Venturing
Abroad
Healthcare & Life Sciences >
Hospital
Fortis Healthcare
acquires 29% stake in Lanka Hospitals for Rs.
163-Cr
New Delhi-based Fortis
Healthcare has acquired a 29% stake in
Colombo-based Lanka Hospitals Corp
for around Rs. 163 crore ($36.3 million),
reports Times of India. Lanka
Hospitals is a tertiary care healthcare
delivery provider and one of the largest
hospital groups in Sri Lanka. The 350-bed
hospital is majority-owned by Sri Lanka
Insurance Corporation, a Sri Lanka
government company.
For more information:
http://timesofindia.indiatimes.com/articleshow/7630987.cms
http://www.lankahospitals.org
IT & ITES > Online Services
(Radio Portal)
Kapil Dev takes stake
in Singapore firm Radio Corp
Former cricketer Kapil Dev is
among the investors in Singapore-based
Internet radio venture Radio Corp, owned by
Channel 2 Group and id8labs, reports
Medianama. Radio Corp plans to raise $30
million in two years, and use the funding to
expand its programming portfolio and feature
verticals related to cricket, soccer, golf
and tennis. Channel 2 is promoted by
Dubai-based businessman Ajay Sethi.
The group estimates 2.5-3 lakh users on its
web site, of which 60% would be from India.
Around 35% are expected to access the site
from their mobile phones.
Channel 2 has launched an
Internet radio platform for cricket,
www.cricketfreeq.com, an Internet radio
service featuring former cricketers
Sunil Gavaskar and Clive Lloyd
as commentators, and plans to launch similar
soccer and golf verticals within this year.
http://bit.ly/hCcg4n
Mining & Minerals > Mining
Tata Steel raises
Riversdale Mining stake to over 26%
Tata Steel has increased its
stake in Australia-based Riversdale Mining
by close to 2%, reports Business Standard.
It now has an over 26% stake in the company.
Prior to Rio Tinto’s $3.9
billion offer for Riversdale in December
2010, Tata Steel had a 24.4% stake in the
firm.
For more information:
http://bit.ly/e3SArQ
http://www.riversdalemining.com
Back to
top
Mergers &
Acquisitions
M&A-Outbound
Oil & Gas > Oil
Assam Co acquires 70%
interest in Colombian oil block El Triunfo
Oil & gas exploration firm
Assam Company India has entered into a
farmout agreement with Sismopetrol and R3 in
Colombia, for exploration and production of
the block ANH El Triunfo located in
Casanare, Colombia. As per the agreement,
Assam Co will acquire a 70% working interest
in the block and Sismopetrol and R3 will
retain the balance 30% share.
Work at the block will
commence in July 2011 and production of oil
will commence from November 2011.
http://bit.ly/dYbzGw
Back to
top
M&A-Domestic
Food & Beverages > Soft Drink
Amrutanjan acquires
Fruitnik for Rs. 26-Cr
Chennai-based listed
Amrutanjan Health Care is to acquire the
soft drink and fruit beverages business of
Siva’s Soft Drink (P) Ltd. for Rs.
26.2 crore. The acquisition will include the
transfer of the brand Fruitnik, a
pulp-based flavored fruit drink established
in 1958 and a well known brand in the
southern parts of the country.
For more information:
http://bit.ly/h7gkAH
http://www.fruitnik.com
Telecom > Telecom Towers
ITIL to merge with
Ascend Telecom
New Silk Route-owned Ascend
Telecom has announced the merger of
Bangalore-based India Telecom Infra Ltd.
(ITIL) with itself to create an entity with
4,000 towers spread across the country,
reports Economic Times. The merger
will create an independent telecom tower
operator with an average tenancy ratio of
1.6x. ITIL is jointly owned by IL&FS and TVS
Interconnect Systems.
For more information:
http://economictimes.indiatimes.com/articleshow/7611426.cms
http://www.indiateleinfra.com
IT & ITES > Online Services
(Enterprise Application of Social
Technologies)
Kuliza acquires
GizaPage
Bangalore-based Kuliza has
acquired GizaPage, another Bangalore-based
startup that provides businesses a tool to
bring all of their social channels under a
common roof (in real time) as well as offer
businesses an integrated suite of
applications that empower their social media
team to publish, engage and learn more about
their community, content and engagement on
the social web.
Kuliza offers social
technologies for business (online
communities, social commerce, social CRM
etc) and also provides mobile apps and cloud
related services to enterprise customers.
GizaPage head Vijay
Rayapati is taking over as CTO of
Kuliza.
For more information:
http://kuliza.com/2011/03/gizapage-team-joins-kuliza/
http://www.gizapage.com
Back to
top
Deals
in the Making
Private
Equity /
Strategic Investments
BFSI > Stock Exchange
NSE shareholder puts
5% stake worth Rs. 855-Cr on the block
IDBI Capital Market Services
has put up a 5% stake of the National
Stock Exchange (NSE) on the block on
behalf of a client, reports Times of
India. The stake could be worth about Rs.
900 crore. It has invited bids from
interested parties who are qualified to buy
stakes in stock exchanges.
As per NSE's March 2010
balance sheet, its total equity capital of
Rs. 45 crore is divided into 4.5 crore
shares of Rs. 10 each. So 5% of the bourse's
equity capital is about 22.5 lakh shares.
Since the stock exchange is not listed,
going by the price at which the last
transaction in NSE shares were done, that of
Financial Technologies selling 4.4 lakh
shares at Rs 3,800 per share, this 5% stake
is worth about Rs. 855 crore.
http://timesofindia.indiatimes.com/articleshow/7630974.cms
Hotels & Resorts > Hotel
Leelaventure scouting
for Rs. 600-Cr in PE funding
Hotel Leelaventure is looking
to sell a 14.5% stake to a clutch of PE
funds to raise Rs. 600 crore in order to
bring down its debt of Rs. 3,900 crore,
reports Times of India. The
hospitality chain, which has seven
properties in its portfolio, would sell just
a shade less than 15%, the trigger limit for
the mandatory open offer for additional 20%.
An additional Rs. 250 crore
would be raised from the sale of the
hospitality chain's land in Chennai.
For more information:
http://timesofindia.indiatimes.com/articleshow/7630976.cms
http://www.theleela.com
IT & ITES > Online Services (IPL
Licensee)
Elephant Capital to
exit Global Cricket Ventures with
₤4-M
loss
Elephant Capital has decided
to exit its investment in Global Cricket
Ventures (GCV), a company that was the
exclusive licensee of the online and mobile
rights for the Indian Premier League. The
fund plans to sell its 47.06% stake in GCV
for ₤1.934 million, compared to the ₤5.949
million it had paid for the shares, thus
taking a write down of ₤4.015 million.
GCV had sub-licensed rights
from World Sports Group. BCCI rescinding its
deal with WSG had impacted GCV adversely.
For more information:
http://bit.ly/eMoHAm
http://www.elephantcapital.com/uploads/ecappreliminaryresults_rns.pdf
Our Sponsor
Engg. & Construction >
Architecture Services
Architect Hafeez
Contractor scouting for Rs. 500-Cr
Hafeez Contractor,
the Mumbai-based designer of iconic
buildings such as the 23-Marina Towers
in Dubai and Infosys Technologies’ IT parks
across the country and China, is looking to
raise Rs. 500 crore by diluting a 40% stake
in his firm Architect Hafeez Contractor,
reports DNA India. The 61-year-old
has been running his own practice since
1982. His firm now employs 350 senior
associates, architects, interior designers,
draftsmen, civil engineering team and
architectural support staff.
For more information:
http://bit.ly/enVLfj
http://www.hafeezcontractor.com
Food & Beverages >
Restaurants
New Silk Route set to
invest $40-M in Ohri's
PE firm New Silk Route
Partners is set to acquire a large stake in
Hyderabad-based restaurant chain operator
Ohri's for a little over $40 million, or
around Rs. 200 crore, reports Times of
India. Launched in 1981, Ohri's operates
a network of 25 fine dining restaurants in
Hyderabad and Bangalore, besides running
boutique hotels. The transaction involves
NSR buying a substantial stake in a phased
manner and managing the asset as a JV with
the original promoter family headed by
Ravi Kumar Ohri.
Veda Corporate Advisors
has been mandated by Ohri to bring in a
financial partner to expand the hospitality
business. NSR is believed to have signed a
term-sheet with the Ohri's promoter, pipping
other potential investors like India Equity
Partners (IEP).
For more information:
http://timesofindia.indiatimes.com/articleshow/7623615.cms
http://www.ohris.com
Media & Entertainment >
Multiplex
Satyam Cineplexes
scouting for PE funding, acquisitions
Chennai-based multiplex
operator Satyam Cineplexes is in talks with
DT Cinemas, Wave Cinemas and other unlisted
entities for a possible merger or
acquisition, reports Financial Chronicle.
The Rs. 60 crore company aims at doubling
its turnover to Rs. 120 crore by 2012 and is
also planning a "robust expansion" at a cost
of Rs. 150 crore spread over three years.
The funds for expansion will be sourced
equally from PE players, debt and internal
accruals.
The company's IPO plans,
scheduled for 2012, have been pushed back by
a couple of years as it wants to give an
exit route to all its investors by the end
of 2013.
http://www.mydigitalfc.com/news/satyam-cinemas-keen-make-acquisitions-964
Healthcare & Life Sciences >
Preventive Healthcare
Indus Health Plus
scouting for PE funding
Preventive healthcare firm
Indus Health Plus is looking to raise
capital through the PE route supported by
accruals and debt for its Rs. 100 crore
expansion plan over a period of four years,
reports Business Standard. It is
planning to have 100 operational centers
nationwide by March 2014.
For the financial year
2009-10, the company had revenues of Rs. 60
crore. It is present in 14 cities across
Maharashtra, as well as in Delhi, Bhilai and
Goa.
http://bit.ly/hFbq0F
Back to
top
Agri-business > Irrigation
Products
Jain Irrigation plans
to raise $150-M via share sale
Jain Irrigation, a listed
manufacturer of micro-irrigation systems,
plans to raise up to $150 million through a
share sale, reports Economic Times.
http://economictimes.indiatimes.com/articleshow/7601796.cms
IT & ITES > Online Services
(Travel)
Makemytrip.com to
raise additional capital via sale of 6-M
shares
Online travel firm MakeMyTrip
is looking to raise money through another
public issue of 6 million shares. The issue
will include 1.6 million of its own shares,
in addition to 4.4 million shares from other
equity holders. It will be able to raise an
estimated $43 million based on the last
traded price of its stock on Nasdaq, which
was $26.87. The company has got Morgan
Stanley, Pacific Crest Securities and
Deutsche Bank to underwrite the listing.
This comes after the
company’s $100 million IPO, through which it
listed at Nasdaq in August 2010. The company
registered a profit of $1.77 million in the
quarter ended December 31, 2010 on net
revenues of $17.3 million.
http://investors.makemytrip.com/secfiling.cfm?filingid=950123-11-21249
Mergers &
Acquisitions
BFSI > Mutual Fund
Bank of India set to
buy 51% stake in Bharti-AXA mutual fund
Public sector Bank of India (BoI)
is set to re-enter the mutual fund business
by buying a 51% stake in Bharti AXA
Investment Managers. Given the 60% debt
component in Bharti Axa’s portfolio, the
value of the deal is likely to be 2-3% of
the assets under management. In
December-end, Bharti Axa was managing Rs.
412 crore. The talks were prolonged
because, besides the valuation, the bank was
also working on the fresh capital infusion
that the company might need after the
acquisition. The company posted a loss of
Rs. 42.14 crore in 2009-10, down from Rs.
45.6 crore in 2008-09.
Bharti Axa has been looking
to rope in a JV partner, preferably a bank,
to increase its distribution reach.
http://bit.ly/fEA4fX
Manufacturing > FMCG
Henkel India may sell
haircare brands
Henkel India, the Indian
venture of the German consumer products
company, is looking to sell some brands from
its haircare division, reports Mint.
The company has given HSBC India the
sale mandate. The deal will be valued at
four-six times the sale, which is the
standard for the transactions in the sector.
In 2010, revenues from Henkel’s cosmetics
division amounted to Rs. 161.1 crore.
Godrej Consumer Products and
Emami are considering buying Henkel’s
assets.
http://www.livemint.com/2011/03/02040945/Henkel-India-may-sell-haircare.html?atype=tp
Textiles & Garments > Home
Decor
GHCL looking to sell
Rosebys Interiors
The board of publicly listed
GHCL has approved the sale of the company's
investment in its wholly owned subsidiary
Rosebys Interiors India Ltd. Noida-based
Rosebys is a home decor and lifestyle
products company.
In June 2006, GHCL had
acquired UK-based home textiles maker
Rosebys for about $50 million (Rs. 231 crore).
At that time, Rosebys had over 300 retail
outlets across the UK and annual turnover of
about $210 million and over 2,000 employees.
In late 2008, the UK Rosebys filed for
bankruptcy citing the credit crunch. GHCL,
which owned the brand, launched it in India
positioning it as a premium brand in the
home linen market.
For more information:
http://www.bseindia.com/stockinfo/anndet.aspx?newsid=3b40c894-c08d-42bd-b5f0-e1ea28f36b54
http://www.myrosebys.com
Shipping & Logistics >
Shipping
Gati looking to sell
shipping business CTC
Gati, a domestic logistics
and supply chain solutions firm, is likely
to sell its shipping arm, Gati Coast to
Coast (CTC), to a global shipping player
for Rs. 200-250 crore in order to repay
debt, reports Business Standard.
Talks are in the final stage. The shipping
arm has revenues of about Rs. 93 crore.
Gati CTC, set up in 1986 as a
service provider for all sea-bound cargo in
the Bay of Bengal, Andaman Islands and
Malacca Straits, currently has six container
vessels.
http://www.business-standard.com/india/news/gati-may-sell-shipping-business-to-repay-debt/427263/
Manufacturing > FMCG (Soaps)
VVF looking to sell
soap brands
VVF Ltd.,
one of the largest contract manufacturers of
bar soaps, plans to sell its personal care
brands such as Doy and Jo, as
well as the Aramusk and Moloy
soaps that it bought from Henkel last year,
reports Economic Times. The company
has already approached Indian companies
Emami, Wipro Consumer and Future Ventures to
sell its branded personal care portfolio
that accounts for about 15% of its Rs. 1,500
crore turnover. Edelweiss has been
given the mandate for the divestment.
http://economictimes.indiatimes.com/articleshow/7624485.cms
BFSI > Banking
HSBC scouting for more
acquisitions in India
Having decided to acquire the
Royal Bank of Scotland's (RBS) select
operations in India, the HSBC Group is open
to more acquisitions in the country to
expand the scale of operations, reports
Business Standard. The Indian operations
are the seventh largest contributor to
HSBC's global turnover.
http://bit.ly/hH5J6U
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Fund News
IVCA to
launch online deal platform
India Venture Board (IVB), an
online market for the venture investment
industry, offering a single platform for
fund seekers, investors and other
stakeholders to announce their requirements,
is set to be launched in the next couple of
days, reports Mint. The platform is a
collaboration of the Indian Venture Capital
Association (IVCA), the National Stock
Exchange (NSE), the Small Industries
Development Bank of India (Sidbi), the
Indian Angel Network and Mumbai Angels.
The IVB will facilitate
primary investments as well as secondary
liquidity and stake sales by VC and PE
investors. It will have three forums: one
for entrepreneurs and unlisted companies to
make their pitches to investors and
investment banks in a secured manner; an
announcement board for investors, investment
bankers and incubators; and a “deal corner”
where participants can post primary and
secondary investment calls.
http://www.livemint.com/2011/03/02225003/VC-industry-to-go-online-in-se.html
Srei Group
plans $150-M defense sector SME fund
Kolkata-based Srei Group is
planning to float a $150 million PE fund
dedicated to India’s defense and security
sector, reports Business Standard.
The focus of the fund will be to invest in
SMEs involved in the sector - either as
equipment manufacturers or as component and
ancillary providers - and provide them with
the growth capital. The promoters of Srei,
the Kanoria family, are likely
to provide the seed capital of around $25
million for the new fund. It is likely to be
registered overseas, in Singapore or
Mauritius. The firm is in talks with various
external financial and strategic investors
including CSFB, Deutsche Bank and US-based
defense manufacturer Raytheon, Dassault and
Airbus of France along with Canadian
aerospace firm Bombardier. It is also likely
to tap its existing global partners like BNP
Paribas, IFC Washington and its partners in
Russia.
Also, Srei and its listed
group company, Shristi Infrastructure
Development Corporation, which specializes
in infrastructure development and civil
engineering work, are exploring
manufacturing opportunities in the defense
sector and eyeing two international
companies for possible JVs. While one of
these companies is a subsidiary of Thai
conglomerate Tyco Fire and Security, the
other is a Finnish player.
http://bit.ly/ex7jLG
People
Ashish
Dhawan to move on from ChrysCap next year
India-focused PE firm
ChrysCapital - two time winner of the "Best
Private Equity Firm of Year" award at the
Venture Intelligence APEX Awards - has
announced that its founder Ashish Dhawan
will transition out of the firm in mid 2012
to pursue work on social issues. Also,
Brahmal Vasudevan, one of the
firm's managing directors who has been at
the firm since 2000, will be leaving
ChrysCapital later this year. Going forward,
the ChrysCapital team will be led by the
remaining six managing directors –
Ashley Menezes, Gulpreet Kohli,
Kunal Shroff, Ravi Bahl,
Sanjay Kukreja and
Sanjiv Kaul.
Chrys, which has over $2
billion under management across five funds,
expects to raise a new fund in mid-2012. The
new fund will have a smaller corpus (than
the previous $1.2 billion fund) as the firm
now believes there is a better risk-reward
in mid-sized deals.
http://ventureintelligence.blogspot.com/2011/03/ashish-dhawan-to-move-on-from-chryscap.html
Canaan
India appoints Rahul Khanna as MD
VC firm Canaan Partners has
appointed Rahul Khanna as MD of Canaan
India, reports Business Standard.
Khanna, who has over 15 years of
international experience, will lead new
investments in early-stage, India-based
technology companies in the consumer
internet, mobile, software and managed
services industries. He was the founding
director of Clearstone Venture Advisors, the
India advisory practice of global
early-stage venture firm Clearstone Venture
Partners.
http://bit.ly/i33VdA
Axis
Private Equity appoints Arun Prakash Korati
as CEO
Axis Private Equity, a wholly
owned subsidiary of Axis Bank, has named
Arun Prakash Korati as its CEO, reports
Economic Times. He joined the firm from
New Vernon n June 2007 and served as
Executive Director. Korati succeeds
Alok Gupta, who resigned from the
company on personal grounds.
http://economictimes.indiatimes.com/articleshow/7604005.cms
William
Knight quits Axis PE board
William Knight has resigned
as Director of Axis Private Equity, reports
Business Standard. He was a member of
the company’s fund raising team and had
joined the board in 2008. He is also on the
board of trustees of Aureos India, a PE
investor in Indian SMEs, as well as a board
member of the LG India Fund that invests in
the Indian public markets. His own company,
Emerisque Brands, an investor in Lee Cooper
Jeans, had established a JV with the
Pantaloon Group in India.
http://bit.ly/hHpLAy
Two
top-level exits at Milestone Religare
Milestone Religare Investment
Advisors has witnessed two top-level exits,
reports Times of India. Its Managing
Partner, Rajesh Singhal, has
moved out to join Tata Capital. Another
partner, Amit Vikram Sharma,
has quit to join Aditya Birla Private Equity
even as the firm floated by Ved
Prakash Arya looks at buying out its
existing partners.
http://timesofindia.indiatimes.com/articleshow/7630985.cms
|
Announcing India's First
Social Venture Investment
Database |
New Value-added Feature in
the
Venture Intelligence PE/VC
Database:
Social Venture Investments
We are happy
to announce that,
as part of the
Venture Intelligence PE/VC
Database, we now provide
access to all Social Venture
Investments since 1998.
This database
categorizes separately
investments by Social Sector
Funds (like Aavishkaar,
Acumen Fund, etc.) and also
VC-type investments in
Microfinance and Social
Infrastructure sectors like
Education & Healthcare. Like
our main PE/VC database, the
social investment database
also allows users to search
deals by industry,
stage, investor type, deal
size, company & investor
names, advisors, etc.
Note:
Based on user feedback,
investments by Social Sector
Only Funds do not
feature any longer as part
of the PE/VC database -
unless they are
co-investments with regular
PE/VC funds.
We hope you
find the new database and
categorization useful. In
case you would like us to
set up a demo of this new
database feature (over a 10
minute telecon), email us at
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indicating a convenient time
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The Venture
Intelligence Team
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Back to top
Real
Estate News
VC/PE Fund Investments
Real Estate
Tata Realty buys out
Kotak fund from Peepal Tree via Rs. 385-Cr
deal
Kotak India Real Estate
Fund-I, a $100
million (Rs. 450 crore) fund managed by
Kotak Realty Fund, has sold its stake in
Peepul Tree Properties Pvt. Ltd. to
Tata Realty Initiatives Fund-I, managed
by Tata Realty and Infrastructure, for Rs.
385 crore, reports Mint.
In 2006, Kotak Realty had
invested Rs. 95 crore in Peepul Tree, which
owns a 700,000 sq ft IT park in Goregaon, a
Mumbai suburb, thus making a four-fold
return on its investment. The enterprise
value - sum of equity investments and debt -
of Peepul Tree is Rs. 525 crore. The company
has debt of Rs. 140 crore.
With this investment, Tata
Realty has fully deployed its $750 million
fund. The fund’s investments have been
mostly greenfield projects such as the
Ramanujan IT SEZ in partnership with Tidco
in Chennai, high-end residential asset in
Kochi and a housing project in Nagpur.
http://www.livemint.com/2011/03/06175200/Kotak-real-estate-fund-exits-P.html?atype=tp
RE
Mergers & Acquisitions
Real Estate
BPTP acquires DD
Housing
Real estate firm BPTP Ltd.
and its subsidiary, Rose Infracon, have
acquired the entire shareholding of another
RE firm, DD Housing Ltd. An AZB
& Partners team, led by
Hardeep Sachdeva, provided legal
advise to BPTP on the deal. The deal,
initiated in Oct 2010, was completed in
February 2011.
http://www.bptp.com
From the Venture Intelligence PE-RE Deal
database:
BPTP has raised PE capital at the entity and
the project levels from Merrill Lynch, Citi
and JP Morgan.
Other RE
News
Mantri
Group in talks with PE firm to raise Rs.
250-Cr
The Sunil Mantri Group is in
talks with an international PE firm to raise
around Rs. 250 crore by June in return for a
minority stake, reports Economic Times.
The firm is coming out with its first ever
high-end property at Malabar Hills, Mumbai
costing about Rs. 150 crore. Besides, the
group plans to launch five residential
projects in Gwalior, Bangalore, Hyderabad,
Pune and Solapur in the current calendar
year.
For more information:
http://economictimes.indiatimes.com/articleshow/7587417.cms
http://www.mantrirealty.com
Supertech
scouting for PE funding for Noida
residential tower project
Realty firm Supertech is in
talks to raise PE funding for its
residential project in Noida, called
North Eye. The company plans to invest
Rs. 600 crore to develop the 255 m tall
residential tower claimed to be the tallest
in North India.
For more information:
http://economictimes.indiatimes.com/articleshow/7619927.cms
http://northeye.in
Indiareit,
Paranjape Schemes in talks to sell stake in
Pune SEZ
Indiareit Fund Advisors and
Paranjape Schemes (Constructions) are in
talks with a number of funds which are
focused on investing in rental yield
generating assets, to sell all or part of
their stake in the 130-acre export zone they
are developing near Pune, reports Mint.
The 1.4 million sq. ft of developed area in
the SEZ is expected to generate a monthly
rental income of Rs. 4.9 crore, escalating
at about 15% a year.
In 2007, Indiareit, which
typically invests in unlisted real estate
developers at an SPV level, picked up a 24%
stake for about Rs. 250 crore in the Blue
Ridge SEZ, which includes a residential
township. Flagship Infrastructure, their SPV
for the Blue Ridge SEZ in Hinjewadi, has
developed 1.4 million sq. ft of space that
is almost fully leased out. The total 2.9
million sq. ft of space that can be
developed at Blue Ridge is valued at Rs.
1,000 crore.
http://www.livemint.com/2011/03/01214916/Indiareit-Paranjape-in-talks.html
Raheja
Developers to form JV with Saudi Arabia firm
Realty firm Raheja Developers
is in talks with Saudi Arabia-based
developer Abdulhadi A Al Qahtani Sons
Group to form a JV for constructing
housing properties in the two nations. A
delegation is likely to visit Saudi Arabia
this month to finalise the JV.
http://bit.ly/hAOJMa
India Ahoy!
Berkshire
Hathaway to enter Indian non-life insurance
Berkshire Hathaway, the
conglomerate led by billionaire Warren
Buffett, plans to enter the Indian
non-life insurance sector as a corporate
agent of Bajaj Allianz General, reports
Business Standard. The move would mark
Berkshire Hathaway's direct entry into the
Indian market via its Indian subsidiary
Berkshire India. It will directly sell
insurance to consumers through the portal
www.Berkshireinsurance.com and by way of
telemarketing.
For more information:
http://bit.ly/fBU5FR
http://www.berkshireinsurance.com
Reliance
Brands to bring Steve Madden label to India
Reliance Brands, part of
Reliance Industries, has entered into an
exclusive licensing pact with global fashion
label Steve Madden to introduce the
American brand in India, reports
Financial Chronicle. As part of the
agreement, the company will open around 20
exclusive stores across the country,
starting with two outlets in New Delhi and
Mumbai this year. The licensing agreement is
for 20 years.
For more information:
http://bit.ly/eRAj1J
http://www.stevemadden.com
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New Ventures
MFI Network
launches credit bureau
Microfinance Institutions
Network (MFIN), a
self-regulatory organization for the Indian
Microfinance industry, has launched a credit
bureau initiative, in collaboration with
High Mark Credit Information Services, to
provide client data to its members, reports
Business Standard. The credit bureau
is expected to help MFIs determine the
repayment behavior of clients by providing a
repayment history.
The network, which represents
46% of the RBI-approved NBFC-MFIs that claim
to cumulatively account for over 80% of all
microcredit activity in the country, has
uploaded data on 28 million loan accounts so
far.
http://bit.ly/g0shmF
From the Venture Intelligence PE Deal
database:
Battery Ventures invested $1 million in High
Mark in September 2008.
Alok Nanda,
Prasanna Sankhe launch new product design
firm, Hyphen
Alok Nanda, founder of brand
consultancy Alok Nanda and Company, and
Prasanna Sankhe, the former national
creative director at Publicis Ambience, have
started a new firm called Hyphen, reports
Economic Times. Hyphen will operate in
the product design and creation space. The
aim is to conceive products or services that
people actively desire, to increase
engagement between consumers and brands.
http://economictimes.indiatimes.com/articleshow/7590809.cms
Kemrock
forms JV with Dutch firm DSM Composite
Reinforced polymer composites
manufacturer Kemrock Industries and
Exports has formed a 49:51 joint venture
with Netherlands-based DSM Composite
Resins and will invest $25-30 million to
set up a plant in Pune, reports Business
Standard. The JV company, to be known as
DSM Kemrock India, is targeting
around a $50 million revenue from the Indian
market by 2015.
http://www.business-standard.com/india/news/kemrock-ind-inks-jvdutch-firm-dsm-composite/127727/on
US minerals
firm MTI forms JV with Prisure Promotion
Specialty Minerals Inc.,
part of US-based Minerals Technologies Inc.
(MTI), has formed a joint venture in India,
called Rayagada Minerals and Chemicals
Pvt. Ltd., with Prisure Promotion and
Tradings Ltd. Specialty Minerals, via
MTI Holding Singapore, will hold a 74% stake
in the JV. NYSE-listed MTI produces
specialty mineral, mineral-based and
synthetic mineral products. AZB &
Partners advised Specialty
Minerals on the deal.
http://www.mineralstech.com/about-mti/
Websol
Energy forms JV with Gopika Infra
Listed Websol Energy
Systems is to form a JV with Gopika
Infrastructure for the development of its
land in Kolkata.
http://bit.ly/fPPUPy
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People
Nilesh Shah
to head Axis Bank investment banking ops
ICICI Prudential Asset
Management's Deputy Managing Director Nilesh
Shah is joining Axis Bank, reports
Business Standard. He will be overseeing
the lender's initiatives in the investment
banking space, as President, Strategic
Initiatives, Corporate Banking.
http://bit.ly/hMIeCe
Air India
COO Gustav Baldauf resigns
Air India's first COO, Gustav
Baldauf, has resigned, reports Hindustan
Times. His resignation has been accepted
by the government.
http://www.hindustantimes.com/Air-India-COO-quits-after-criticising-government/Article1-667798.aspx
GAIL India
names P. K. Jain as Finance Director
GAIL India has appointed P.
K. Jain as Director, Finance, reports
Business Standard. Prior to this, he was
Executive Director, Internal Audit.
http://bit.ly/hD3TSZ
RBI
appoints R. Gandhi as Executive Director
The Reserve Bank of India has
appointed R. Gandhi as Executive Director in
charge of the Department of Banking
Operations and Development, the Department
of Administration and Personnel Management
(including Rajbhasha), the Human Resources
Development Department and the Department of
Information Technology, reports
Moneycontrol. Prior to this assignment,
he was in charge of the Department of
Currency Management.
http://bit.ly/fvlZwu
Henkel
India MD Jayant Singh resigns
Henkel India MD Jayant Singh
is exiting the firm two years after he took
over as MD, reports Economic Times.
The move is being linked to the company's
lukewarm performance in India over the past
two years.
http://economictimes.indiatimes.com/articleshow/7616206.cms
Oracle
India appoints Sandeep Mathur as MD
Sandeep Mathur has been
appointed as MD of Oracle India, reports
Economic Times. He was previously Vice
President, Technology, leading Oracle's
flagship database business in the country.
He replaces Bhaskar Pramanik,
who has put in his papers and is among the
candidates being considered for leading
Microsoft's India operations.
http://economictimes.indiatimes.com/articleshow/7616200.cms
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Other
News
Time for
CCI approval on M&As reduced
The Competition Commission of
India (CCI) has, in consultation with the
government, revised the guidelines relating
to M&As, which has capped the time period
for approvals to a maximum of six months, 30
days less than what was originally proposed,
reports Mint. Currently, the
thresholds for CCI approval are a combined
turnover of Rs. 3,000 crore for a domestic
firm, Rs. 6,000 crore for domestic firms
with overseas presence and Rs. 24,000 crore
for a conglomerate with local domestic
presence. However, firms and conglomerates
will have to approach CCI for approval if
the combined revenue of the Indian
operations of the acquirer and the acquired
are at least Rs. 1,500 crore.
The draft guidelines were
posted on the CCI website and will now have
to be notified by the government before
being made operational.
http://www.livemint.com/2011/03/02041002/Relief-for-corporates-as-time.html?atype=tp
Phillips
Carbon pulls out of race to buy Evonik's
carbon black biz
Phillips Carbon Black, the RP
Goenka Group company, has pulled out of the
race to buy the carbon black business of
Germany-based Evonik Industries, reports the
Wall Street Journal. The company did
not make a bid by the final deadline of
mid-February.
http://online.wsj.com/article/BT-CO-20110301-703486.html
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