CRH acquires Shriram Group cement unit for Rs 1,400-Cr

Times of India

Irish cement maker CRH, through its joint venture with Hyderabad-based My Home Industries, has acquired Sree Jayajothi Cements, a unit of Chennai-based Shriram Group, for Rs.1,400 crore ($230 million). The publicly listed Shriram EPC had held 68% stake in the target. The Jayavilas Group, the original promoters of the target, are among the minority shareholders. Investment bank MAPE advised on the transaction. The deal proceeds would be used to retire nearly Rs.900 crore debt. The Andhra Pradesh-based cement company has a 3.2 million tonne per annum plant near Kurnool. The Shriram Group had ended up with the majority stake in Sree Jayajothi when it converted the EPC dues of nearly Rs.500 crore owed to it by Sree Jayajothi into equity.

In 2008, CRH, the world's second largest building materials maker, had bought a 50% shareholding in My Home for $456 million, marking its entry into India.

http://timesofindia.indiatimes.com/articleshow/21768795.cms

http://www.jayajothicements.com

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Knowledge Partner

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

http://www.trilegal.com/

Private Equity Fund Investment

Snapdeal raises $75-M from Softbank

MediaNama

eBay-backed online marketplace Snapdeal has raised $75 million from Softbank. Three months ago, Snapdeal had closed a $75 million investment round from Ebay, Intel Capital, Russian venture fund ru-Net, Saama Capital, Recruit Co, existing investors like Nexus Venture Partners, Bessemer Venture Partners and IndoUS Venture Partners and a few angel investors. Earlier, it had raised $12 million from Nexus Venture Partners and Indo-US Venture Partners in Jan 2011 and $40 million from Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners in July 2011. The company has raised $202 million until now.

With more than 20 million registered users, Snapdeal claims to be clocking a gross turnover of more than Rs 100 crore a month.

http://bit.ly/13wVkBe

Tata Capital, Morgan Stanley invest Rs.350-Cr in MFI Janalakshmi

Mint

Bangalore-based Janalakshmi Financial Services Pvt. Ltd, the microfinance institution (MFI) promoted by former Citigroup Inc. banker Ramesh Ramanathan, has raised equity funding of Rs 325 crore. Morgan Stanley Private Equity Asia (MSPEA) led Janalakshmi’s Series D funding round. Tata Capital Growth Fund and QRG Enterprises, the holding company of Havells India, also participated, as did existing investors Citi Venture Capital, India Financial Inclusion Fund and Vallabh Bhanshali, the co-founder and chairman of Enam Financial Consultants Pvt. Ltd. In addition to this, secondary transactions aggregating Rs25 crore provided a complete exit for Lok Capital Llc and the Michael and Susan Dell Foundation, both of which were early stage Series A investors in Janalakshmi.

Edelweiss Financial Services Ltd and Unitus Capital Pvt. Ltd jointly advised the company on the transaction.

From the Venture Intelligence PE Deal database: In March 2007 Lok Capital and Michael & Susan Dell Foundation had invested $.70 million, In March 2009 Bellwether and Michael & Susan Dell Foundation had invested $1.58 million in Janalakshmi. In March 2010, Tree Line Asia Master Fund and Bellwether had invested $8 million. In June 2011, Citi and Tree Line Asia Master Fund had invested $14 million and in July 2012 Citi, India Financial Inclusion Fund, Tree Line Asia Master Fund and GAWA Microfinance Fund had invested $14.5 million

http://bit.ly/19hMVWP

Former Viacom 18 CEO Vikram Malhotra floats independent studio, raises Rs. 150-Cr

Economic Times

Vikram Malhotra, the former CEO of Viacom 18 Motion Pictures, has ventured into an independent studio model under the banner Abundantia. He has raised Rs.150 crore from two investors - a Hong Kong-based private equity firm, which is making its debut in the Indian media and entertainment space, and a high net-worth individual ( HNI) from India who is not connected to the film world. Malhotra has signed multiple film deals with filmmakers Nikhil Advani (director of D Day and Kal Ho Naa Ho), Neeraj Pandey (Special 26 and A Wednesday) and Shoojit Sircar (Vicky Donor).

http://bit.ly/13KFLcI

Sequoia invests Rs.110-Cr in Vini Cosmetics

Mint

Sequoia Capital has bought a minority stake in Ahmedabad-based Vini Cosmetics Pvt. Ltd for Rs.110 crore. Of this, Rs.35 crore was used to purchase the stake of an unnamed investor. Rest of the funds raised will be used for diversifying into over-the-counter (OTC) products and nutraceuticals.

Founded by Darshan Patel in 2010, Vini Cosmetics makes Fogg deodorants and talcum powder White Tone and Jinjola and has an annual turnover of about Rs.175 crore.

http://bit.ly/14yA25E

CDC, Abraaj invest $17.5 M in maternity & childcare focused Rainbow Hospitals

Economic Times

Global development finance institution CDC Group and Dubai-based private equity investor Abraaj Group have jointly invested Rs.107.3 crore ($17.5 million) in Rainbow Hospital, a Hyderabad-based women and children's healthcare facility. Proceeds will be used by the hospital to expand to Chennai, Pune, Visakhapatnam and Kurnool, and increase its number of beds to 1,000 by 2017 from the present 450 across four centres in Hyderabad. The capital infusion is also expected to support the creation of as many as 3,000 new jobs, up from its present figure of about 1,000.

http://economictimes.indiatimes.com/articleshow/21810407.cms
 

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ICICI Venture to buy Anand Rathi’s 10% stake in Global Hospital

Times of India

ICICI Venture is to acquire Anand Rathi's 10% stake in Hyderabad-based Global Hospitals. The PE firm joins Sabre Capital and International Finance Corporation (IFC) in closing about Rs 300 crore of investments into the healthcare network. IFC and Sabre will subscribe to fresh shares in the company.

Global Hospitals, founded by a group of medical professionals led by Dr K Ravindranath, has 2,200 beds in Hyderabad, Bangalore, Chennai and Mumbai. India-focused PE firm Everstone Capital is an existing investor. The company reported Rs 450 crore in revenue with Rs 45 crore in operating profit for financial year 2013.

http://timesofindia.indiatimes.com/articleshow/21815726.cms

Intel Capital invests Rs.54-Cr in NxtGen Datacenter

Economic Times

Intel Capital has invested $9 million (Rs.54 crore) in Bangalore-based start-up NxtGen Datacenter and Cloud Technologies that offers data storage services to corporations in India. This is the first round of institutional investment for NxtGen.

NxtGen was founded in May last year by AS Rajgopal, who has previously worked with Tulip Data City and Reliance Communication's data center business. The company has a cloud data center in Bangalore and plans to launch another in Delhi and Mumbai. The company is targeting revenues of Rs.500 crore in next three years and has acquired around ten acres of land in the outskirts of Bangalore for setting up an advanced facility.

http://economictimes.indiatimes.com/articleshow/21795362.cms

Zodius Capital invests $3-M in analytics firm Antuit

Business Standard

Zodius Capital has invested $3 million (around Rs 18 crore) in Bangalore- and Singapore-based big data and analytics company Antuit. Part of the investment has been used by Antuit, founded by Arijit Sengupta, to acquire a US-based analytics firm Marketwell in a part cash and stock deal. With this acquisition Antuit gets a presence in the US as well as access to 10 clients, of which three are fortune 500 companies. Bhargava will join Antuit as chairman. Antuit will initially target customers in CPG & Retail including E-commerce and Transportation & Logistics, with plans to build out new industry practices through strategic client relationships and acquisitions.

http://bit.ly/13z2pkG

http://www.antuit.com

Baring India hikes stake in gold loans firm Manappuram to 9.43%

Baring India has invested Rs.3.75 crore via its Fund III to acquire 2,925,000 shares at an average price of Rs 12.84 per piece in publicly listed gold loans firm Manappuram Finance. The latest transaction increases its stake from 9.086% to 9.43%.

From the Venture Intelligence PE Deal database: Starting in Nov-11, Baring has so far invested $55.37 M in Manappuram over seven investments.

http://bit.ly/1cM4Ze2
 

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Liquidity Events (Private Equity)

Amaranth exits Indiabulls NBFC unit via buyback for Rs.260-Cr; registers 2x return

Publicly listed Indiabulls Housing Finance Ltd has purchased the entire 42.5% holding of Amaprop Limited, an unit of US-based private equity firm Amaranth Advisors, in its subsidiary, Indiabulls Finance Company Pvt. Ltd, for Rs. 260 crore. Indiabulls Finance Company is a Non-Deposit taking NBFC providing consumer loans. Post transaction, Indiabulls Finance Company is now 100% owned by Indiabulls Housing Finance Ltd.

From the Venture Intelligence PE Deal database: In June-2005, Amaranth had acquired the 42.5% stake in Indiabulls Finance Company for Rs.130.97 crore (then $30.20 M).

Phoenix Mills buys Kshitij Venture's stake in Classic Malls, Classic Housing

Phoenix Mills is buying out the stake of Kshitij Venture Capital Fund in Classic Mall Development and Classic Housing Projects, companies in which Phoenix already holds an effective equity stake of 31% and 32% respectively. The company is acquiring the stake jointly with Sharyans Resources Limited, another shareholder in these companies. On completion of transaction, Phoenix will hold an effective equity stake of 50.01% in Classic Mall and 50% in Classic Housing.

http://www.thephoenixmills.com/proceedings0001.pdf

Social VC Investments

Head Held High raises Rs.2.5 Cr; in talks to raise Rs.20-Cr

Business Standard

Head Held High Services Pvt Ltd has raised a first round of investment of Rs 2.5 crore from Unilazer Ventures, five angels from the Intellecap Impact Investment Network (I3N). The angels included Pravin Gandhi, Jayesh Parekh, Reena Mithal and Sanjeev Shah, and US-based investors like Kartik Kilachand.

Head Held High runs three initiatives - RubanShakti, a talent transformation platform where rural youth undergo a residential five-month programme that transforms them into knowledge-economy professionals; RubanSource, a platform that enables rural youth to deliver services like BPO, market surveys across sectors like agriculture, health, etc; and the Ruban Entrepreneur Forum that builds capacity in rural entrepreneurs and enables them to provide last-mile capability across sectors.

The company, founded in 2012 by Madan Padaki and Rajesh Bhat, is already in talks for a Series A round of Rs 15-20 crore. The non-profit Head Held High Foundation will remain the single largest shareholder in the company.

http://bit.ly/1eFGCNh

Handicrafts e-tailer Caravan Craft raises Rs 1-Cr from Unitus Seed Capital

Nextbigwhat

Caravan Craft Retail Private Limited, a Bangalore based apparel and home décor company, has raised Rs 1 cr from United Seed Fund. Co-founded by former Hidesign Chief Executive Officer Kunal R Sachdev, the company is set to launch a ‘single brand’ concept in India and will soon open up its first store in Bangalore focused on women.

http://bit.ly/16cHnhH

Incubation / Acceleration

Microsoft Accelerator announces 8 cos for 2013 winter batch

Microsoft will take on board 8 companies as a part of its winter batch for 2013. The companies are:

AdSparx: Enables monetization for digital video delivered through the Internet for mobile devices, PCs and connected TVs.

ShieldSquare: Helps identify, detect, assess and protect against any account breaches on user accounts.

Chance: An iPhone & Android application that will allow users to make short video interactions.

Frrole: Extracts meaningful, relevant and informational social conversations from twitter in real-time.

Native5: Enables developers to rapidly create and manage scalable applications across multitude of devices.

SignEasy: A convenient way for businesses and professionals to legally sign documents from smartphones and tablets

TommyJams: Provides inexpensive and transparent technology to connect artists, venues and fans on a web-platform.

Whale Logix: A shopper engagement platform which drives higher conversions for online merchants.

Scibler, which was a part of the 2013 summer batch, will also be a part of this winter batch. Also, four companies that are part of the Microsoft BizSpark program - HasGeek, Nanobi, Tookitaki and 1000Lookz - will be in this batch.

http://bit.ly/16i57AS

Angel Investments

Organic products e-tailer Organicshop.in raises capital from Rajasthan Angel Investor Network

NextBigWhat

Organic products e-tailer, Organicshop.in, has raised an angel funding of Rs 30 lakh from Rajasthan Angel Investor Network (RAIN). 13 investors from the network have picked up a total stake of 30% equity stake in the Jaipur-based Organicshop.in that works on a marketplace model and does not stock any inventory. It currently features more than 1300 products across various categories such as organic clothing, food, cosmetics and wellness. Founded in November 2012, it currently fufils 10-12 orders per day, with an average ticket size of Rs 500. The margins on organic products are 15-30% depending on the product category. It plans to launch its own private label brand “ITSORGIC” soon. The new funds will be invested in marketing, technology and customer experience and expansion into global markets. Organicshop.in is co-promoted by US-based Jaipur Inc, which runs Onlineorganicmart.com targeting the US market.

http://bit.ly/1cn1CfW

Other Private Equity/Strategic Investments

Bioinformatics firm InterpretOmics raises Rs.10-Cr

YourStory

Bangalore-based bioinformatics firm InterpretOmics has raised Rs.10 Crore from a group of investors led by Amarante, a Singapore-based logistics solution company. Two India-based angel investors including MP Somaprasad also participated. The new capital will be used for product development, research, marketing and rolling out the product-line globally.

Started in 2009, InterpretOmics has over 17 clients such as Biotech SME, CRO, Crop Science, several Healthcare Providers, All India Institute of Medical Sciences, Biocon and other government bodies. With a team of nine, the startup aims to clock a revenue of over Rs 360 crore in the next two years.

http://bit.ly/15Un8CL

Sachin Tendulkar picks up 18% in sports simulator firm Smaaash Entertainment

Economic Times

Crickter Sachin Tendulkar has picked up an 18% stake in Smaaash Entertainment, the sports simulation venture, started by serial entrepreneur Shripal Morakhia. Morakhia earlier founded brokerage firm Sharekhan and investment banking firm SSKI. Smaash offers augmented reality simulators to play cricket and race F1 cars among other sports at its gaming arcade in Mumbai’s Lower Parel. Smaash is also trying to raise PE funding.

http://bit.ly/17QXfSj

SingTel raises stake in Bharti Airtel to 32.34% for $302.2 M

Economic Times

Singapore Telecommunications (SingTel) will increase its effective interest in Bharti Airtel Ltd to 32.34% from 30.76%, paying around 383.6 million Singapore dollars ($302.2 million). SingTel had agreed to buy 788,538 shares, or 3.62%, of Bharti Telecom Ltd. Bharti Telecom holds about 43.57% of Bharti Airtel.

http://economictimes.indiatimes.com/articleshow/21844579.cms
 

Mergers & Acquisitions

VLCC acquires 80% of Singapore wellness products firm GVig for over Rs.100-Cr

BusinessLine

Gurgaon-based Wellness firm VLCC Healthcare has bought an 80% stake in Singapore-based Global Vantage Innovative Group (GVig), which manufactures and retails beauty and wellness products. The deal value is placed in the Rs 100-Rs 120 crore range. GVig provides wellness solutions through its subsidiaries BelleWave Cosmetics in the skin and haircare category; Celblos Dermal Research Centre, which offers dermatological solutions; and Enavose Life Science Research, which offers a range of Swiss-made skincare and body wellness solutions. The acquisition has been funded through a mix of debt and internal accruals.

From the Venture Intelligence M&A Deal database: In Nov-12, VLCC had acquired Malaysian slimming and personal care chain Wyann International for $27-M. In Feb-2010, it had acquired Dubai-based The Grooming Company for $32-M.

From the Venture Intelligence PE Deal database: In December-2006, Everstone Capital has invested INR 50-Cr. (Subscribers to the database can login to view the company financials, valuation, deal structuring and other transaction details.) In August-2011, CLSA Capital which had invested about INR 50-Cr in July-2004, exited via a buyback.

http://bit.ly/13g3TFI

Ratnakar Bank acquires RBS’s Indian credit card, mortgage, commercial lending biz

Reuters

Privately held, PE-backed Ratnakar Bank is to acquire Royal Bank of Scotland's Indian credit cards, mortgage and commercial banking portfolios. The deal will bring Ratnakar about 120,000 customers. Employees of RBS associated with these portfolios will be absorbed by Ratnakar. RBS will continue to operate its corporate and institutional business and private banking in India.

A plan by RBS, majority owned by the UK government, to sell the Indian businesses to HSBC Holdings had fallen through in November last year.

From the Venture Intelligence PE Deal database: Ratnakar Bank has attracted $220-M in PE capital over six investments rounds since April 2010 from investors including Gaja Capital, Elephant Capital, Faering Capital, Cartica Capital, Norwest, Samara Capital, Capvent, TVS Capital, Beacon India, IFC, Argonaut, Ascent Capital, Aditya Birla PE, IDFC Investment Advisors and ICICI Bank.

http://bit.ly/19XJMOD

Four Soft sells logistics software biz, overseas subsidiaries to US firm Kewill Group for $43.4 M

Publicly listed enterprise software firm Four Soft Limited is to sell its logistics software solutions business and foreign subsidiaries to US-based Kewill Group, for $43.4 million. While the business is being sold via a slump sale for $22.5 million, the shares (in the subsidiaries, Four Soft Singapore Pte Ltd; Four Soft B.V Four Soft USA, Inc) are being sold for a total of $20.9 million. In addition, Four Soft promoter Srikanth Palem Reddy will receive the rupee equivalent of $1.71 million for providing a non-compete and non-solicitation undertaking for a period of five years in addition to providing services as an independent contractor for ensuring smooth transition.

The deal value represents a premium of 187% over the book value and 278% premium over the market capitalization of Four Soft as of August 8, 2013. Four Soft plans to use the deal proceeds to invest in areas such as animation; application development & maintenance (ADM); QA/testing services; data analytics, etc.

Kewill Group is backed by US-based PE firm Francisco Partners and is executing the deal through its unit Transport I.T. Solutions Pvt Ltd. BMR Advisors was the financial advisor to Four Soft, while BMR Legal was its legal advisor. Kirkland & Ellis and S&R Associates were the legal advisors to The Kewill Group and Francisco Partners. The S&R Associates team included Rajat Sethi, Sudip Mahapatra, Radhika Agrawal and Amy Bharucha.

From the Venture Intelligence PE Deal database: Kotak PE had picked up a 11% stake in Four Soft for $5.7 M in Sep-2005. Pre-IPO VC investors in Four Soft included UTI Ventures & Ventureast (which together invested $1.75 million Oct-2003). The copmpany had IPO-ed in Mar-04.

http://bit.ly/16JZREz

http://bit.ly/162JSjT

US hedge fund Capri Global acquires controlling stake in Money Matters Financial

Economic Times

US-based Capri Global Capital Partners LLC, a $3.4 billion fund focused on real estate and structured equity investments, has acquired a substantial stake in Money Matters Financial Services, a Mumbai-based NBFC specializing in wholesale and SME lending. The target company has been renamed Capri Global Capital India and the CEO of the Chicago-based Capri Global, Qunitin E Primo III, has been appointed as the Non-Executive Chairman of the Indian company.

CGCL-India, which has offices in Mumbai, Delhi, Ludhiana and Ahmedabad, will expand its footprint to 24 cities including Tier II and III cities in the next three years. It aims to deploy around Rs.1,900 crore by the end of financial year 2016-17. CGCL-India has focused on wholesale lending business since April 2011 with total disbursements of 1,200 crore rupees. It started MSME and priority sector lending in the January-March 2013 quarter. In the first three months of operations, the lending was more than Rs 35 crore with a client base of around 40 customers.

http://bit.ly/16EYRjh

http://www.money-matters.in

Alchemist Realty acquires Century 21 Properties India

Publicly listed Alchemist Realty Ltd has acquired a 99% stake in Century 21 Properties India Private Limited. The target franchise rights from Century 21 Real Estate LLC, USA for providing real estate broking and advisory services in India.

http://bit.ly/15WKN5s

Manipal Health acquires hospital in Malaysia

Business Standard

Manipal Health Enterprises, the healthcare arm of the Manipal Education and Medical Group, has acquired a 70-bed hospital in Klang, Selangor District of Malaysia. This acquisition includes a new 200 bed tertiary care hospital which is presently under construction in a nearby location. The hospital was set up by Dr Poraviappan Arunasalam, an obstetrics and gynaecology consultant in Klang, about 14 years ago. The hospital will focus on wellness, prevention and curative care - for both the domestic and an emerging overseas patient traffic into Malaysia from neighboring countries. The Manipal group has already two campuses in Malaysia — a medical school at Melaka since 2001 and a recently formed Malaysia International University in Kuala Lumpur.

http://bit.ly/134MP5y

Usha Martin arm buys Zoom Vallabh’s sponge iron unit for Rs.61-Cr

Business Line

UM Cables Ltd, a wholly-owned subsidiary of Usha Martin, has acquired Zoom Vallabh Steel, a sponge iron and billet unit in Saraikela district of Jharkhand for Rs 60.69 crore. Usha Martin, which has its integrated steel-making plant in the nearby Adityapur Industrial Area, took over the physical possession of Zoom Vallabh Steel unit in February.

The unit, situated on 115 acres close to Jamshedpur and has been lying idle for a couple of years, was picked up at an auction by public sector banks. It has the capacity to produce one lakh tonnes of direct reduced iron (DRI) and 50,000 billets a year. It also has 5 MW captive power generation capacity.

http://bit.ly/13QD35q

Roaml Telecom acquires telecom biz of Virtualsoft Systems for Rs.10-Cr via share swap

Publicly listed Virtualsoft Systems Ltd is to sell its telecom business to Roaml Telecom Limited in return for shares of the acquirer worth Rs.10 crore.

http://bit.ly/17ie8GE

Aurobindo Pharma to acquire 60% in Celon Labs' unit; hikes stake in Silicon Life Sciences to 75%

Publicly listed Aurobindo Pharma Ltd will pay Rs.15.6 crores to acquire a 60% stake in a manufacturing facility for hormonal and oncology products being set up by fellow Hyderabad-based Celon Laboratories Limited. Aurobindo will invest a further Rs.32.3 crore over the next 12 months towards completion and approval of the facility including new product developments in the same therapeutic areas.

Aurobindo will also acquire an additional 57% stake in Silicon Life Sciences Private Limited, another Hyderabad-based company engaged in manufacture of non-sterile penems. While 49% will be acquired from VVR group, 8% will be acquired from Trident Chemphar Limited. Post this acquisition, Aurobindo's holding in the target company would increase to 75%.

From the Venture Intelligence PE Deal database: In Oct-10, Sequoia Capital had agreed to invest INR 70-Cr in Celon. (Subscribers to the database can login to view the company financials, valuation, deal structuring and other transaction details.)

http://bit.ly/13NAIrT

Cookie Man buys ID restaurant chain from Sathyam Cinemas

Economic Times

Confectionary chain Cookie Man, promoted by SBP Pattabhi Rama Rao, has bought into ID (standing for idlidosa), started in 2010 by SPI Diners, an arm of Chennai’s theatre chain Sathyam Cinemas. Till January this year, ID ran only one outlet, inside Sathyam Cinemas. Since then, it has started six more - two in Coimbatore and four in Chennai. Cookie Man plans to increase the total number of ID outlets to 12 by end of 2013-14 in Chennai and Coimbatore. Next financial year, the brand would be taken to Bangalore and Hyderabad. Each ID, with seating typically for 100 customers, gets footfalls of over 1,000 during the weekends (double that of the weekdays), and entails an investment of over Rs 1 crore.

http://bit.ly/13Un5Y1

Allied Digital sells 52.6% stake in Digicomp to UK’s Regenersis Group

Publicly listed Allied Digital Services Ltd has sold its entire 52.6% stake in its subsidiary, Digicomp Complete Solutions Ltd to UK-based Regenersis Group. Digicomp is engaged in the business of aftermarket services to global ODMs/OEMs for products in the information, communication and technology sectors. As part of the transaction, the Regenersis group will also acquire around 27% stake from other promoter shareholders of Digicomp resulting in an 80% stake. BMR Advisors was the financial advisor to Allied Digital and to Digicomp and BMR Legal was the legal advisor for the transaction.

From the Venture Intelligence M&A Deal database: Allied Digital had invested $5-M in Digicomp in Mar-08.

http://bit.ly/17tF9XE

Real Estate Transactions

ICICI Bank sells residential building in Central Mumbai for Rs.100-Cr

Mint

ICICI Bank Ltd has sold off a seven-storey residential property at Prabhadevi in Central Mumbai. According to experts, ‘ICICI Apartments’, a 21,428.9-square foot residential property, was worth nearly Rs. 100 crore. In 2010, ICICI Bank sold a 13-storey residential building at Prabhadevi, reportedly for Rs. 64 crore.

http://bit.ly/14ErLRF

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Fmr StanChart PE execs founded KV Asia Capital makes final close at $250-M; to focus on SE Asia

WSJ

Singapore-based firm KV Asia Capital has reached its final target of $250 million for a first fund to invest in midsize companies across Southeast Asia. The debut fund will target deals across Thailand, Singapore, Malaysia and Indonesia, and will likely focus on sectors such as consumer, healthcare and financial services. The firm may also look at opportunities in frontier markets such as Myanmar and Laos. KV Asia's investments will range from $25 million to $75 million.

KV Asia Capital was set up by Karam Butalia, former head of Stanchart PE, and Vibhav Panandiker, also formerly of Stanchart PE as well as JP Morgan Private Capital Asia.

http://bit.ly/19p9oou

Aavishkaar closes Fund II with $94-M

Social VC firm Aavishkaar has announced the final closing of Aavishkaar India II Company Ltd at $94 Million with lead investments from German development bank KFW, Impact Investment Trust and other institutional investors. Aavishkaar II had reached its first closing in September 2011 with commitments from International Finance Corporation (IFC), CDC, KFW and FMO amongst the development finance institutions, and Cisco representing private corporation capital. A second closing was achieved in December 2012 with Rianta Capital and FMO making further commitments.

Aavishkaar II seeks to invest in early and growth‐stage enterprises operating in rural and semi‐urban India. It will make equity investments in enterprises offering products and services in areas such as healthcare, water and sanitation, education, renewable energy and agriculture, with a significant proportion of these investments being in ‘Low‐Income’ States.

http://www.aavishkaar.in

Kubera Partners’ Tarun Pande joins Lighthouse Funds as CFO

Linkedin

Tarun Pande has taken over as the CFO at Lighthouse Funds. He was earlier with Kubera Partners and prior to that, with A.T. Kearney and Connect Capital.

http://www.linkedin.com/in/tarunpande

General Atlantic hires fmr WNS Group CFO Alok Misra as Sr. Vice President

General Atlantic has appointed Alok C. Misra as a senior vice president. In this role, Misra will provide financial expertise and strategic counsel to GA’s investment teams and its portfolio companies as part of the firm’s Resources Group in GA’s Mumbai, India office. Misra was most recently Group Chief Financial Officer with WNS Group. Prior to that, he was the Group Chief Financial Officer of MphasiS BFL and has served at a number of accounting and finance roles at other firms including I.T.C. Limited and PwC.

http://www.generalatlantic.com

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India Ahoy!

Dubai-based Mohebi Logistics sets up subsidiary in Pune

Times of India

Dubai based third party supply chain management company Mohebi Logistics has entered Indian market with a 100% subsidiary in Pune. Mohebi Logistics, which is part of the $1 billion Zainal Mohebi Group, will initially provide supply chain support to the Indian unit of contract food services company Compass Group Plc.

Mohebi Logistics is in the process of entering South Africa through an acquisition, while it would look for organic growth in India. The group's supermarket chain Baqer Mohebi would consider entering India at a later date though no definite plans have been drawn up in this regard.

http://bit.ly/14JrT2o

New Ventures

Narayana Nethralaya inks JV with MedGenome

Super-specialty eye hospital Narayana Nethralaya has set up an advanced diagnostic facility in Health City on the outskirts of Bangalore, as a joint venture with the US-based genomics and diagnostics firm MedGenome. The facility has been set up at a cost of $5 million (Rs.30 crore). The lab aims to be a one-stop solution to test any aspect of disease from molecular DNA to RNA to protein markers.

http://bit.ly/17aT5Wz

Shri Infratech launches "Cricket County" township project in Lucknow

Delhi-based Shri Infratech has launched a residential township project in Lucknow with distinctive sports facilities inside the township. It has tied up with former Australian Cricket Captain Steve Waugh promoted Sporting Edge for creating the sporting facilities in the township project that will comprise villas, value homes, retirement homes, offices, shopping facilities and an arts village.

http://www.businesswireindia.com/PressRelease.asp?b2mid=36200

Hindustan Composites forms auto comp JV with ADVICS

Hindustan Composites Ltd and ADVICS North India Pvt Ltd are to form a JV named COMPO ADVICS (India) Pvt. Ltd which will be established in Aurangabad and manufacture disc brake pads and related components for Passenger Vehicles. The new JV Company will be incorporated by October 2013 with Hindustan Composite holding 51% and ADVICS North India Pvt. Ltd with 49%. The first president of the JV Company would be Dr. V. G. Naik.

http://bit.ly/15WKPdI

Expansion/Diversification

Aditya Birla Group plans to invest $1-B in US chemical plant

Business Standard

The Aditya Birla group is planning to invest $1 billion (about Rs 6,000 crore) in setting up a chemical / fertiliser plant in the US to take advantage of the falling gas prices in the US. Depending on due-diligence report, the group would make the investment either in a new plant or through an acquisition. A team is already camping in the US to scout for opportunities.

Another group company, Novelis, is also planning to invest $1 billion in expanding its capacity, mainly in Latin America.

http://bit.ly/1cFvOSI

D.S. Group to expand dairy, hotels biz

Business Line

The D.S. Group, which entered the dairy business in 2011 with an acquisition of a plant in Rajasthan, plans to expand its presence in the segment. The company, which has already launched its ghee and skimmed milk powder under the Dairymax brand for institutional buyers, is now set to launch a retail brand. For dairy products, too, the company will be leveraging on its distribution channel, which it believes is well-entrenched through sales of its packaged beverages, mouth fresheners and spices under various brands, such as Catch and Pass Pass.

The company, which has also diversified into hotels, is investing in four new properties. While its hotel Manu Maharani in Nainital is operational, it plans to open a resort at Jim Corbett and another five-star hotel in Guwahati, which will be managed by Radisson. It is also building a hotel in Jaipur as well as another near the Kolkata airport.

http://bit.ly/16HiWW9

Mukesh Ambani to use Navi Mumbai SEZ land for education hub

Mukesh Ambani, promoter of Reliance Industries Limited (RIL), is planning to set a world-class premier university in collaboration with universities like Oxford, Cambridge and Harvard in a 400-acre plot in Ulwe area of Navi Mumbai. His wife, Nita Ambani is currently looking after this education project.

The education hub will allow students to have a wide scope to conduct research on anything that interests them. It will be autonomous and will offer courses in science, arts and professional streams. It will offer a comprehensive, all -round education -from kindergarten to research.

http://bit.ly/123H59j

People

MakeMyTrip elevates CFO Rajesh Magow as India CEO

Medianama

Rajesh Magow, co-founder of Nasdaq-listed online travel service MakeMyTrip and the company’s chief financial and operating officer has been appointed as Chief Executive Officer-India. Prior to this, he was serving as the CFO and acting CEO for the Indian operations of eBookers.com, an online travel agency, part of Travelport. Mohit Kabra has been promoted as the company’s new CFO. Kabra was previously serving as MakeMyTrip’s Senior Vice President of Finance, Administration and Legal and had joined the company in 2011. MakeMyTrip founder Deep Kalra will continue as MakeMyTrip’s Chairman and Group CEO.

http://bit.ly/11NQYrK

http://linkd.in/13wjAmY

Regulatory News

New company law passed

Reuters

The Indian Parliament ratified the country’s new company law, seeking to strengthen accounting standards and shareholder rights. Parliament approved the new bill, which has provisions that allow shareholder class action lawsuits and require companies with market capitalisation of more than Rs. 500 crore to spend 2% of their annual net profits on corporate social responsibility, such as social work or charity. The new bill replaces the existing legislation enacted in 1956. President Pranab Mukherjee is expected to sign the bill into law.

http://reut.rs/15QS1dQ

Govt planning changes in FDI norms in realty

Economic Times

The government may relax FDI norms for real estate sector to boost fund flows. Some of the proposed relaxations for such investments are reduction in the minimum land parcel size for plotted development to 5 acres (2 hectares) from 10 hectares now and permission to purchase farmland for FDI-funded firms. In case of construction-development projects, the present requirement of minimum built-up area of 50,000 square meters will come down to 25,000 sq meters.

The urban development ministry has suggested that real estate firms with less than 50% foreign ownership be exempted from all current restrictions, including the minimum area norms for development of projects. A similar free run has been suggested for foreign investment in urban renewal and slum re-development projects while major relaxations have been proposed for foreign investors picking up over 50% stake.

http://bit.ly/13RBF2t

Government eases land norms for SEZs

Mint

The government notified amendments to make special economic zones (SEZs) more attractive. While the minimum land area requirement for multi-product SEZs has been reduced to 500 hectares (ha) from 1,000 ha, for sector-specific SEZs this has been halved to 50 ha. There will be no minimum area requirement for setting up of SEZs by information technology firms. They will, however, have to adhere to minimum built-up area requirements varying from 25,000 sq. m to 100,000 sq. m, depending on the location of the SEZ.

The ministry has also made it easier for entities to exit from SEZs. The amendments will enable the units to transfer assets to another entity, subject to certain conditions. The unit should have been operational for a minimum period of two years and the entire duties and liabilities will have to be transferred to the acquiring entity. The new rules also allow an area with existing structures to be included in an SEZ.

http://bit.ly/14IT9Rb

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The Deal: ASK Pravi invests INR 600 million in Omni Hospitals

Advisor: Trilegal

Client: OMNI Hospitals

Deal Date: August 7, 2013

Deal Value: INR 600

Deal Description: ASK Pravi Capital Private Equity Opportunities Fund acquired a sizeable minority holding in Omni Hospitals, an India-based healthcare company.

Advisory Role: Legal advisors to OMNI Hospitals and its promoters

Advisory Team: D Pavan Kumar (Partner), Emil Joseph (Senior Associate), Dennis John (Associate)

More Info: http://bit.ly/16u4KiX

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The Deal: Hinduja Leyland Finance raises INR 2,000 Mn

Advisor: Spark Capital Advisors

Client: Hinduja Leyland Finance Limited

Deal Date: March 07, 2013

Deal Value: INR 2,000 Mn

Deal Description: Hinduja Leyland Finance Limited (HLF), incorporated in March 2010, is an NBFC jointly owned by Ashok Leyland and other entities of the Hinduja Group. In three years, HLF has established its presence in over 600 locations in 19 states of India and presently manages a portfolio in excess of INR 40,000 Mn across assets including commercial vehicles, two and three wheelers, autos, construction equipments and tractors. HLF raised its first round of institutional capital of INR 2,000 Mn from Everstone, a leading India and South East Asia private equity investor with US$2 Bn under management.

Advisory Role: Spark Capital (Spark) acted as exclusive financial advisor to HLF and was instrumental in ideating and evolving the transaction over a period of time, building an investment thesis, identifying a potential set of investors and marketing the opportunity. Subsequently Spark prepared the Company for a detailed due diligence by the Investor, represented and led the transaction negotiations on their behalf and played a key role in structuring the transaction.

More Info: http://bit.ly/14FRCbQ

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The Deal: Matrix Partners invests additional capital in Centre for Sight

Advisor: AZB & Partners

Client: Matrix Partners India (“Matrix Partners”)

Deal Date: May, 2013

Deal Value: INR 300 million

Deal Description: Matrix Partners invested an additional approximately INR 300 million in the New Delhi-based eye care chain Centre for Sight.

Advisory Role: Advised the clients, and drafted transaction documents.

Advisory Team: Abhijit Joshi and Tushar Raut

More Info: http://www.centreforsight.net

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The Deal: Ratnakar Bank acquires RBS’s Indian credit card, mortgage, commercial lending biz

Advisor: AZB & Partners

Client: The Royal Bank of Scotland N.V. (“RBS”)

Deal Date: August 8, 2013

Deal Description: The Ratnakar Bank Limited (“RBL”) and RBS have entered into an agreement pursuant to which RBL has agreed to acquire the business banking business, credit cards business and mortgage business of RBS in India (“Proposed Transaction”). The Proposed Transaction is subject to receipt of approval from the Competition Commission of India.

Advisory Role: AZB & Partners acted as legal counsel to RBS in relation to the Proposed Transaction.

Advisory Team: Ashwin Ramanathan and Bhavi Sanghvi

More Info: http://bit.ly/19XJMOD

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