Goldman to invest $300-M in commercial realty JV with Nitesh Estates: report

Times of India

Goldman Sachs is set to invest $300 million (INR 1,850 crore) and hold a 74% stake in a joint venture company floated by listed Bangalore-based developer Nitesh Estates to own and operate commercial real estate assets in India. The JV entity plans to acquire rent-yielding office parks, shopping malls and luxury hotels. The deal is a proprietary investment from Goldman Sachs’ balance sheet.

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Private Equity Fund Investments

Brick Eagle acquires stalled Mumbai low-cost housing project for Rs.300-Cr

Economic Times

Brick Eagle Capital has invested INR 300 crore to acquire Tanaji Malusare City (TMC), a stalled low-cost housing project in Karjat near Mumbai. Due to a shareholder dispute and a court injunction, the project, an initiative of Mumbai-based Matheran Realty, was delayed by five years leaving over 3,600 house buyers in the lurch. Matheran Realty had given contract to Sterling Construction Systems to build the project. The township, spread across 105 acres, will house 20,000 families and have commercial developments along with schools and hospitals. The project will now be developed by Sheltrex, an incubated developer of Brick Eagle Group.

Aditya Birla realty fund invests Rs 150-Cr in Ozone Group

Mint

Bangalore-based realty firm Ozone Group has raised INR 150 crore from Aditya Birla Real Estate Fund to refinance an earlier loan - from HDFC - in its Metrozone project in Chennai’s Anna Nagar area. Aditya Birla Real Estate has bought residential stock in the project in a bulk-buying deal.

For Ozone Group, backed by Urban Infrastructure Venture Capital Ltd, this is the second time it has raised capital through a bulk transaction of apartments in Metrozone. In 2014, global private equity fund Blackstone Group had invested INR 175 crore in the residential portion of the 42-acre, mixed-use project.

WestBridge raises stake in laminates maker Greenply by 3.02% to 12.8%

WestBridge Capital has purchased an additional 727,975 shares (3.02%) in Kolkata-based listed laminates, plywood and PVC products maker Greenply Industries Limited via an off-market trade on Feb 27, 2015. The latest transaction takes Westbridge's holding to 3,104,859 shares (12.86%). Assuming an acquisition price of INR 953 per share, the trade would have cost Westbridge about INR 69.4 Cr.


Maverick Capital leads $11-M investment in mobile ad network Vserv

Times of India

Mobile ad network Vserv has raised $11 million from Maverick Capital Ventures, the venture capital arm of US hedge fund Maverick Capital. Existing investor IDG Ventures also participating in the financing round.

In all, Mumbai-based Vserv has raised $18 million in venture capital, including its first round of $3 million which it had raised from IDG Ventures India. Co-founded by Dippak Khurana and Ashay Padwal in 2010, Vserv pivoted last year to become a smart data platform from a pure play ad tech firm.

Nalanda Capital buys Rs.48.3 Cr worth TTK Prestige shares from Cartica

Nalanda India Equity Fund Ltd, an unit of public market focused fund Nalanda Capital, has acquired INR 48.3 crore worth shares in listed kitchen appliances maker TTK Prestige. On March 2, 2015, Nalanda acquired 1,59,661 shares at INR 3,025 each via a bulk deal on the BSE. The seller was Cartica Capital.

From the Venture Intelligence PE Deal database: In May 2013, Cartica had invested INR 106.5 Cr at INR 3550 via a preferential allotment. In June 2013, Cartica acquired TTK Prestige shares worth INR 124.25 crore from the promoters in a deal routed through the public market. In Dec-14, it had sold shares worth INR 46.46 Cr at INR 3,840 Cr per share.

In Mar-14, Nalanda had invested INR 46.83 Cr in TTK Prestige at INR 2,700 per share.

Helion, Kae Capital invest Rs. 35-Cr in online dating firm TrulyMadly

Nextbigwhat.com

Online dating app TrulyMadly has raised Rs. 35 crore in its first round of funding from Helion Ventures and Kae Capital. Co-founded by Sachin Bhatia, Hitesh Dhingra and Rahul Kumar, TrulyMadly launched its app in August 2014. The app lets singles discover each other through shared interests and personality profiles. The app claims to be registering 100% month on month (MoM) growth in downloads, with women users making up over 35% of all app downloaders. TrulyMadly also has Deep Kalra (Founder & Group CEO, MakeMyTrip), Rajesh Magow (Co-founder & CEO MakeMyTrip India) and Manish Vij (Founder of Tyroo) as angel investors.

SAIF invests $1-M in local deals app firm Niffler

Times of India

Mumbai-based mobile-first startup Niffler, that helps users discover deals and discounts from brick-&-mortar stores, has raised $1 million (around Rs 6 crore) in a seed round of funding from SAIF Partners.

SIDBI VC invests in power engg. firm PRDC

SIDBI VC has made a Series A investment in power engineering and power system software products maker Power Research & Development Consultants Pvt. Ltd. (PRDC). The target company provides power system analysis software and technology and embedded systems for a variety of applications in power engineering, management and optimization. The company is headquartered in Bangalore and with 200+ engineers has executed over 200 power projects for large electrical utilities, power projects and power industries globally. The fund raise will help it strengthen its portfolio of products and solutions and to reach more markets globally.

Liquidity Events (Private Equity)

CLSA sells Sanghvi Movers shares worth Rs.26-Cr, registers 1.52x return

CLSA Capital, via its unit Goldpeak Ltd (a subsidiary of Aria Investment Partners III), has sold 1,036,350 shares at INR 250.4 per share of publicly listed Engg and Construction firm Sanghvi Movers Ltd. aggregating INR 25.95 Cr on Mar 02, 2015. This constitutes 2.39% of total outstanding shares of Sanghvi Movers Ltd. Post-deal the investor would hold 7.77% stake in the company.

From the Venture Intelligence PE Deal database: In Jan 2007, CLSA Capital invested INR 72.6 Cr for 10.92% stake. Other PE investors invested in the company include Olympus Capital and Clearwater Capital.

Clearwater Capital sells Oricon Enterprises shares worth Rs.5.43 Cr

Clearwater Capital, through its unit Clearwater Capital Partners Singapore Fund III, has sold 1,000,000 shares on BSE of publicly listed packaging company Oricon Enterprises aggregating INR 5.43 crores at INR 54.3 per share on March 02, 2015. This constitutes 0.64% of total outstanding shares of Oricon Enterprises. Post this exit, Clearwater Capital will hold 7,389,938 shares for a 4.70% stake in the company.

From the Venture Intelligence PE Deal database: Clearwater Capital has invested a total of INR 79.16 Crores over three round of investments.

Incubation / Acceleration

Microsoft Ventures announces new batch under accelerator program

Business Standard

Companies shortlisted by Microsoft Ventures under the first batch of its new four-month Accelerator Plus programme include AdPushUp (enables ad revenue optimisation for web publishers), Frilp (helps find recommendations on businesses/shops/services), iReff (provides recharge plan and offers information), DailyRounds (journal for clinical cases) and Uninstall.

The first batch of the Scale-Up programme, which will also have a four months durucation, includes iBot (a plug-and-play internet of everything company), FortunePay (provides tool for enhancing customer engagement), CustomerXPs (real-time customer experience and fraud prevention tool for banking), FlamencoTech (solution for smart infrastructure), WAGmob (mobile first learning company) and UberLabs (image recognition and machine learning technology). iBot from the US, Uninstall and UberLabs from Singapore have been started by Indian entrepreneurs abroad.

Angel Investments

Live streaming start-up Instalively raises $120-K

inc42.com

InstaLively, a Delhi-based video streaming start-up, has raised over $120k in a round of funding led by a group of investors. Co-founded by Karthik Vaidyanath and Prakhar Khanduja last June, the InstaLively platform helps broadcast any event LIVE in just a single click, and directly link it up to the Youtube Channel. It is focused on Instant Video / Audio Digitization on low 3G bandwidths using a Mobile app – Making it as simple and cost-effective as possible for the everyday enterprise to create/ broadcast content from any location. It claims to have broadcast over 1000K+ minutes with 10k+ viewers. It has also recently filed for a patent for mobile live streaming. Its clients include Google, Airtel, GSF Accelerator and Meraevents, among others.

Furniture e-tailer Customfurnish.com raises Rs.13-Cr

Business Standard

Serial entrepreneur Madhukar Gangadi, founder of Hyderabad-based drug retailing and pathology labs chain Medplus Health Services, has raised INR 13 crore from a group of individual investors for his new custom-made furniture e-tailer venture, Customfurnish.com. The investors in the online retail mart include Satish Reddy, chairman of Dr Reddy's Laboratories limited; Srini Raju, founder of private equity firm Peepul Capital, and Srini Koppolu, former managing director of Microsoft India Development Centre. The company has also raised INR 3 crore as debt from Small Industries Development Bank of India (Sidbi).

Customfurnish.com allows customers to turn interior designers and do up their home furniture according to their choice of colour, style, design and size. It currently operates a 30,000-sft manufacturing unit and delivery centre in Hyderabad, which would also cater to the Bengaluru and Chennai markets from early next month.

Mergers & Acquisitions

Ola Cabs acquires TaxiForSure for $200-M

Taxi aggregator Ola acquired rival operator TaxiForSure in a cash and stock deal worth $200 million. TaxiForSure investors Accel India, Bessemer Ventures and Helion Ventures will get stock in Ola as part of the deal. Induslaw represented Olacabs in the transaction. Amarchand & Mangaldas acted for Taxi For Sure’s investors. BMR Legal acted for TaxiForSure co-founders Aprameya Radhakrishna and Raghunandan G, who will move to advisory roles after the takeover. TaxiForSure, with 1,700 employees,is currently in 47 cities with over 15,000 vehicles registered on its platform. Ola’s chief operating officer Arvind Singhal will take over as CEO of TaxiForSure.

Ola is backed by Japan’s SoftBank, Tiger Global Management and Matrix Partners India. Ola is reportedly also in talks to raise another $500 million round at more than $2 billion valuation.

From the Venture Intelligence PE Deal database: Starting with a seed round in May 2012, Taxiforsure had raised $25.55 million across four rounds from Bessemer, Helion Ventures, Accel US, Accel India and Blume Ventures. Its latest round was a $12 million one led by Bessemer in Aug-14.

Olacabs had raised $275.6 million across four rounds, starting with a $4 million seed round from Tiger Global in April 2012. Its latest round was a $210 million one led by SoftBank in Oct-14.

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Reliance Infrastructure to acquire Pipavav Defense; picks up 18% for Rs.819-Cr

PTI, BSE

Reliance Infrastructure is to acquire an 13 crore shares (18% stake) in fellow publicly listed Pipavav Defence and Offshore Engineering at INR 63 per share aggregating to INR 819 crore. It will also make an open offer for additional 26% at INR 66 per share. The company will buy an additional 7.1% from promoters if the open offer fails. Post transaction, existing promoters of Pipavav Defence will continue to retain a minority stake in the company, together with two non-executive board seats.

After completion of the acquisition, Ambani will become Chairman of the company, which will be renamed as Reliance Defence Limited.

Nippon Life buys 9% more in Reliance MF for Rs.657-Cr; hikes stake to 35%

Osaka, Japan-based Nippon Life Insurance (NLI) has acquired a 9% additional stake in Mumbai-based Reliance Capital Asset Management (RCAM), promoted publicly listed Reliance Capital, for INR 657 crore ($108 million). With this transaction, NLI has increased its stake in RCAM from 26% to 35%.

In 2012, NLI had acquired 26% stake in RCAM at an aggregate value of INR 1,450 crore and agreed to increase its stake to 49% in two or more tranches.

SSF acquires plastics products maker Nypro Forbes

Economic Times

SSF Plastics has acquired 100% equity shares of Nypro Forbes Products, engaged in the manufacture of injection moulded components and injection moulds. Nypro, a public limited unlisted company, is a joint venture between Nypro, USA, and Forbes Campbell Finance, which is part of the Shapoorji Pallonji Group.

Nypro's product portfolio comprises plastic components for mobile handsets, set top boxes, modems, industrial engineering parts, drug delivery devices and general medical and surgical devices.

Sun Pharma buys GSK's opiates biz in Australia for $150-M

Business Standard

Drug maker Sun Pharma will acquire the opiates business of GlaxoSmithKline (GSK) in Australia, including manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of products along with inventory. The deal size is estimated to be in the range of $100-150 million. The product portfolio of the purchased entity consists of poppy-derived opiate raw materials that are used in the manufacture of analgesics for treatment of pain. All employees from both sites will be offered employment by Sun Pharma. GSK’s opiates division booked annual revenue of $46-54 million. The transaction is part of GSK's strategy to offload non-core businesses in Australia and focus on delivering innovative products.

Avenue exits Assetz’ B’lore project

Avenue Venture Partners (AVP) has successfully exited its investment in Assetz Property Group (APG) developed project in East Bangalore in less than two years. The 2200 units project, part of a 28 acre mixed use development Assetz Marq, was launched last year. Avenue has invested in three projects of APG of which it has now exited two projects.

AVP claims to have, within the first 2.5 years of operation, exited 3 investments with an average IRR of 52% from its first fund and is in discussion to exit the 4th investment.

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Jobs app make Super acquires app marketing products maker Viraltrics

Medianama

Mobile resume building app Super has acquired fellow Mumbai-based Viraltrics which creates products that help mobile app makers market their products. Following the acquisition Viraltrics founder Bhavna Muraleedharan has joined Super as a co-founder. Viraltrics’ product will be discontinued for public usage. Super had been using Viraltrics to acquire its organic user base of half a million.

Other Deals - Listed Firms

Truck maker Volvo sells 4.7% stake in Eicher for Rs 1,920 crore

BSE, Economic Times

Swedish commercial vehicle major AB Volvo has sold 12.7 lakh shares representing 4.7 % stake in publicly listed Eicher Motors for over Rs 1,920 crore.

Real Estate Transactions

Essel Group buys Delhi Bungalow for Rs.304-Cr

Economic Times

Subhash Chandra promoted Essel Group has bought a bungalow in Lutyens Delhi for INR 304 crore. The bungalow, which was owned by Greatway Estates, a subsidiary of real estate firm Anant Raj Group, stands on a 2.8-acre plot on Bhagwan Das Road, a stone's throw away from the Supreme Court of India and India Gate in central Delhi.

Murugappa firms sell property in Chennai

Two Murugappa Group companies have sold land and building totalling INR 147 crore in separate transactions. Publicly-listed Carborundum Universal has sold residential land and building in Chennai for INR 87 crore. The land is located at Kotturpuram in central Chennai and was purchased by a corporate.

In another transaction Tube Investments of India has sold a non-operating residential property in the city for INR 60.54 crore. The funds will be used to reduce debt.

Debt Financing

Equitas raises Rs.100-Cr from Franklin Templeton MF

Equitas Finance Private Limited has raise INR 100 crores by issuing Non-Convertible Debentures (NCDs) to Franklin Templeton Mutual Fund. IFMR Capital was the sole arranger for this issue.

Equitas Finance Private Limited, the NBFC arm of the originally microfinance focused Equitas Group, carries on the used commercial vehicle finance business, loans against property and loans to micro, small enterprises. As on 31st January 2015, EFPL’S Net-worth was Rs.616 Crores with a Capital adequacy of 38.74%.

IFC to invest $50-M in Yes Bank’s “Green Bond”

IFC is to invest $50 million in a Green Bond to be issued by Yes Bank, the proceeds of which would be on lent to eligible climate change finance projects mainly in the renewable energy sector.

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March 12
Mumbai

The Venture Intelligence APEX’15 Private Equity & Venture Capital Summit is set to bring together over 200 entrepreneurs and investors. The Summit will kick off with a vigorous debate on how long lasting the euphoria in the public and private markets will be, followed by a Keynote by Mr. Rakesh Malhotra - who had exited Luminous Tech for INR 1,400 Cr in '11 and has since partnered PE/VC funds in newer ventures.  The Summit will also feature  special discussions on Family Offices & Private Equity and Early Stage funding successes.

Speakers Include

	Pravin Gandhi Managing Partner, Seedfund		Salil Musale ED, Astarc Ventures
	Raj Nair Chairman, Avalon Consulting		Parag Dhol MD, Inventus Capital
	Vani Kola Kalaari Capital		Rakesh Malhotra SAR Group

V. Anantha Nageswaran Markets Expert

Benaifer Malandkar RAAY Global, Patni Family Office

Rubi Arya Milestone Cap

Krishna Kumar Simplilearn

	Srikrishna Ramamoorthy Unitus Seed Fund		Vish Narain TPG Growth
	Sumit Dhanuka Sr. Investment Manager, NCubate Capital		Ashwani Gaur Founder, Playcez
	Sandeep Parekh  Founder, Finsec Law		Chandu Nair Member, Chennai Angels
	Gopal Jain Gaja Capital		Hetal Gandhi Tano Capital
For More Details & Agenda		Click Here
For Participation		apex@ventureintelligence.in

SAIF Partners closes new India-focused VC fund at $350-M

Economic Times

SAIF Partners has raised $350 million (about INR 2,170 crore) for a new India-focused fund to ramp up investments in technology focused businesses. SAIF Partners has raised its targeted amount from 27 investors, according to a filing with US regulatory agency SEC. SAIF Partners invests in early to growth stage companies across sectors such as mobile, internet, consumer products, industrials, financial services and IT.

SAIF recently announced investments in property search platform NoBroker, industrial e-tailing platform Industrybuying and small business lender Aye Finance. Its other portfolio companies include fruit drinks maker Manpasand Beverages and Speciality Restaurants, owner of chains including Mainland China.

Helion Venture to launch $400-M 4th fund

Economic Times

Bangalore and Gurgaon-based Helion Venture Partners is on the road to raise $300-400 million for its fourth India fund. The firm has started pre-marketing the new fund to existing limited partners.

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Private Equity/Strategic Investment

FTIL in talks to sell off mobile payments unit ATOM

Business Standard

Financial Technologies (FTIL) is looking to sell its 95% stake in mobile transaction and payment gateway company, ATOM Technologies.

FTIL has also indicated it is in the process of divesting from Boursa Africa and Bahrain Financial Exchange, beside its 27.3%t holding in Dubai Gold and Commodity Exchange. It has also signed an agreement to sell 25.64% stake in Indian Energy Exchange. FTIL has so far realised Rs 2,153 crore by selling various assets.

Kingsbridge-Onyx Hospitality JV to raise $100-M

Economic Times

Thailand-based Onyx Hospitality, which runs the Amari brand of hotels, has set up a joint venture with hotel asset management firm Kingsbridge India to set up 7 hotels in the country by 2018. The JV is looking to raise $100 million including from private equity and institutional investors. The JV is looking to acquire operational or stuck hotel projects that can be turned around quickly, apart from developing greenfield properties. Outside of this joint venture, Onyx already has a tie-up with Kingsbridge for two 120 room hotels, in Noida and Ahmedabad that are under construction.

Actis, Warburg, Indian banks in race to acquire Sharekhan

Business Standard

The sale process of Mumbai-based brokerage firm Sharekhan has seen interest from a clutch of private equity investors including Actis and Warburg Pincus, two Indian banks, and a foreign strategic investor Citi has been appoint to scout for a potential buyer at an asking price is $350-$400 million. Currently, CVCI holds a little less than 50% stake in Sharekhan, Samara Capital's India B Holdings has 33% and the rest is held by IDFC and Baring Private Equity Asia.

Originally promoted by Shripal Morakhia and Shreyas Morakhia, Sharekhan raised equity from HSBC Private Equity, Intel Pacific Inc and Carlyle in 2000. In April 2006, GA Global Investments invested in the company and also purchased the equity holding of Carlyle. In 2007, CVCI, Samara Capital and IDFC Limited acquired about 75% stake in Sharekhan. The new investors also acquired the stake owned by GA Global Investments, HSBC Private Equity, and the Morakhias. In February 2008, Baring Private Equity Asia IV Mauritius Holdings bought 12 per cent stake in Sharekhan.

Phaneesh Murthy’s online pharmacy venture looks to raise $10-M

Nextbigwhat

Former Igate CEO Phaneesh Murthy’s new online pharmacy marketplace – PM Health and Life Care - is looking to raise $10 million. While Murthy is to invest $2 million via his vehicle, PM Ventures, Tiger Ramesh and Ramesh Mengawade, have committed $1 million. The online pharmacy marketplace will make its debut in September this year, and will deliver drugs across 10 cities initially within committed delivery timelines.

Citrus Pay looks to raise $70-M to set up a payment bank

Times of India

Mobile payments solution provider, Citrus Pay, is in advanced talks with existing and new investors to raise $70 million. The money will be deployed for its offline expansion as well as payments banking services for which it has applied to the RBI. Sequoia Capital has committed to invest INR 100 crore in Citrus.

Pharma retailer MedPlus to raise INR 350-Cr

Business Line

MedPlus Health Services, which runs a chain of pharmacies across the country, is looking to raise a fresh round of investments to the tune of INR 300-400 crore. The company, which raised about INR 200 crore in three tranches so far, runs 1,200 stores. A couple of existing investors might exit as part of the new new round.

The firm, which started its first store in Hyderabad in 2006, plans to have a chain of 10,000 stores in the next five years. MedPlus also has an online sales window through which it sells medicines, cosmetics, personal care and food products.

Timeline format new site Storyline plans to raise Rs.10-Cr

Economic Times

Storyline, a startup which has created software to crawl the web and producte a timeline for any news headline, is planning to raise about Rs.10 crore in VC funding. It is founded by IIT-Delhi grad Ankit Jain and IIM-A grad Sanchit Bansal.

Storyline uses its algorithm to allow users to read news from top sources across the world, find the background or missing links for all types of news and follow timelines to remain updated in real time.

IPOs

Prabhat Telecoms files for Rs.15-Cr SME-IPO

Mumbai-based Prabhat Telecoms has filed the DRHP for an IPO on the BSE-SME platform for 30,00,000 equity shares for cash price of INR 50 each aggregating Rs 15 crore. The net issue will constitute 26.51% of the post issue paid up equity share capital of the company. Guiness Corporate Advisors is the lead manager to the issue. The company is in the business of sales and distribution of various brands like Fly, Kyocera, Tata Sky and Micromax to name a few.

Jiya Eco Products plans Rs.5-Cr SME IPO

Ahmedabad-based Jiya Eco-Products has filed the DRHP for an IPO on the BSE-SME platform for 24,12,000 equity shares for cash price of INR 19 each aggregating Rs 4.58 crore. The net issue will constitute 27.01% of the post issue paid up equity share capital of the company. The company is into industrial production of bio fuel and biomass pellets. Pantomath Capital Advisors is the lead manager to the issue.

Secondary Issues

Canara Bank set to raise Rs 570-Cr from govt

Times of India

PSU bank Canara Bank will raise Rs 570 crore through preferential allotment of shares to the government to fund its business growth. The issue price for the preferential allotment would not be less than Rs 408.95 per share of the face value of Rs 10 each. The bank would issue 1.39 crore fresh shares.

M&A

Adani in talks to acquire Essar Ports

Economic Times

Adani Ports & Special Economic Zone is in talks to acquire fellow publicly listed Essar Ports. The target company has an operational footprint on both the western and eastern coast of the country and can handle liquid (mainly oil), dry bulk (mainly coal), general cargo and small volumes of container cargo for specialized project equipment. The promoters of Essar, the Ruia family, are expecting an enterprise value of over INR 15,000 crore for the business which includes debt of INR 5,836 crore debt as of end FY14. The company is also in the middle of delisting its shares from the Indian exchanges ­ a move many see as a facilitator to the divestment plans.

Other Deals - Listed Firms

Volvo selling up to $300-M worth of Eicher shares

Financial Chronicle

Truck maker Volvo is looking to sell $250 million worth of shares in publicly listed Eicher Motors, with an option to increase the sale to up to $300 million. The share sale is happening at an indicative range of between INR 14,636 and INR 15,907 per share. Volvo owns 8.4% of Eicher Motors.

Volvo and Eicher also own a 50-50 truck and bus making joint venture called VE Commercial Vehicles.

Real Estate Transactions

HDIL puts 113-acre land parcel in Gujarat on block

Economic Times

Realty player Housing Development Infrastructure (HDIL) will sell its 113-acre land parcel in Gujarat to pare debt. The land parcel is located adjacent to Ranoli railway station, on the Ahmedabad-Vadodara corridor, and falls under the jurisdiction of the Vadodara Urban Development Authority. According to sources the land in that area is valued at Rs 1.5-2 crore per acre.

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Expansion/Diversification

Glenmark to set up new injectable plant in US

Business Standard

Mumbai-based listed pharma firm Glenmark Pharmaceuticals is gearing up set up a new injectable facility in the US. The new manufacturing facility will be added to the plant at Monroe in North Carolina, the construction of which was started in August 2014. The total investment is expected at Rs 160 crore ($26 million). On commissioning, the facility is expected to have a capacity to produce 300-400 million tablets and capsules per annum. The newly-proposed injectable unit is expected to have a capacity of 20-25 million vials and pre-filled syringes per annum on commencement of production.

Bharti to enter residential realty

Business Standard

Bharti Realty, the real estate arm of Sunil Bharti Mittal-led Bharti Enterprises, is gearing up to enter the premium residential market in FY16. Currently, Bharti Realty has projects in the retail and commercial segments and it is looking to enter the residential market starting with Delhi-national capital region (NCR). Bharti Realty is scouting for land in north India, especially in Delhi-NCR, for its first residential project. It might also form joint ventures with land owners for the same.

Shapoorji Pallonji group plans 50 MW solar project in Egypt

Business Line

The Shapoorji Pallonji group is likely to begin work on a 50 MW solar power project in Egypt. The plant will be owned by the group company, Shapoorji Pallonji Infrastructure Capital Company Ltd. The power purchase agreement will be signed with the Egyptian Electrical Transmission Company (EETC), a state-owned power transmission at distribution utility, for a tariff of US cents 14.38, which translates to about Rs. 9. Payments by EETC will be backed by a sovereign guarantee, it is learnt. But it is up to the company to purchase the land.

The group is developing a solar portfolio in India too. It is close to signing a PPA for a 10 MW project in Telangana (tariff of Rs. 6.90 a kWhr), but its big solar projects are likely to come up in Tamil Nadu.

People

DBS names Surojit Shome as India CEO

Times of India

DBS Group hired Rabobank's Surojit Shome to replace Sanjiv Bhasin as head of its Indian operations after a surge in soured debt. Shome, who was Rabobank's India CEO and country head, will join DBS as CEO of its Indian business effective April 15.

Pidilite designates Bharat Puri as MD

Times of India

Listed adhesives maker Pidilite is professionalizing has for the first time appointed a non-family member as managing director. Bharat Puri, who has been closely associated with the company since his appointment as an independent director of the company in 2008, will take over as MD effective April 10. Current CMD M B Parekh will become executive chairman. N K Parekh, joint MD, will become non-executive vice chairman.

Flipkart ropes in McKinsey exec Saikiran Krishnamurthy as COO

Economic Times

Flipkart has hired former McKinsey director Saikiran Krishnamurthy as chief operating officer of its commerce division. Krishnamurthy previously headed McKinsey's chemicals practice group in India.

Flipkart cofounder and group CEO Sachin Bansal has moved away from daily operations to lead new initiatives, and co-founder Binny Bansal is overseeing supply chain and logistics. Myntra foinder Mukesh Bansal was made CEO of commerce, which effectively means he is responsible for all of Flipkart's revenue and oversees day-to-day running of the company.

Diageo India MD Abanti to join USL

Times of India

United Spirits Ltd (USL) is putting in place a new leadership structure, following the shareholder approval to merge Diageo India with itself. Diageo India MD Abanti Sankaranarayanan will now be heading the luxury business at USL and will oversee corporate relations. The luxury business that she would be heading at USL would include a portfolio of brands such as Johnnie Walker whisky, Ciroc vodka, and single malts like The Singleton and Talisker, among others.

Others

Sebi restrains Green India Infra from raising public funds

Deccan Herald

Sebi has restrained Green India Infra Projects from raising funds while also barring them from capital markets, with immediate effect. The Odisha-based firm along with its promoters and directors has also been barred from dealing in the capital markets, till further orders. According to Sebi probe, Green India Infra allegedly raised funds from hundreds of investors through issuance of 'Secured Optionally Convertible Debentures (SOCDs). Such activities were prima facie in violation of various norms. The market regulator noted that as the issue by companies was made to 50 or more persons, the company was under a legal obligation to get listed on a stock exchange, among others.

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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.

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