Venture Intelligence India-Deal Digest

Bangalore-based digital marketing technology company Vizury Interactive has raised Series B funding of $9 million, led by Nokia Growth Partners with participation from existing investors Ojas Ventures and Inventus Capital Partners. Existing angel investors who led the seed round of funding also continue to remain invested. The funds will be used to strengthen the company’s presence across Asia, Australia and South America, step up R&D efforts and drive product innovations. Post-funding, Anupam Rastogi, principal at NGP Advisors India, will be joining Vizury’s board.

From the Venture Intelligence PE Deal database: In November 2010 Ojas Ventures and Inventus Capital Partners had invested $2.22 million in Vizury Interactive. (Subscribers to the database can login to view the company financials, valuation, deal structuring and other transaction details.)

IT & ITES > Online Services (Music Streaming)
Lightspeed leads $7-M Series B funding for Dhingana

Pune-based social music streaming site Dhingana has raised $7 million in Series B round of funding led by Lightspeed Venture Partners, reports Business Standard. Existing investors Inventus Capital Partners and Helion Venture Partners also participated. As part of the deal, Lightspeed principal Dev Khare will join Dhingana’s board.

The company plans to use the funds for hiring and to expand its marketing, sales and business development efforts.

IT & ITES > Online Services (Shopping)
LimeRoad raises $5-M from Matrix Partners, LightSpeed Ventures

Matrix Partners India and Lightspeed Venture Partners have led a $5 million first institutional round of funding of AM Marketplaces Pvt. Ltd., the parent company of LimeRoad.com, an online social platform for women to discover, share and shop for lifestyle products. LimeRoad allows users to shop by city, brand, or store.

Gurgaon-based LimeRoad was founded by its CEO Suchi Mukherjee, who had earlier worked with eBay, Skype and Gumtree.

Manufacturing > Metals & Alloys (Iron & Steel)
SAIF hikes stake in Pennar Industries to 9.9%

SAIF India IV FII Holdings Ltd. has increased its stake in Hyderabad-based listed steel products manufacturer Pennar Industries Ltd. from 7.74% to 9.85% via open market purchases, reports Business Line. SAIF, which earlier held 9.4 million shares in Pennar, has now acquired 2.6 million shares. According to the latest data available with the exchanges, the promoters hold a 40.15% stake in Pennar, while FIIs hold 28.58% and others, 30.61%.

Kolkata-based listed CESC Ltd., part of the RP-Sanjiv Goenka Group, is to acquire a 49.5% stake in Mumbai-based listed BPO firm FirstSource Solutions Ltd. (FSL) for Rs.400 crore in cash. Under the deal, FSL will sell 226.89 million shares to Spen Liq, a 100% subsidiary of CESC, via a preferential allotment for Rs.274.5 crore, giving it a 34.5% stake. Spen Liq will also acquire a 15% stake in FSL under a share purchase agreement with three existing shareholders – PE investor Temasek Holdings, original promoter ICICI Bank and Fidelity Investments – who will jointly sell 98.65 million shares for Rs.120.35 crore, or Rs.12.20 apiece. Khaitan & Co. were the legal advisors to the acquirer.

Additionally, ICICI Securities is managing an open offer for nearly 2 million shares, constituting 26% of the fully diluted voting equity share capital of FSL at Rs.12.20 per share, or Rs.242.15 crore in all.

From the Venture Intelligence PE Deal database: In Mar-03, ICICI Venture had invested $29-M in FirstSource. In Jul-03, Sequoia had invested $8-M. In Aug-04 and Apr-06, Sequoia and Temasek had invested $35-M $20-M respectively. Temasek and Sequoia made a partial exit and ICICI Ven a complete exit via the company’s IPO in Feb-07. In 2009, Sequoia made a complete exit.

Healthcare & Life Sciences > CRO
I-Ven backed Radiant Research acquired by US firm CRA

US-based CRA Holdings, Inc., a portfolio company of New York-based PE firm Kinderhook Industries, has acquired CRO firm Radiant Research, Inc. BDA was the financial advisor to Radiant Research and its shareholders including ICICI Venture.

Based in Cincinnati, Ohio, Radiant also has operations in Pune apart from other international locations. It is a comprehensive site management and clinical research company offering study conduct, development and centralized patient recruitment services to the biopharmaceutical and medical device industry.

IT & ITES > Online Services (Shopping – Jewelry)
Voylla Retail raises angel funding

Bangalore-based Voylla Retail Pvt. Ltd., which runs an online jewelry and accessories shopping service Voylla.com, has raised angel funding from a Bangalore-based serial entrepreneur who recently sold his company, reports Mint. Voylla will use the funds to expand its operations team as well as for marketing. Voylla.com sells semi-precious, precious metal and gem stone jewelry as well as accessories for women. The company is led by co-founder & CEO Vishwas Shringi.

Earlier this year, another online jewelry portal, Bluestone.com, raised $5 million from VC firm Accel Partners and serial entrepreneur Meena Ganesh, MD & CEO of Pearson Education Services. Last year, Chennai-based diamond and jewellery portal CaratLane.com raised $6 million from Tiger Global Management.

Energy > Renewable Power Projects (Biomass - Off-Grid Generation)
Husk Power raises $5-M led by Bamboo Finance, Acumen

Patna-based Husk Power Systems has raised Series A equity financing of $5 million led by Bamboo Finance and Acumen Fund, with participation from LGT Venture Philanthropy.

Husk Power develops and implements a 100% biomass waste (rice husks, straws and other crop straws etc.) gasification process for generating electricity and distributes power directly to rural households. The company has successfully installed 80 mini-power plants that serve over 200,000 people in more than 300 villages. It will use the funds to expand its operations in rural India and East Africa and power the lives of over 10 million people in rural areas.

French firm Groupe Limagrain has acquired New Delhi-based Century Seeds, clinching its second buyout in the Indian market, reports Times of India. Limagrain subsidiary Vilmorin signed a deal with the local vegetable seed maker.

Earlier, Limagrain had acquired controlling interest in Atash Seeds, a unit of biotech firm Avasthagen, specializing in field crop technologies for rice, wheat and maize.

Hyderabad-based listed pharma firm Dr. Reddy's Laboratories Ltd. (DRL) has acquired over 50% of OctoPlus NV, a Euronext, Amsterdam-listed specialty pharmaceutical company, for €27.39 million (cum dividend) in cash, representing 100% of the issued and outstanding ordinary shares. The offer price represents a premium of 30% over the closing price of OctoPlus as of EoD October 19, 2012. DRL has also announced a public offer to acquire all the issued and outstanding shares of OctoPlus.

If the requisite number of shares are tendered by the balance share holders, the transaction is likely to be concluded by the end of the current fiscal. OctoPlus develops injectable dosages and provides various other clinical services. It registered a net loss of Euro 6.32 million for the year ended December 2011 on consolidated total income of Euro 7.7 million.

Manufacturing > Packaging (Poly Films)
Jindal Poly Films to acquire ExxonMobil’s films biz

New Delhi-based Jindal Poly Films Ltd., part of the BC Jindal Group, has bought US-based ExxonMobil Chemical’s biaxially oriented polypropylene (BOPP) global films business, reports Business Line. ExxonMobil’s BOPP has five manufacturing units in the US and Europe and has about 1,500 employees. The transaction also includes a technology centre and sales office in Rochester, New York and an office in Luxembourg.

IT & ITES > IT Services (Remote Infrastructure Management)
Dev Informatics acquires Canadian company DRS Technologies

Ahmedabad-based IT services firm Dev Information Technology Pvt. Ltd. has acquired a majority stake in Canada-based remote IT infrastructure services firm DRS Technologies, reports Economic Times. DRS’ clients include Holiday Inn Toronto and travel agency Uniglobs.

Dev IT has hitherto been a Systems Integrator and ERP solutions provider company. The deal will enable it to acquire clients in North America directly.

Mumbai-based listed L&T Finance Holdings Ltd. (LTFH) has acquired a 100% stake in FamilyCredit Ltd. (FCL), a Kolkata-based NBFC focused on auto and two-wheeler financing, for Rs.120 core from Société Générale Consumer Finance. Equirus Capital advised LTFH on the transaction.

As of June 30, 2012, FCL had loan book size of Rs.1,287 crore, of which two-wheeler financing constituted 53% and car financing 35%. The company has 53 branches across 16 states in India and a presence in more than 1,400 dealer outlets with a customer base in excess of 400,000. Its PAT was Rs.5 crore, backed by an NIM of 13.6%.

Mumbai-based Prince Pipes & Fittings Pvt. Ltd. has acquired Chennai-based Trubore Piping Systems from the Chemplast Sanmar Group through the slump sale route for Rs.70 crore in cash. Trubore, established in 2006, manufactures a range of PVC pipes viz. casing, agriculture and bore-well pipes. It has two manufacturing plants - in Chennai and Belgaum. Blacksoil Advisory advised Prince Pipes on the transaction.

Prince Pipes is a manufacturer of PVC pipes and fittings with a revenue base of over Rs.600 crore.

BFSI > Advisory Services (Investment Banking)
Viedea Capital merges with Allegro Capital

Bangalore-based boutique investment bank Viedea Capital is merging with the Corporate Finance Practice of Allegro Capital Advisors, a fellow Bangalore-based i-bank. Viedea’s Deepak Srinath will join the management team of Allegro as a Partner and lead the Technology and Emerging Sectors Practice. Over the past 5.5 years, Viedea has executed over 15 VC and M&A transactions for entrepreneurs and investors in India. It expects the merger with Allegro to help it expand in the IPO advisory and research & analytics spheres, and give it access to global strategic & financial investors.

Started in March 2002 as a boutique corporate finance house with a mid-market focus, Allegro today has over 300 professionals across 44 cities in India and offers an entire range of financial services.

From the Venture Intelligence PE Deal database: In Feb-08, Viedea had raised investment from the Indian Angel Network. The individual IAN investors in the company include Jerry Rao (Founder of Mphasis), Alok Mittal (Managing Director, Canaan Partners), Rohit Chand (Executive Chairman, Axis IT&T), Pradeep Gupta (CEO, Cybermedia), Vikram Upadhyaya (President of IAP Ltd, Japan), Ashu Garg (Venture Partner, Foundation Capital), Neal Gupta (Co-founder,Apatara Networks) and Rajiv Luthra (Founder, Luthra & Luthra law offices).

IT & ITES > Online Services (Food Ordering)
Titbit.com acquires Foodkamood.com

Titbit.com has made a 100% acquisition of corporate food ordering platform Foodkamood.com, reports Yourstory.in. Since its inception in 2009, Food Ka Mood has been offering a similar service to Titbit, specifically in the south Mumbai area. Tanuj More, founder of Food Ka Mood, will now exit the business.

Founded in 2011 and headquartered in Mumbai, Titbit.com is a Valuable Group company and enables its customers to easy ordering of food from over 400 restaurants in Mumbai and Pune serving over 40 different cuisines. Tidbit is now looking at rapidly expanding its service to all tier 1 cities, immediately followed by Tier-2 cities across the country.

Publicly listed Mahindra Holidays & Resorts India Ltd. has acquired an 80 room resort, The Destination, near Shimla, by purchasing 100% equity share capital of Holiday on Hills Resorts Pvt. Ltd., reports Economic Times. With this acquisition, Mahindra Holidays now has 43 resorts under its umbrella.

BFSI > Banking
RRBs of UCO Bank & Bank of India to merge with IOB’s RRB in Odisha

Indian Overseas Bank (IOB) is to merge two regional rural banks (RRBs) belonging to Bank of India and UCO Bank with its Neelanchal Grammaia Bank, reports Business Standard. After the amalgamation, the bank will float a new entity called Odhisa Grammia Bank.

Engg. & Construction > Infrastructure
Soma Enterprises raises $100-M from StanChart, L&T Finance

Hyderabad-based infrastructure company Soma Enterprises has raised $100 million from Standard Chartered and L&T Finance, reports Economic Times. Standard Chartered has invested $70 million through NCDs and compulsory convertible bonds in Soma. L&T Finance's public financial institution subsidiary, L&T Infrastructure Finance Company, is believed to have extended $30 million via NCDs.

Agri-business > Agri Logistics
Everstone, ICICI Bank’s fund to invest in Sohan Lal Commodity Mgmt: report

PE firm Everstone Capital and ICICI Bank's Emerging India Fund are close to investing Rs.100-120 crore in agri-logistics company Sohan Lal Commodity Management, reports Economic Times. Sohan Lal's existing investors Nexus Venture Partners and Mayfield Fund may also invest in the new round of funding. This would be the third round of funding in the company. Last year, the Delhi-based firm raised Rs.35.5 crore in a second round of funding from Nexus Venture Partners and Mayfield Fund.

Sohan Lal Commodity, promoted by Sandeep Sabharwal, operates in the post-harvest agri-logistics ecosystem and provides agri-commodity warehouse management and procurement solutions.

http://economictimes.indiatimes.com/articleshow/16998055.cms

Healthcare & Life Sciences > Pharmaceuticals
PE, strategic investors in race for Temasek’s 30% stake in Medreich

Temasek Holdings has appointed NM Rothschild to sell its 30% stake in Bangalore-based pharma company Medreich, reports Times of India. Blackstone-owned Catalent Pharma Solutions and Perrigo Company, besides PE investors, are interested to buy the stake. Medreich has five manufacturing locations in and around Bangalore and one in Andhra Pradesh and is expected to be valued at $200-250 million.

From the Venture Intelligence PE Deal database: In October 2005, Temasek had invested $24.80 million in the company.

For more information:

http://bit.ly/RY20D9

http://www.medreich.com

Shipping & Logistics > Logistics Services
Tata Capital, Chrys, Everstone in talks for Transpole Logistics' stake

Tata Capital, ChrysCapital and Everstone Capital are in talks to acquire a majority stake in Delhi-based Transpole Logistics, reports Business Standard. Avendus Capital is advising Transpole to raise about Rs.200 crore. Through this second round of funding, existing PE investor Fidelity Growth Partners will make a part exit of its Rs.60 crore investment in the company in April 2011.

http://bit.ly/Tsd5kS

Agri-business > Poultry
KKR, Apollo eye stake in Godrej Agrovet

Global PE majors Kohlberg Kravis Roberts (KKR) and Apollo Global management LLC are in talks to buy a stake in Mumbai-based agri-poultry business firm Godrej Agrovet, reports Business Standard. The company is looking to raise about Rs.500-600 crore by diluting an about 15-20% stake. The funds will be used for a few outbound acquisitions and capacity expansion. GAVL claims to have 45% market share of Indian processed poultry business with its leading brand, Real Good Chicken. The firm has 45 manufacturing facilities across India, a network of 10,000 rural distributors, and over 1900 employees.

From the Deal Digest Archive (October 19, 2012): Economic Times had reported that Temasek was in the running for the investment.

http://www.business-standard.com/india/491021/

Healthcare & Life Sciences > Hospitals
Shalby to raise PE funding for Rs.500-Cr expansion

Ahmedabad-based hospitals operator Shalby is looking to raise PE funding by offloading a 10-15% stake, reports Business Standard. It will use the funds in its Rs.500 crore expansion plan to add 1,000 beds. A PE round is expected to value the company at Rs.800-1,000 crore.

Shalby aims to touch a turnover of Rs.70 crore in the current year, taking it up to Rs.250 crore in two years. It will be looking to buy resort properties in Goa, where it plans to start a rejuvenation clinic for cardiac and post-trauma patients.

From the Venture Intelligence M&A Deal database: Earlier this month, Shalby acquired fellow Ahmedabad-based Krishna Heart Institute.

http://www.business-standard.com/490615/

IT & ITES > Online Services (Payment)
GA in talks to acquire minority stake in BillDesk

PE firm General Atlantic is in talks to acquire a minority stake in e-payment processing company BillDesk, which pioneered online bill payments in India, reports Economic Times. If the talks fructify, this will be the second time this year that BillDesk will raise equity capital funding, after TA Associates acquired a minority stake in April 2012. A part of the current funding may also include a secondary purchase of shares from an existing investor.

BillDesk, a part of Mumbai-based IndiaIdeas.com, was founded in year 2000 by three former management consultants at Arthur Anderson - MN Srinivasu, Ajay Kaushal and Karthik Ganapathy. Some of the earliest investors in the company include Clearstone Venture Partners and SIDBI VC.

http://articles.economictimes.indiatimes.com/2012-10-23/news/34680206

Mining & Minerals > Coal
Deep Industries plans to offload 50% stake in Singrauli block

Ahmedabad-based Deep Industries Ltd/. is planning to farm out up to 50% participatory interest in Singrauli coal bed methane (CBM) block, reports Business Line. The company holds 90% participatory interest in the exploratory asset.

Deep Industries was awarded with two blocks — Singrauli in Madhya Pradesh and Godavari Valley (North) in Andhra Pradesh — in consortium with the US-based Coal Gas Mart during the third bidding round in 2006. Coal Gas Mart is operator in both the blocks.

http://www.thehindubusinessline.com/companies/article4041098.ece

Energy > Renewable Power Projects
HK firm Crown Impext to acquire 24% stake in Veer Energy: report

Hong Kong-based Crown Impex is close to picking up an around 24% stake in Mumbai-based listed wind energy company Veer Energy Infrastructure at around Rs.15 a share, reports Economic Times. Veer is setting up infrastructure in Tamil Nadu and Gujarat and is in the process of implementing a 30 MW order that it bagged recently.

http://articles.economictimes.indiatimes.com/2012-10-23/news/34680267

Travel & Transport > Aviation (Airport)
DB Realty arm may sell 49% in Delhi Airport hotel SPV

Property developer DB Realty is looking to sell a 49% stake in the SPV formed to develop an 8 acre plot in the hospitality district of Delhi International Airport, reports Economic Times. Mumbai-based DB Group, which is eying a valuation of close to Rs.700 crore for the plot and its development potential, aims to raise nearly Rs.350 crore through the proposed transaction.

http://m.economictimes.com/articleshow/16920254.cms

Energy > Oil & Gas
Oil India in talks with Mozambique for stake in Rovuma-1 gas field

State-run Oil India is in talks with Mozambique to pick up a stake in giant gas field Rovuma-1 after a proposed energy policy allowed stakeholders to ship out their share of gas, reports Economic Times. Oil India is also considering downstream investments such as setting up fertilizer and petrochemical plants in the country though a consortium of state oil firms. The company is also interested in purchasing 10% stake in the giant gas fields held by Indian firms.

http://economictimes.indiatimes.com/articleshow/16959412.cms

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Secondary Offerings

Mining & Minerals
Govt. to sell 10% stake in NMDC this fiscal

The Cabinet Committee on Economic Affairs (CCEA) has approved the sale of 10% stake in India’s largest iron ore miner NMDC, paving the way for the first public sector company to go under the hammer this fiscal year, reports Deccan Herald. The share sale is expected to bring Rs.7,000 crore to the exchequer. The government currently holds a 90% stake in NMDC.

The CCEA has cleared sale of about 39 crore equity of NMDC of face value of Re.1 each through the Offer for Sale (OFS) route.

http://www.deccanherald.com/content/287841/govt-sell-10-pc-stake.html

Mergers & Acquisitions

Healthcare & Life Sciences > Medical Devices
Fidelity to buy out ePlanet, Headland from Trivitron via Rs.400-Cr deal

Fidelity India is close to buying a 35-40% stake in Chennai-based healthcare equipment manufacturer Trivitron Healthcare for Rs.400 crore, reports Economic Times. Fidelity is likely to buy out the stakes of HSBC and ePlanet Ventures, valuing Trivitron at over Rs.1,000-1,100 crore and additionally invest in fresh equity. Post the deal, Fidelity will hold a 40% stake in the company. Kotak Mahindra Capital is the advisor to the deal.

Velu is also the founder of diagnostic chain Metropolis. Trivitron will use the funds to scale up its medical technology business. It is also setting up a medical technology park in Chennai. With revenues of more than Rs.500 crore, the deal with Fidelity will value the company at 1.2-1.5 times its sales.

From the Venture Intelligence PE Deal database: In Oct-07, Trivitron had raised $11-M from ePlanet Ventures and Headland Capital for a 26.55% stake.

For more information:

http://economictimes.indiatimes.com/articleshow/16946854.cms

http://www.trivitron.com

Telecom > Mobile Services
Loop Mobile put on block; Telenor among suitors

The owners of Loop Mobile, one of Mumbai’s oldest cellular networks, have put the company up for sale and are looking at a valuation of about $450 million, reports Economic Times. Loop’s main shareholders are Kiran Khaitan and her husband IP Khaitan. Kiran is the sister of Essar group's founders Shashi and Ravi Ruia. Loop has appointed Standard Chartered to be the financial advisor for the deal and is negotiating with Norway’s Telenor.

Loop Mobile has over 3 million customers and is the fifth largest operator in Mumbai. Its sister firm Loop Telecom held permits in the remaining 21 circles, but these were quashed by the Supreme Court in its February 2 verdict.

http://goo.gl/HUvGG

Media & Entertainment > TV Channel
Zee, India Today front-runners to buy NDTV Profit: report

Zee Entertainment Enterprises Ltd. and TV Today Network Ltd. are in the fray to buy New Delhi Television Ltd.’s business news channel NDTV Profit, reports Mint.

http://www.livemint.com/Consumer/bWhoEpPBy5c7KxtddlwekI/Zee--India-Today-frontrunners-to-buy-NDTV-Profit.html

Energy > Power
Adani Enterprises to up stake in Adani Power to 75%

Adani Enterprises Ltd., the parent company of Adani Power Ltd., would raise its stake in the latter from 68% currently to 75%, reports Business Standard.

http://www.business-standard.com/490758/

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Mayfield Fund and other investors have invested in Bangalore-based incubator AngelPrime. The investment will be used as seed capital for the companies that AngelPrime plans to incubate over the next 3 years and to fund the operations of AngelPrime.

The AngelPrime team has actively incubated 3 companies in the past two years including ZipDial, Ezetap and Unamia, and plans to incubate and groom 3 companies per year. Bala Parthasarathy, Shripati Acharya and Sanjay Swamy are the founders of AngelPrime and are also the co-founders of former Mayfield portfolio company, Snapfish.

US-based Flag Capital Management, LLC is to acquire Squadron Capital, a Hong Kong-based PE fund-of-funds investment firm with $1.5 billion in assets under management, from Search Investment Group. The transaction increases Flag's total AUM to over $6 billion. Search Investment Group will continue to be a significant investor in the combined firm's Asia private equity offerings and will enlist Flag in the management of the Group's significant global private equity investment portfolio.

Founded in 2006, Squadron Capital constructs and manages portfolios of private equity funds and direct investments across the Asia Pacific region. The firm manages capital for institutional investors, family offices and high net worth individuals from Asia, Europe, the Middle East and North America.

Mumbai-based listed IL&FS Investment Managers Ltd. (IIML) has announced consolidated revenues of Rs.56.8 crore for the second quarter ended Sep. 30, 2012, down 2% from the first quarter of fiscal 2012-13. PAT stood at Rs.17.3 crore, down 4% from the previous quarter.

During the quarter, IIML invested Rs.214 crore in the real estate vertical. It made partial exits of Rs.102 crore.

People

Axis Private Equity MD & CEO Arun Korati is resigning to join listed PE firm IL&FS Investment Managers (IIML), reports Economic Times. Korati joined Axis Private, a 100% subsidiary of Axis Bank, in June 2007 and took over as MD & CEO in 2011.

Everstone Capital has appointed Rajesh Jaggi, former MD of Peninsula Land Ltd., as the Managing Partner for its real estate business, reports Business Standard.

Real Estate > Township
IIML to partner 4 developers for township project in Mumbai

Listed PE firm IIML, via its IL&FS India Realty Fund II, is partnering four Mumbai-based developers as part of a consortium named Rare Townships to develop a township called Rising City off Eastern Express Highway in the Ghatkopar area of Mumbai, reports Business Standard. The project will have 2- and 3-bedroom houses. The developer partners for the project include Hubtown, Marathon Realty, Terraform Realty and Rajesh Lifespaces.

State-run telecom companies BSNL and MTNL have invited bids from consultants to help them monetize their real estate holdings, reports Economic Times. The selected consultants will advise these companies in valuation of their properties, assessment of rental potential of various built-up spaces, development of vacant land parcels and disposing of assets.

BSNL is set to finalize the consultant by November 15. The consultant will have to submit the business plans within four months. BSNL is hiving off about 4,400 hectare of total land bank.

The Indian arm of the London-based property consultant Knight Frank is reported to be the front runner to bag the MTNL contract. The consultant picked by MTNL will assist the company in leasing a bulk of its 0.78 million sq ft of built-up office space in Delhi and Mumbai, besides firming up a business plan to develop its land banks.

IDFC PE is close to buying an IT SEZ built by local developer Paranjape Schemes in Pune for Rs.600 crore, reports Economic Times. The IT SEZ covers 1.48 million sq ft area and is located at Hinjewadi district. Indiareit had invested Rs.250 crore for a 30% shareholding in Paranjape's township project in 2007, which included the current SEZ.

Chennai-based real estate developer Landmark Construction is planning to raise PE funding as part of its Rs.450 crore investment in various residential projects, reports Business Standard. It has completed 24 projects till date with a total built-up area of 5,75,000 sq ft. It registered a turnover of Rs.200 crore in the last financial year.

Real estate firm BPTP has announced the launch of Visionnaire Homes, a co-branded luxury villa project, part of a gated development spread over 48 acres in Gurgaon at Sector 70A, reports Economic Times.

Singapore-based Banyan Tree Hotels plans to open early next year at the private island of Nediyathuruthu in Alleppey district, Kerala, reports Business Line. The company’s first property will be run under a management contract. It is also finalizing plans to enter Goa.

Belgian firm Enfinity Solar Solutions Pvt. Ltd. intends to promote a 100 MW solar park in Coimbatore district, reports Business Line. The land is registered in the name of a Coimbatore-based business house with whom Enfinity is on the verge of entering into a joint venture.

Italian cooling solutions provider Frascold announced its foray into India by setting up a condensing unit manufacturing facility at Matoda in Gujarat in a joint venture with its Indian partners, reports Economic Times. The company plans to invest Rs.60 crore over the next 4-5 years in the plant.

The Italian firm holds 51% equity in the Indian arm - Frascold India Pvt Ltd (FIPL) - while 49% is jointly held by its co-promoters Subash Aggarwal and Selvraj Rangaswamy.

Norwegian telecom firm Telenor has roped in Lakshdeep Investments & Finance as a partner for Telewings Communications, its new venture in India, reports Times of India. Lakshdeep, owned by Sudhir Valia, who holds around 1% of Sun Pharma, has agreed to acquire the stake but the valuation would only be known after the assets — including spectrum and the Uninor infrastructure — are transferred to Telewings. Valia, whose sister, Vibha, is married to Sun Pharma promoter and managing director Dilip Shanghvi, is an executive director and board member of Sun. Once the entity is up and running, Telenor Group will hold a 74% stake and maintain operational control.

The move comes days after Telenor decided to part ways with real estate firm Unitech by settling its long-running dispute with the Chandras for Rs.25 crore. Unitech Wireless will transfer all the assets to the new entity, which is also in the race to participate in fresh spectrum auctions scheduled for next month.

Toshiba Elevator and Building Systems Corporation, a unit of Japanese conglomerate Toshiba Corporation, has formed a joint venture with Chennai-based Johnson Lifts to expand operations in India, reports IANS. The JV, called Toshiba Johnson Elevator (India) Pvt. Ltd., is 51% owned by Toshiba Elevator and 49% by Johnson.

Johnson Lifts controls a nearly 20% share in the Indian elevator market. The JV is now expected to be the largest elevator firm in India.

JK Paper forms corrugated paper products JV with Oji Holdings, Marubeni Corp

JK Paper has formed a joint venture with Japan's Oji Holdings Corporation and Marubeni Corporation for manufacturing and sales of corrugated paper products with plans to invest Rs.150 crore on a new plant in Rajasthan, reports Business Standard. In the new JV, Oji India Packaging Pvt. Ltd., Oji Holdings will hold a 60% stake, while Marubeni and JK Paper each will have 20%.

Lumax Auto Technologies plans to set up a new plant at a cost of Rs.80 crore in Bangalore for the supply of plastic molded parts to Honda Motorcycle and Scooters India, reports Business Line. A small part of the funds will be raised through external sources. Lumax is to supply plastic molded parts for various models of HMSI to be manufactured at its third facility in Bangalore which includes Activa Scooters (110cc) and Dream Yuga motorcycle (110 cc). The plant is expected to be operational by the first quarter of fiscal 2013-14.

Parag Parikh Financial Advisory Services Asset Management has received SEBI approval to begin its mutual fund business, reports Economic Times. PPFAS Asset Management intends to launch only one equity fund.

Chennai-based premium luggage and travel accessory retail chain Witco India will open 10 more outlets in Tamil Nadu and Karnataka by 2014, reports IANS. The 60-year-old Witco will also expand its private label category by adding handbags to its portfolio. It is additionally looking at locating more stores at airports. Currently, Witco has 17 outlets in Tamil Nadu, Karnataka and Kerala with two more scheduled go on stream soon.

Vipul Bansal, formerly the Joint MD of Mumbai-based Indiabulls Real Estate, has joined DB Realty in Mumbai as its CEO, reports Business Standard.

Samir Bangara, MD (Digital) at Disney India, has resigned, reports Medianama. Bangara had joined Disney India from Indiagames Ltd, which Disney had acquired seven months ago (as part its acquisition of Indiagames’ parent UTV). Bangara is planning to launch a start up venture.

The ZEE Group has roped in Bhaskar Das to spearhead its news and digital business, reports Business Standard. Das, who left Bennett Coleman & Company Limited (BCCL) earlier this month, ending his 32-year stint, will be joining Zee as Group CEO for digital and news business.

G Srinivasan, former CMD of United India Insurance Co. Ltd., is now the CMD of New India Assurance, reports Business Line. With this appointment, New India Assurance, after almost a year, would function with a full-time CMD.

Ernst & Young, which advised a total of 44 transactions, topped the Venture Intelligence India League Tables as the Most Active Transaction Advisor (for both Private Equity and M&A deals) in the nine months ended September 2012. AZB & Partners topped the Most Active Legal Advisor Table for Private Equity transactions and Amarchand & Mangaldas topped as the Most Active Legal Advisor for M&A transactions in the same period. The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on volume of PE and M&A transactions advised by Transaction and Legal Advisory firms.

Ernst & Young advised 24 PE deals during the period, including SBI Macquarie’s $150-M investment in Ashoka Concessions and IDFC PE’s investment in Star Agri Warehousing and Collateral Management. Other transaction advisors who advised a significant number of PE deals during the nine months ended September 12 include Avendus and Unitus Capital (with 6 deals each), Spark Capital and Intellecap ( with 5 deals each), Kotak Mahindra Capital Company (with 4 deals), and o3 Capital (with 3 deals).

Among legal advisors, AZB advised 22 deals during the period including GIC’s investment in Vasan Healthcare and the investment by Mount Kellett and IFC in Jain Irrigation Systems. Other legal advisors who advised a significant number of PE transactions during the period include Amarchand & Mangaldas (17 deals), Trilegal (15 deals), ALMT Legal (13 deals) and K Law, J Sagar Associates, Khaitan & Co, and Tatva Legal (10 deals each).

Ernst & Young advised 20 M&A deals during the period including Panasonic Corp's acquisition of Firepro Systems and the acquisition of Suvi Info Management by Jagran Media. Other transaction advisors who had advised a significant number of M&A deals during the nine months ended September 12 include Deloitte (13 deals), PwC ( 9 deals), BMR Advisors (6 deals) and Avendus (4 deals).

Among legal advisors, Amarchand & Mangaldas advised 20 deals during the period, including Piramal Healthcare’s acquisition of Decision Resources Group and L&T Finance’s acquisition of Fidelity’s Mutual Fund business in India. Other legal advisors who advised a significant number of M&A transactions during the nine months ended September ‘12 include Khaitan & Co. (19 deals), AZB & Partners (16 deals), ALMT Legal and Rajani Associates (14 deals each), and DSK Legal and J Sagar Associates (9 deals each).

Kolkata-based Shree Ganesh Jewellery House Ltd. (SGJHL) plans to exit from the solar power generation business due to objections from its Board, reports Business Line. The company had entered the renewable energy business to diversify its portfolio and to leverage on tariff and tax incentives. Shree Ganesh, earlier this year, had forayed into solar power generation by acquiring 55% in two companies — Alex Astral Power Ltd and Alex Spectrum Radiation Ltd — owned by the Kolkata-based Sureka Group, at an estimated investment of nearly Rs 100 crore.