Data Snapshot* – from the Venture
Intelligence Deal Databases |
Private Equity |
No.
of Deals |
Value
(US$
Millions) |
*As of
July 11, 2012 |
Investments (YTD): |
214 |
4027 |
Click
here
to
access deal by deal PE data |
PE-backed IPOs (YTD): |
3 |
180 (Amt Raised
via IPOs) |
Exits via M&A (YTD): |
41 |
1273(Total
Transaction Value) |
Venture Capital |
No.
of Deals |
Value
(US$
Millions) |
Click
here
to
access deal by deal VC data |
Investments (YTD): |
106 |
378 |
VC-backed IPOs (YTD): |
1 |
20 (Amt
Raised via IPOs) |
Exits via M&A (YTD): |
8 |
88
(Total Transaction Value) |
M&A |
Total
No. of Deals |
Click
here
to
access deal by deal M&A data |
Outbound Deals (YTD): |
58 |
Inbound Deals (YTD): |
71 |
Domestic Deals (YTD): |
167 |
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Other Venture Intelligence Products |
1. Databases
|
|
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
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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/
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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/
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
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