65% stake in Chennai-based electronic boards manufacturing firm Indus Teqsite for $9.8 million. Khaitan & Co advised Oman India Fund on the investment.  

Indus Teqsite is engaged in the manufacture of software integrated hardware in the field of high end automatic testing of defense equipments. 

From the Venture Intelligence PE Deal database: In Nov-09, Indus Teqsite had raised capital from0020SIDBI VC. 

http://industeqsite.com 

IT & ITES > Gaming (Online, Mobile)
Blume Ventures, IAN invest over Rs.5-Cr in HashCube

Early stage VC investor Blume Ventures and the Indian Angel Network (IAN) have invested in HashCube, a Bangalore-based social gaming company, reports Business Line. IAN investors who participated in the funding are Sharad Sharma, Rajan Anandan and Hemant Kanakia. Sharma will join the HashCube board. The report puts the investment amount by IAN members at about Rs.5 crore. 

HashCube, founded by Deepan Chakravarthy and Ramprasad Rajendran, makes games such as Sudoku Battle and Sudoku Quest available on social networking sites and mobile platforms. Currently, it has over 2 million users and the fresh funds will be used for promoting and expanding its portfolio. 

For more information:  

http://www.thehindubusinessline.com/news/article3645965.ece 

http://hashcube.com 

IT & ITES > Online Services (Staffing Services)
Unilazer Ventures, FACT Ventures invest in OnContract.com

Ronnie Screwvala’s Unilazer Ventures and Vishal Gondal’s FACT have acquired an approximate 15% stake in Mumbai-based Joule Consulting Pvt. Ltd., which runs contract staffing platform OnContract.com. The company plans to use the funds raised to improve its technology platform. Oncontract.com was earlier known as StaffOnContract.com. 

From the Venture Intelligence Angel Investments Database: Vishal Gondal had originally invested Rs.0.5 crore in Oncontract.com in March 2012. 

For more information:  

http://goo.gl/PK735 

http://goo.gl/NmKIq 

http://www.oncontract.com/about.php 

Healthcare & Life Sciences > Pharmaceuticals (Drug Discovery)
India Innovation Fund, Blume invest in Shantani Proteome

India Innovation Fund (IIF), along with Blume Ventures as co-investor, has made an investment in Pune-based life science tech firm Shantani Proteome Analytics Pvt. Ltd. The company is incubated at the National Chemical Laboratories’ Venture Center at Pune and develops technology applications for use in drug target discovery. Shantani also develops in-house drug discovery programs in defined therapeutic areas.

For more information:

http://ventureintelligence.blogspot.in/2012/07/deal-alert-india-innovation-fund.html

http://www.shantani.com

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Liquidity Events  

Public Market Sales

Textiles & Garments > Textiles (Home Textiles)
Temasek completely exits Welspun India; sells shares worth Rs.56-Cr

Temasek sold 9,079,463 shares via its Dunearn Investments unit and 1,233,000 shares via its Baytree Investments unit on BSE in publicly listed home textiles maker Welspun India on Jul. 16, 2012. The sales, constituting an 11.59% stake, aggregated Rs.55.69 crore at Rs.54 per share.

From the Venture Intelligence PE Deal database: In Mar 2005, 9,079,463 shares of Welspun India were issued to Dunearn Investments at Rs.130.25 per share aggregating to INR 118.26 Cr for a 12.42% stake.

For more information:

http://www.bseindia.com/xml-data/corpfiling/AttachLive/Welspun_India_Ltd_190712_SAST.pdf

http://www.welspun.com

Mergers & Acquisitions

Food & Beverages > Restaurants
Navis Capital to sell Nirula’s to A2Z for Rs.80-Cr

Malaysia-based PE firm Navis Capital Partners is selling its 100% stake in New Delhi-based fast-food restaurant chain Nirula's to hotels and real estate business company A2Z Excursions for Rs.60-80 crore, reports Economic Times. The chain currently realizes about Rs.100 crores in sales from its 80-odd outlets which include dine-in restaurants, pastry shops, ice-cream parlors, hotels and coffee shops.

In mid-2007, India Hospitality Corp (IHC) had almost acquired Nirula's from Navis but the deal did not materialize and was attributed to IHC wanting a 100% stake in the restaurant chain. In April this year, Navis took complete control of the home-grown fast food chain, by acquiring the about 10% held by MD and CEO Samir Kuckreja.

From the Venture Intelligence PE Deal database: In Jan 2006 Navis had invested $20.20 million in Nirula’s.

For more information:

http://goo.gl/gCpP8

http://www.nirulas.com

Angel Investments  

Healthcare & Life Sciences > Wellness (Preventive Diagnostics)
XCode raises angel funding, looks to raise $4-M

Chennai-based biotech start-up XCode Life Sciences has raised $250,000 from Shead Holdings, a micro-venture capital fund from the US, and R Narayanan from Chennai Angels, reports Business Line. The company, which was initially incubated at the Vellore Institute of Technology, is looking for venture capital funding of $4 million. 

The company has come out with a preventive wellness programme to fight diabetes, obesity and cardiovascular diseases. It has around 50 customers from Tamil Nadu and is targeting 1 lakh customers in two years. XCode also plans to launch programs for cancer and other diseases. 

For more information:

http://www.thehindubusinessline.com/companies/article3658703.ece

http://xcode.in

IT & ITES > Online Services (Travel – Bus Tickets)
TicketGoose.com raises Rs.3-Cr from US-based investors

Chennai-based web ticketing portal TicketGoose.com, promoted by Efficsys Info Tech India Pvt. Ltd., has raised Rs.3 crore from angel investors based out of the US at a valuation of $7 million. The new funding will enable the company to consolidate its position in the B2B market space and also work aggressively on customer acquisition for its B2C platform. Angel investor R Narayanan had invested and joined the board in April 2011. 

The company, co-founded by CEO Arun Athiappan in 2007, currently provides services like price, availability and booking facility for buses to more than 4,500 destinations in South India.  

For more information:  

http://www.indiaprwire.com/pressrelease/travel/20120718125483.htm 

http://www.ticketgoose.com 

Healthcare & Life Sciences > Medical Devices (Infant Warmer)
Khosla Impact, Capricon invest in Embrace

Khosla Impact, a social VC fund founded by marquee investor Vinod Khosla, and Silicon Valley-based Capricorn Investment Group have invested in Embrace Innovations, a Bangalore-based maker of low-cost baby warmers, reports Economic Times. Embrace, founded by Standford University alumni Jane Chen, Naganand Murty, Rahul Alex Panicker and Linus Liang, has developed an infant warmer that costs a fraction of the price of traditional incubators. 

The warmer looks like a sleeping bag and uses an indigenous technology that maintains the body temperature of premature and low-birth-weight babies. It is also designed for the rural setting, works without continuous supply of electricity, is portable and can be sterilized. The startup has a nonprofit arm that donates the warmers to underserved clinics through NGO partners, and the for-profit arm that sells the product to clinics that can afford to pay for them. 

For more information:  

http://economictimes.indiatimes.com/articleshow/15050766.cms 

http://www.embraceinnovations.com 

Incubation 

IT & ITES > Mobile VAS (Apps - Education)
Y Combinator invests in June Software

US-based incubation program Y Combinator has invested in three-year-old education apps maker June Software, reports Economic Times. The company passed out of the Y Combinator program earlier this year. Y Combinator provides an average seed funding of $20,000 for which it takes up a 2-10% stake. Startups at Y Combinator also receive $150,000 in the form of convertible debt from various investors including Ron Conway, Andreessen Horowitz and Yuri Milner. This is converted to equity when the start-up raises its first round of venture capital, 

TapToLearn has also received undisclosed funding from noted angels such as Hollywood talent agent Ari Emanuel, hedge fund manager Jim Pallotta and early stage ventures like Shasta Ventures, ENIAC Ventures and Khosla Ventures. The startup also received funding from the founders of gaming venture BackFlip Studios. Its users have grown enormously post its incubation, from 150,000 users earlier to over 1.5 million currently, according to co-founder Roby John. The company has an advertisement led revenue model.

For more information:

http://economictimes.indiatimes.com/articleshow/15009840.cms

http://www.junesoftware.com

Other Private Equity/Strategic Investments  

Shipping & Logistics > Logistics Services (Cargo)
Japan’s SG Holdings invests Rs.90-Cr for 40% stake in Sindhu Cargo, Sunlog 

Japan-based logistics firm SG Holdings Company has invested an aggregate Rs.90 crore in Bangalore-based logistics firm Sindhu Cargo Services Ltd. and its sister concern Sunlog Services for a stake of 40% in each of the entities, media reports indicate. The investment was carried out in two tranches, with 26% in first tranche and 14% in the second tranche. Deloitte acted as financial advisor to the acquirer while PwC was the financial advisor to Sindhu Cargo Services.

http://www.sindhucargo.com 

Other Services > Security Services
Aark Singapore acquires 20.63% stake in Zicom

Aark Singapore has acquired 33 lakh shares (20.63% stake) in Mumbai-based publicly listed Zicom Security Systems. The acquisition was made via a preferential allotment.

For more information:

http://bit.ly/Mz1rMP

http://www.zicom.com

Secondary Offerings 

BFSI > Microfinance
SKS Microfinance QIP oversubscribed; raises Rs.230-Cr

SKS Microfinance has approved the issuance of 3.04 crore equity shares at a price of Rs. 75.40 per equity share aggregating to about Rs.230 crore to Qualified Institutional Buyers. The company’s reported net worth of Rs.435 crore as of March 31, 2012 increases to Rs.700 crore (approximate) post the QIP and proposed preferential allotment. The QIP was opened on July 12.

For more information:

http://bit.ly/Q41kjl

http://www.sksindia.com

Shipping & Logistics > Port
Gujarat Pipavav Port raises Rs.199.5 Cr via QIP

Publicly listed Gujarat Pipavav Port has raised Rs.350 crore through a mix of qualified institutional placement (QIP) and preferential issue of shares, reports Economic Times. The infusion will be used for repayment of the existing loans which will enable it to tie up funds for its Rs.1,097 crore expansion. 

The company raised Rs.199.48 crore through QIP of 3.41 crore shares to a clutch of public market investors such as Bajaj Life Insurance, SBI Life Insurance, Franklin Templeton, Kotak Mahindra, Vanguard International Explorer Fund, Schroder Asia Pacific Fund and Jardine Fleming. Another 2.58 crore shares were issued to promoter APM Terminals to raise Rs.152.52 crore. Both the QIP and the preferential issue were done at Rs.58.45 per share. APM Terminals' shareholding in the company will continue to be maintained at 43.01% after the capital raising.

http://economictimes.indiatimes.com/articleshow/14998703.cms

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Mergers & Acquisitions

Mergers & Acquisitions (Overseas) 

Manufacturing > Steel (Recycling)
TSR buys out Tata Steel’s 50% stake in Dutch recycler HKS

Tata Steel is to sell its 50% stake in Dutch recycler HKS Scrap Metals Co. to a unit of Germany's TSR, reports Economic Times. The transaction is in line with Tata Steel's strategy to focus on core activities. The TSR unit already owns a 50 percent stake in the Dutch company that generates annual sales of Euro 400 million.

http://economictimes.indiatimes.com/articleshow/14998575.cms

Mergers & Acquisitions (Domestic) 

Energy > Equipment (Power Control Panels)
Diamond Power acquires stake in Maktel Control

Vadodara-based listed power transmission & distribution equipment manufacturer Diamond Power Infrastructure Ltd. has acquired a strategic stake in Maktel Control & Systems, a Vadodara-based manufacturer of power and control panels of up to 400 KV. The deal makes Diamond the largest shareholder in Maktel, which was established 25 years ago by the Danke Group and AK Nandi. 

Existing promoters Nandi and Manoj Patel will continue to hold stakes and manage Maktel. The company, which reported revenues of Rs.40 crore last fiscal, has two manufacturing facilities. It expects its turnover to increase to Rs.100 crore on completion of a new facility.

For more information:  

http://goo.gl/BrH8W 

http://www.maktelsystems.com 

BFSI > Asset Management (PE Fund)
Mantri Developers promoter acquires 51% in Azure Capital for Rs.3-Cr

Sushil Mantri, promoter of Bangalore-based real estate developers Mantri Developers, has invested  nearly Rs.3 crore by way of primary and secondary investment for a 51% stake in Bangalore-based investment management company Azure Capital Advisors. The transaction was carried out in two phases. The first phase involved the signing of the share purchase agreement with the selling shareholders and the closing of the transaction. The second phase involved the execution of the shareholders agreement. Amarchand & Mangaldas was the legal advisor to Mantri on the transaction.

http://www.azure-capital.com/ 

IT & ITES > Online Services (Content - Women’s Portal)
Accentium Web acquires SitaGita.com

Gurgaon-based Accentium Web has acquired SitaGita Com Ltd., which runs women’s portal SitaGita.com. The site currently gets 800,000 unique visitors per month. Accentium’s existing sites include Taaza.com, iShopper.com, SecondShaadi.com and StudyNation.com. 

Accentium, founded by Vivek Pahwa, sold auto portal Gaadi.com in Feb-11 to MIH Internet. Prior to that, it made an exit from Desimartini.com, selling it to HT Media Ltd. in Nov-07. 

For more information:  

http://www.businesswireindia.com/PressRelease.asp?b2mid=31985 

http://sitagita.com 

Media & Entertainment > TV Channel
ITV Media acquires INX News

Kartikeya Sharma-promoted Information TV (ITV), which operates Hindi news channel India News, has acquired a 100% stake in Mumbai-based INX News Pvt. Ltd., which owns and operates English news channel NewsX. ITV is part of New Delhi-based Piccadilly Group that has multiple interests in print as well as electronic media. 

Jehangir Pocha, along with Nai Duniya’s Vinay Chhajlani, had bought NewsX from INX Media in 2009. NewsX was founded by former STAR India CEO Peter Mukerjea as part of INX Media, which also included music and entertainment channels. It was put on the block within 12 months of its launch as it struggled with a financial crunch during the global economic meltdown.

For more information:

http://www.newsx.com/press-release

http://www.business-standard.com/480623/

Our Sponsor Ascent Capital, a leading Indian Private Equity firm focused on growth capital, manages about $600 million across three funds. The funds are backed by marquee investors from India and overseas. Contact Information Ascent Capital, Concorde Block, 16th Floor, UB City, #24 Vittal Mallya Road Bangalore 560 001 Tel: + 91 80 3055 1200 info@ascentcapital.in www.ascentcapital.in

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Other Deals 

BFSI > Banking (Distressed Assets)
IARC buys Stanchart’s distressed assets worth Rs.900-Cr

Standard Chartered Bank has sold Rs.900-1,000 crore of distressed assets to Mumbai-based International Asset Reconstruction Company (IARC) in an all-cash deal, reports Business Standard. The transaction took place in two tranches. The loans were sold at a discount to the book value. The transaction involved 150-175 mid-corporate and SME accounts.

http://goo.gl/n5Hxw 

Engg. & Construction > Construction Services
NCC promoters up stake to avert takeover bids

The founders of NCC Ltd. are raising their shareholding in the construction company, fearful of a hostile takeover attempt after the events surrounding another Hyderabad-based outfit, IVRCL, reports Economic Times. In three months, entities connected to the promoters of NCC have raised their holding in the company by 0.7% to 20.26% and plan to take it further to just under 25% so that they do not hit the open-offer threshold. 

NCC, founded in 1978 by AVS Raju, is now run by his sons. Its sales exceed Rs.6,500 crore, but the market value of the company is only around Rs.1,000 crore. Its share price has more than halved in the past 12 months to Rs.40.

http://economictimes.indiatimes.com/articleshow/15012065.cms 

Debt Financing 

Shipping & Logistics > Port
Gujarat Pipavav to raise $170-M loan from IFC

Gujarat Pipavav Port Ltd. (GPPL) is to raise a loan of $170 million from IFC to part finance a $303 million expansion project. IFC’s financing includes an A loan of up to $60 million and syndicated B loans of up to $110 million.

http://goo.gl/mRzIf

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Deals in the Making

Private Equity / Strategic Investments

Education > Higher Education
UK's Pearson, PE firms eyes stake in Manipal

UK publishing and media group Pearson and a few PE firms have approached education services company Manipal Global for a stake buy, reports Times of India. Manipal wants to raise debt and equity to buyback existing financial investors IDFC PE and Capital International at a valuation in excess of $850 million. Manipal Global, in which technology billionaires Azim Premji and NR Narayana Murthy too are investors, would need about $150 million after it shelved its IPO plans due to lack of regulatory clarity and bad market conditions. Pearson’s investment faces significant concerns including regulatory hurdles since Manipal's education business includes not-for-profit operations. 

IDFC and Capital International hold a more than 12% stake in Manipal Global. PremjiInvest may also look at a possible exit. Premji, who invested Rs.200 crore, hasn't converted it into equity shares for an under 5% stake. Apax Partners and Baring Asia have also looked at an investment deal but discussions are yet to advance.

http://timesofindia.indiatimes.com/articleshow/15012010.cms 

Energy > Power Projects
Equis Funds in talks to pick up stake in Bhilwara Energy

Singapore’s Equis Funds Group is in advanced talks with the Ravi Jhunjhunwala-promoted LNJ Bhilwara Group for acquiring a stake in Bhilwara Energy Ltd., both at the holding company level and for individual projects, reports Mint. The due diligence process is reportedly on. If the deal goes through, it will mark Equis’ first investment in India. 

Bhilwara Energy is the LNJ Bhilwara Group’s holding company for all its power businesses, which includes majority stakes in Malana Power Co. Ltd., India’s first merchant hydro power project, and AD Hydro Power Ltd. Apart from having a hydel power project portfolio of 2,399 MW, the group has a presence in wind energy.

http://videos.livemint.com/2012/07/17202054/EquisFundsmaypickup-stake.html?atype=tp

IT & ITES > Online Services (Shopping – Fashion Brands)
Unilazer in talks to invest in Zovi, SherSingh, Yepme

Serial entrepreneur Ronnie Screwvala’s Unilazer Ventures, with a Rs.1,000 crore corpus, is discussing growth investments in VC-backed online fashion brands Zovi, Yepme and SherSingh, reports Economic Times. The companies are mostly focused on creating affordable private labels online in fashion and accessories. 

From the Venture Intelligence PE Deal database: Investors in Yepme include Helion Ventures and Capricorn, while those in Zovi include SAIF and Tiger Global. 

http://economictimes.indiatimes.com/articleshow/15026135.cms

Healthcare & Life Sciences > Medical Devices
US firm Medtronic in talks to invest in Trivitron

Chennai-based medical devices firm Trivitron Healthcare is in talks with US-based Medtronic Inc for a strategic equity infusion, reports Business Standard. Since early this year, Trivitron has sought to raise $100 million from the market to fuel its expansion plans and offer partial exits to its PE investors, HSBC PE (now Headland Capital Partners) and ePlanet Ventures. 

NYSE-listed Medtronic is a global developer and manufacturer of medical technology equipment, with a wide range of products for cardiac care, surgical technologies, diabetes and ENT segments.

http://www.business-standard.com/480834/ 

Education > Content Services
InOpen Technologies to raise $4-M in funding

Mumbai-based online educational content provider InOpen Technologies plans to raise $4 million (Rs.22.1 crore) in the next four months to strengthen its position in the domestic education sector and explore opportunities in Middle East, Bangladesh and Sri Lanka, reports Economic Times. The company is in talks with some private equity funds as well as strategic investors.

The IIT-Bombay incubated startup offers online learning programs in computer science at the school level. Its content-service solution Computer Masti, which is translated into eight Indian and two foreign languages, is used by over 125 schools.

From the Venture Intelligence PE Deal database: In Aug-11 Ventureast had invested $0.5 M in InOpen Technologies.

For more information:

http://economictimes.indiatimes.com/articleshow/150

http://www.inopen.in

IT & ITES > Online Services (Social Networking)
Worldfloat.com in talks for VC funding

Worldfloat.Com, a Delhi-based social networking site that plans to integrate features of web portals into a seamless floating facility, is in talks with VC firms for funding, reports Financial Chronicle. Promoted by Pushkar Mahatta, the portal aims to become a large bill board company where people can advertise in cities of their choice.

http://wrd.mydigitalfc.com/it-enabled-services/desi-social-networking-site-making-take-existing-ones-444 

Energy > Power Projects
Jindal Power may pick stake in NCC-Gayatri JV

Jindal Power, the unlisted arm of Jindal Steel and Power Ltd., is in talks with Hyderabad-based infrastructure firm Gayatri Projects for picking up stake in a power project jointly developed by NCC and Gayatri, reports Economic Times. The deal is valued around over Rs.1,400 crore. 

NCC and Gayatri, together have been looking to sell up to 49% in the JV, called NCC Power Projects, which is setting up a 1,320 MW power project near Krishnapatnam in AP. NCC currently holds 55% in the power project while the balance 45% is held by Gayatri Projects. Following the divestment of 49% in favor of strategic partner, NCC will hold 26.01% and Gayatri 24.99% in the power company. The two companies have so far invested Rs.700 crore in the project. Gayatri has been in talks with over five strategic investors, including Tata Power and JSPL.

http://economictimes.indiatimes.com/articleshow/15049769.cms

IT & ITES > IT Services (Gaming – Distribution)
Milestone Interactive to raise Rs.10-Cr

Mumbai-headquartered Milestone Interactive, engaged in marketing & distribution of Interactive game software, game consoles, game peripherals and ICT products, is looking to raise about $10 million through the VC route, reports Economic Times. The company plans to use these funds to set up 50 stores in India's 30 top cities over the next three years.

Milestone represents global game publishers including Capcom, Electronic Arts, Namco Bandai, Tecmo Koei, Novalogic and Sony Computer Entertainment, as well as prominent brands in the ICT space.

For more information:

http://articles.economictimes.indiatimes.com/2012-07-16/news/32698568

http://www.milestoneinteractive.com/download1.asp?file=compprofile

Healthcare & Life Sciences > Clinics (Eye-care)
Centre for Sight to raise 2nd round funding

New Delhi-based eye-care chain Centre for Sight is in talks with Actis, Temasek, KKR, Multiples PE and Matrix Partners to raise Rs.150 crore, reports Economic Times. Currently the chain has 41 centers and is planning to increase it to 75 by 2017, mainly through acquisitions.

From the Venture Intelligence PE Deal database: In October 2010 Matrix India Partners had invested $11.35 million in Centre for Sight.

For more information:

http://goo.gl/Jqjz6

http://www.centreforsight.net

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IPOs

BFSI > Banking
Tamilnad Mercantile Bank set for IPO

Tamilnad Mercantile Bank (TMB) expects to go for an IPO after the court fixes the date for the annual general meeting, reports Business Standard. The lender is planning to seek shareholders' approval for the IPO at the meet. The legal tangle is due to a fight over management control between Sivanthi Adityan and his brother Ramachandran Adityan.

http://www.business-standard.com/480743/

Telecom > Equipment (Undersea Cable)
RCom puts Flag Telecom IPO on hold

Reliance Communications (RCom) has put on hold the $1-1.5 billion IPO of its Singapore-based undersea cable unit, Flag Telecom, in the wake of adverse market conditions, reports Business Standard. RCom was looking at listing Flag Telecom through business trust Global Telecommunications Infrastructure Trust on the Singapore Stock Exchange.

http://www.business-standard.com/481040/ 

Secondary Offerings 

Manufacturing > Steel
SAIL’s $750-M share sale cleared

The Indian government has approved share sale in state-run Steel Authority of India Ltd. (SAIL), paving the way for government offloading up to a 10.82% stake. The sale is estimated to fetch about $750 million. 

The decision has been pending for 18 months. The government had earlier proposed selling 10% of the steelmaker along with an issue of 10% fresh equity by the company. The state holds 85.82% but, according to market regulator rules, must reduce this to 75% by June 2013.

http://goo.gl/sRB3k

Mergers & Acquisitions

Energy > Gas (Distribution)
IGL looking to acquire Central UP Gas

Delhi’s monopoly CNG company Indraprastha Gas Ltd. (IGL) is eyeing a majority stake in Central UP Gas Ltd. (CUGL), which operates city gas businesses in Bareilly and Kanpur, reports Business Standard. This would be the first such investment by IGL which has not been able to expand beyond Delhi and the NCR. 

GAIL and Bharat Petroleum Corp have stakes of 25% each in CUGL, while institutional investors Asian Development Bank, IIML and IDFC PE hold 20%, 15% and 15%, respectively.

http://goo.gl/caJCx 

Energy > Equipment (Inverter)
Exide in talks to acquire inverter biz of BML

Automotive battery manufacturer Exide Industries has initiated discussions with Uttar Pradesh-based BML for buying its inverter business, reports Times of India. BML has its UPS plant in Uttarakhand's Haridwar. If finalized, this would be the second acquisition of Exide in the inverter space after Kevin Power Solutions.

http://timesofindia.indiatimes.com/articleshow/15024340.cms 

Manufacturing > Cement
Irish firm CRH in talks to acquire Jaiprakash Associates' cement plants

Irish building materials group CRH Plc has entered the fray to buy Jaiprakash Associates' cement plants in Gujarat and Andhra Pradesh, after the Indian company's discussions with the AV Birla Group got stuck due to differences over valuation, reports Economic Times.

The deal is expected to fetch Rs.8,000-9,000 crore for Jaiprakash Associates and will help the company reduce its total consolidated debt of about Rs.45,000 crore. Unlike the AV Birla Group and Unitech who were interested only in the Gujarat units, CRH is keen to acquire plants in both Gujarat and Andhra Pradesh.

http://economictimes.indiatimes.com/articleshow/15035622.cms

FMCG > Personal Care
Mankind Pharma looking to divest personal care biz

Drug maker Mankind Pharma plans to divest stake in its personal care business, which primarily comprises products like Adiction deodorant and Don’t Worry sanitary napkins, reports Business Standard. The company is also eyeing the market for diabetes and cardiovascular drugs and plans to launch 15-16 products in the chronic therapy segment this financial year. 

The company has 10 manufacturing plants in the country. Recently, it built an R&D center at Manesar.

http://www.business-standard.com/480828/ 

Energy > Coal
Adani Group in talks to acquire Mozambique coal assets for $400-M

Adani Enterprises is in discussions with Mozambique-based NCondezi Coal to acquire a minority stake in its coal assets, reports Business Standard. The deal with the AIM-listed NCondezi is expected to be in the range of $350-400 million. Standard Chartered Bank is advising NCondezi on finding a partner.

http://goo.gl/0mRu6 

Energy > Coal
JSW Energy looking to acquire coal mines overseas

JSW Energy is eyeing possible coal mine acquisitions overseas, including Australia, South Africa, Indonesia and Mozambique, as part of efforts to maintain operations despite a prevailing domestic coal supply shortage, reports International Business Times. At present, the company sources coal from overseas since it does not own any coal mines in India. But it has been recently given a share of the Utkal coal block in Odisha.

http://www.ibtimes.com/articles/365650/20120722/

Manufacturing > Steel
SAIL, Neelachal Ispat Nigam merger scrapped

The proposal to merge SAIL and Neelachal Ispat Nigam Ltd. (NINL) has been scrapped as the Commerce Ministry is not willing to give away the country's largest pig iron producer, reports Economic Times. State-run trading company MMTC, which falls under the administrative control of the Commerce Ministry, is the principal promoter of NINL. Talks on the SAIL-NINL merger had been going on for over seven years now.

http://economictimes.indiatimes.com/articleshow/15090594.cms

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Fund News

VCs makes invest 100 investments worth $363-M in first half of 2012 

Volume of investments keeps pace with 2011; Deal Value comes down 

Venture Capital firms invested $363 million across 100 deals in India during the six months ending June 2012, according to a study by Venture Intelligence. While the volume of investments has kept pace, the value of the investments has come down as compared to the same period last year (which had witnessed 103 deals worth $520 million). In the latest quarter ending June 2012, VC firms invested $186 million over 55 deals - which was significantly lower compared to the same quarter in 2011 (which had witnessed $281 million being invested across 59 deals) but higher when compared to the immediate previous quarter ($177 million across 45 deals), the Venture Intelligence analysis showed. 

Top growth investments during the quarter included the $20 million investment led by Everstone (with participation from existing investor Helion Ventures) into salon chain firm YLG Salon & Spa and the $16.2 million invested by Peepul Capital into medical devices firm Cura Healthcare. Among Early Stage deals, Russian VC firm ru-Net Holdings invested $9 million in Sequoia Capital-backed online apparel brand Freecultr and $8 million in online shoe retailer BeStylish. Fidelity Growth Partners India led a $6.3 million round for MineralTree, an US-based secure payments provider for SMEs. Information Technology and IT-Enabled Services (IT & ITES) companies, at 33 deals worth about $86.4 million, attracted 60% of the investments in volume terms (versus 53% in Q2’11) and 47% in value terms (the same as in the year ago period). Online Services, which attracted 21 investments worth about $61 million during Q2’12, accounted for 64% of the IT & ITES pie by volume and 70% by value. Apart from FreeCultr and BeStylish, other Online Services firms that raised funding during Q2’12 included online taxi aggregator Olacabs ($4-M from Tiger Global); ethnic wear e-tailer Cbazaar.com ($3.5 million from Ojas Ventures and Inventus Capital) and US-based social media benchmarking firm Unmetric ($3 million from Nexus Ventures). Early Stage investments accounted for 78% of the investments (in volume terms) during Q2’12.

http://ventureintelligence.blogspot.in/2012/07/vcs-makes-invest-100-investments-worth.html 

Pantheon raises over $700-M for 6th Asian FoF: report

Pantheon has secured slightly more than $700 million for its sixth Asia-focused fund of funds, reports the Wall Street Journal. The firm’s other Asia fund, Pantheon Emerging Asia Fund VI LP, remains open to commitments, until the end of the year, and may target around $200 million. 

Asia Fund VI will be invested into 25 to 30 funds across the region, while the Emerging Asia Fund will solely invest in China and India.

http://online.wsj.com/article/BT-CO-20120715-702948.html 

PEs seek pass-through and capital gains tax parity

The PE industry is planning to approach the market regulator SEBI and the government to address the ‘pass-through’ benefit in tax and capital gains tax parity, reports Business Standard. The Finance Act, 2012 restricts the “pass-through” benefit to income of venture capital funds, whereas PE funds and leveraged funds are left in the lurch. The benefit is available to all VCs but category II and III that covers PEs and hedge funds are excluded. Also, non-resident investors, including foreign PE/VC funds, enjoy a reduced capital gains tax of 10%, against 20% payable by resident investors. The domestic fund industry is keen on getting a level-playing field here.

http://www.business-standard.com/india/480835/ 

Seer Akademi forms incubation center with JGI Group

Seer Akademi USA Inc, a player in engineering education and incubation promotion, has entered into a JV with Bangalore-based Jain Group of Institutions (JGI Group) to set up an advanced electronics lab and incubation center in Bangalore this year, reports Business Standard. It plans to incubate 100 startups from the Bangalore incubation facility by 2015. 

Under the partnership, a 300 acre campus will be developed in Bangalore with an investment of $15 million, which will house research labs, training centers and an incubation facility. The lab, which will be operational in August 2012, will offer programs in electronics and computer engineering disciples such as VLSI (very large-scale integration), embedded systems, telecom, solar PV (photovoltaic) and advanced software engineering.

http://www.business-standard.com/480887/ 

New Funds (Being Raised) 

Kedaraa attracts investment from Ontario Teachers’ Pension

Canada’s Ontario Teachers’ Pension Plan, with $115 billion in assets, has made its first foray into India by investing in Mumbai-based PE firm Kedaara Capital Advisors LLP, reports Business Week. Kedaara is led by Manish Kejriwal, formerly of Temasek Holdings, and Sunish Sharma and Nishant Sharma, previously from General Atlantic LLC.

http://www.businessweek.com/news/2012-07-13/ontario-teachers-private-equity-targets-india 

People 

Sequoia hires Singapore-based Yinglan Tan as venture partner

Sequoia Capital India has hired Yinglan Tan, head of projects at Singapore’s National Research Foundation, as its Venture Partner. He will continue to be based in Singapore. 

For more information:  

http://goo.gl/aZvUr 

http://sg.linkedin.com/in/yinglantan

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Real Estate News 

RE Mergers & Acquisitions

Real Estate > Commercial (Office Premises)
Marico purchases Mumbai office premises for Rs.130-Cr

Mumbai-based listed FMCG firm Marico Ltd. has purchased office premises at a cost of Rs.130 crore at Kalina, near Mumbai’s Bandra Kurla Complex.

http://goo.gl/dHoOL

Other RE News 

Hindujas make $15-B foray into Indian real estate

The Hinduja Group has made a major foray into the real estate sector in India, involving an investment of up to $15 billion, reports Business Standard. The group has acquired a land bank of over 3,500 acres in metros like Mumbai, Chennai, Hyderabad and Bangalore for the development of integrated residential and commercial townships, SEZs, with hospitality, healthcare and related facilities. These projects will involve an investment of $10-15 billion over the next five years.

http://business-standard.com/481174/ 

Godrej Properties to develop township project in Panvel

Publicly listed Godrej Properties Ltd. is to develop a residential township on a 110 acre land in Panvel, on the Mumbai-Pune Expressway, on a joint venture basis. The total saleable area will be 3.5 million sq ft.

http://www.bseindia.com/xml-data/corpfiling/AttachHis/Godrej_Properties_Ltd_160712.pdf 

Wadhwa Group, Deserve Exim ink pact for Mumbai slum rehab project

Mumbai-based builder Wadhwa Group has entered into a pact with another developer, Deserve Exim, to acquire a slum rehabilitation project spread over 13.5 acres in Mumbai suburb Chembur, reports Economic Times. The project, with total estimated saleable space of over 8 lakh sq ft, has revenue potential of nearly Rs.900 crore. The 13.5-acre plot is part of a larger targeted project spread over 40 acres. Under the joint development pact, Wadhwa Group will get 60% revenue of the project.

http://economictimes.indiatimes.com/articleshow/15040085.cms 

Shristi to develop commercial plaza in Tripura

Kolkata-based real estate developer Shristi is to build a seven-storey commercial plaza in Agartala in a JV with Tripura State Co-operative Consumers’ Federation Ltd., reports Business Line. The project will come up at an estimated cost of Rs.50 crore.

http://www.thehindubusinessline.com/news/states/article3650076.ece

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India, Ahoy!

Polad brings Austrian wellness brand Hypoxi to India

Logistics and outsourcing firm Polad Group has brought Austrian wellness brand Hypoxi Studios to India and aims to establish about 20 studios in the first year of operations in the country, reports PTI. Polad, which has a turnover of about Rs.450 crore, has exclusive distribution rights of the Hypoxi brand in India. 

Headquartered at Salzburg, Austria, Hypoxi offers specialized body shaping, cellulite and weight loss treatments.

http://goo.gl/QS0k0

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New Ventures

L&T forms submarines JV with Mazagon

Larsen & Toubro has formed a joint venture with naval shipyard Mazagon Dock to manufacture submarines for the navy, reports Economic Times. Mazagon had earlier formed a JV with Pipavav Defence to make frigates, destroyers and aircraft carriers.

http://economictimes.indiatimes.com/articleshow/15098545.cms 

MMB partner Talha Salaria starts new law firm

Talha Salaria, co-founder and partner of Bangalore firm MMB Legal, has set up an independent firm called Lawyers at Work, reports Legally India. Salaria started her career with J Sagar Associates in Bangalore, after graduating from NLSIU Bangalore in 2001. She had joined MMB when it was set up in 2007.

http://goo.gl/BiIN2