The Big Deal

Healthcare & Life Sciences > Pharmaceuticals
Cipla to buyout S Africa’s Medpro for $220-M

Mumbai-based listed Cipla Ltd. is to acquire a 51% stake in Cipla Medpro South Africa Ltd. for $220 million. Cipla is offering ZAR 8.55 per share for the JSE-listed entity. The target is a distributor of Cipla’s products in South Africa and some neighboring countries. It also has pharma operations focused on the cardiovascular, antiretroviral, respiratory and neuropsychiatric categories.

For more information:

http://www.bseindia.com/xml-data/corpfiling/AttachLive/Cipla_Ltd_211112.pdf

http://www.ciplamedpro.co.za 

Spotlight
 

Cipla to buyout S Africa’s Medpro for $220-M

Blue Dart issue subscribed 3.5 times, raises Rs.950-Cr

Hindustan Copper share sale nets govt Rs.810-Cr

Visa Steel sells 49% stake in coke-oven battery unit to Suncoke

Greenko buys 15 MW of hydel power assets in Himachal for Rs.130-Cr

Nexus participates in $25-M funding for Kaltura

Everstone, ICICI fund lead Rs.124-Cr Series C investment in Sohanlal
 

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Done Deals

PE / VC Fund Investments 

Undone: Apollo abandons talks for Rs.675-Cr investment in Welspun Infratech

US-based PE firm Apollo Global Management and Mumbai-based listed Welspun Corp Ltd. have decided to disband talks for a Rs.675 crore investment in Welspun Corp’s infrastructure arm, Welspun Infratech, reports Business Standard. 

In June 2011, Apollo had agreed to invest Rs.2,250 crore in Welspun Corp’s holding company and the underlying steel (Welspun Maxsteel) and infrastructure (Welspun Infratech) subsidiaries. Apollo invested Rs.1,305 crore for a close to 20% stake in Welspun Corp and also bought 12.5% in Welspun Maxsteel for Rs.140 crore and agreed to invest Rs.130 crore in the steel business on account of capital expenditures. Apollo was also in talks for investing Rs.675 crore in Welspun Infratech, taking the total investment to Rs.2,250 crore.

http://www.business-standard.com/493186/ 

IT & ITES > Online Services (Video Platform)
Nexus participates in $25-M funding for Kaltura

New York-based Kaltura, a open source video platform, has secured an additional $25 million of funding from new investors Mitsui & Co. Global Investment, Inc. and ORIX Ventures, with existing investors Nexus Venture Partners, Intel Capital, .406 Ventures and Avalon Ventures participating. With existing operations in the Americas and Europe, Kaltura is now also setting its sights on the Asia-Pacific region. 

From the Venture Intelligence PE Deal database: Nexus and Intel Capital had invested $20-M in Kaltura in Feb-11. 

http://corp.kaltura.com/company/news/press-release/kaltura-raises-25-million-fuel-its-rapid-growth-and-continue-its-global 

Agri-business > Agri Logistics
Everstone, ICICI fund lead Rs.124-Cr Series C investment in Sohanlal

New Delhi-based agri logistics firm Sohanlal Commodities Management Pvt. Ltd. has raised a Rs.123.9 crore Series C round of funding led by new investors Everstone Capital Advisors and Emerging India Fund (an ICICI Bank sponsored fund), with participation from existing investors Mayfield and Nexus Ventures. While Everstone has acquired a 25.55% stake (on a fully diluted basis), Emerging India has acquired 6.93%. Amarchand & Mangaldas advised Everstone while Economic Laws Practice and Jyoti Sagar Associates were the legal advisors to Mayfield and Sohanlal, respectively.

Sohanlal is engaged in the business of warehousing and collateral management. The new funds will be used for expansion of business. Sohanlal becomes India’s largest funded collateral management company, with the maximum number of institutional PE investors as the shareholders.

From the Venture Intelligence PE Deal database: Sohanlal had raised $2.15 M from Nexus in May-10 for a 31.58% stake and $7.9 M from Mayfield and Nexus in Mar-11 for a 29.58% stake.

http://www.slc-india.com

Healthcare & Life Sciences > Hospitals (Orthopaedic)
Matrix Partners acquires 20% in Mewar Orthopaedic Hospital for Rs.30-Cr

PE firm Matrix Partners India has invested around Rs.30 crore for an about 20% stake in Udaipur-based Mewar Orthopaedic Hospital, which runs specialized units for surgical orthopedics. Advisory firm Grant Thornton facilitated the transaction. 

Incorporated in 2003, Mewar operates six centers across cities including Udaipur and Bhilwara in Rajasthan and Ujjain in Madhya Pradesh. The group plans to add on three more specialized care units by the end of this fiscal year.

For more information:

http://www.matrixpartners.in/press_detail.php?id=58

http://economictimes.indiatimes.com/articleshow/17300875.cms

http://www.mewarortho.com

Education > Pre-school
Unilazer Ventures buys 2.4% in Tree House for Rs.17-Cr

Unilazer Ventures has bought 800,000 shares of Mumbai-based listed Tree House Education Ltd. on the NSE worth Rs.17.20 crore at Rs.215.04 per share on Nov 22, 2012. This constitutes 2.34% of the total outstanding shares of Tree House. 

From the Venture Intelligence PE Deal database: PE investors in Tree House include Matrix Partners, Foundation Capital and Omidyar Network 

http://www.treehouseplaygroup.net 

Healthcare & Life Sciences > Diagnostics (Genetics)
IncuCapital invests in Navigene Science

Pune-based incubation and early-stage venture capital investment firm IncuCapital has invested in Pune-based genetic diagnostics and research company Navigene Genetic Science Pvt. Ltd. Following the investment, IncuCapital senior venture partner Surojit Nandy joins the Navigene board.

Navigene, founded by Dr. Rishi Dixit, primarily focuses on diagnosing ailments and disorders which have a genetic root and recommending preventive care. As part of its first set of services, the company will launch screening tests for babies to detect more than 100 genetic disorders.

http://www.incucapital.com/ic/portfolio/navigene/

IT & ITES > Mobile VAS (Payments)
One97 Mobility Fund invests in MobiSwipe

Mumbai-based mobile PoS company MobiSwipe Technologies has secured funding from One97 Mobility Fund, reports Medianama. MobiSwipe allows merchants to use Android mobile phones or tablets as Point of Sale terminals with the capability to accept credit and debit card payments. Following the investment, Vijay Shekhar Sharma will join the MobiSwipe Board and become the chairman of the company. 

The Mobiswipe founding team includes Suresh Santhanaramakrishnan, founding member of BharatMatrimony.com; and Harmeet Singh Arora, who has over 15 years experience with companies like Rediff.com and Zapak.com. MobiSwipe has also tied up with a bank for processing payments and will announce the partnership in the next 4-6 weeks. 

For more information: 

http://www.medianama.com/2012/11/223-mobiswipe-secures-funding-from-one97-mobility-fund/ 

http://www.mobiswipe.in/

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Liquidity Events 

Mergers & Acquisitions  

Media & Entertainment > Publishing (Newspaper - Regional Language)
Amar Ujala owners buying out DE Shaw stake: report

Promoters of media publishing firm Amar Ujala Group are in the process of buying out the stake of PE player DE Shaw and would consider selling the same to a new investor, reports Economic Times. 

DE Shaw had acquired an 18% stake in Amar Ujala Publications in 2007 for about Rs.117 crore. Differences had emerged later between DE Shaw and the company, which accused the foreign investor of violating investment rules. However, the two parties reached a settlement, under which Amar Ujala has agreed to buy out the stake held by DE Shaw and provide an exit opportunity to the PE firm. There have been reports that Zee group was in talks to acquire Amar Ujala. 

For more information: 

http://economictimes.indiatimes.com/articleshow/17358606.cms 

http://www.amarujala.com 

Angel Investments  

IT & ITES > BPO (Data Analytics)
Affine Analytics raises capital

Affine Analytics, a Bangalore-based company founded by former Mu Sigma executive Manas Agarwal and IIT alumnus Vineet Kumar, has raised funding from an angel investor with the help of Bangalore based financial consulting firm Finaks.
 

With a team of 40, the startup uses statistical techniques and mathematical models to analyze large amounts of data and come up with insights for companies. The company has also developed a framework which can be applied to companies that want to bring down time taken go through data and come up with reports. Affine does similar work for companies in segments like retail, banking and financial services and e-commerce.

http://www.nextbigwhat.com/affine-analytics-funding-297/

http://www.affineanalytics.com/

Other Private Equity/Strategic Investments  

Manufacturing > Metals & Alloys (Steel - Coke Oven Battery)
Visa Steel sells 49% stake in coke-oven battery unit to Suncoke for Rs.368-Cr

Kolkata-based listed steel maker Visa Steel has decided to sell a 49% stake in Visa Coke to New York-listed SunCoke Energy for Rs.368 crore. In October, Visa Steel had transferred its Orissa-based coke oven assets to subsidiary Visa Coke Ltd.

For more information:

http://www.bseindia.com/corporates/AnnPdfOpen.aspx?Pname=Visa_Steel_Ltd_201112.pdf|0

http://www.visasteel.com

IPOs

Gems & Jewelry > Jewelry
Tara Jewels IPO subscribed 1.8 times

Jewelry maker and exporter Tara Jewels' IPO got subscribed by more than 1.88 times on the final day of its issue on Friday, reports Business Standard. The IPO attracted bids for about 1.28 crore shares against 68.18 lakh shares on offer. The company attracted bids worth Rs.289 crore. 

The company had allotted shares worth over Rs.26 crore to two anchor investors. It had fixed a price band of Rs.225 to Rs.230 per share. Axis Capital and ICICI Securities are book running lead managers to the issue, while Link Intime India is the registrar to the issue.

http://www.business-standard.com/india/news/tara-jewel-ipo-sails-throughfinal-day-subscribed-18-times/197074/on 

Secondary Offerings

Shipping & Logistics > Logistics Services
Blue Dart issue subscribed 3.5 times, raises Rs.950-Cr

Logistics services provider Blue Dart Express' 6.03% stake sale issue was subscribed 3.5 times at an average price of Rs.1,833.08 per share, garnering an estimated Rs.950 crore, reports PTI. DHL Express (Singapore), the promoter, had fixed the floor price at Rs.1,720 apiece. It holds an 81.03% stake in Blue Dart as in end of September. Citigroup Global Markets India acted as the seller's broker for the issue.

http://www.business-standard.com/india/news/blue-dart-issue-subscribed-35-times-raises-about-rs-950-cr/197063/on 

Manufacturing > Metals & Alloys (Copper)
Hindustan Copper share sale nets govt Rs.810-Cr

The Union government has raised Rs.810 crore by selling shares of Hindustan Copper Ltd., kick-starting a stalled divestment program, reports Deccan Herald.  Axis Capital, ICICI Securities, Kotak Securities, SBI Capital and UBS were the lead managers for the Hindustan Copper sale.   

The auction drew bids for 51.6 million shares, representing 5.6 per cent of its share capital. The government offered 37.01 million shares, or 4% of the company, but had the option to sell a further 51.71 million. It is likely to exercise the overallotment option and allocate all shares for which it received bids. The bids had a weighted average price of Rs.156.56 a share, exchange data showed, slightly above the Rs.155 floor price. The government owns 99.59% of the company.

http://www.deccanherald.com/content/293952/hindustan-copper-share-sale-nets.html

M&A

Mergers & Acquisitions (Inbound)

Manufacturing > Packaging (Labels)
Finnish firm Huhtamäki acquires 51% stake in Webtech Labels for $9-M

Finnish firm Huhtamäki Oyj has acquired a 51% stake in Mumbai-based labels manufacturer Webtech Labels Pvt. Ltd. for a debt free purchase price of approximately EUR 7 million (about $9 million). Privately held Webtech Labels specializes in manufacturing high-end pressure sensitive labels, especially for pharmaceutical customers. The annual net sales of the company are approximately EUR 10 million. 

Webtech, launched in 2997, prints self adhesive labels in the roll form. The acquisition, routed via Huhtamäki’s Indian arm, is seen to complement its Flexible Packaging segment's existing product portfolio. Huhtamaki is listed on the Nasdaq. 

For more information: 

http://www2.huhtamaki.com/web/media/2012/news?articleId=HUGIN_1656624 

http://www.webtechlabels.com 

Shipping & Logistics > Logistics Services
Nissin buys 44% stake in JV with ABC India for Rs.37.75 Cr

Japanese tourism and logistics company Nissin Corporation has acquired an additional 44% stake in Kolkata-based Nissin ABC Logistics from its listed JV partner ABC India Ltd (ABC) and the latter’s subsidiaries. Nissin and ABC had formed the 51:49 JV in 1999. ABC is retaining a 5% stake. Fox Mandal advised Nissin while Amarchand & Mangaldas advised ABC India. The financial advisor was Deloitte Touche Tohmatsu. 

According to ABC’s BSE filing, it sold a 19% stake in the JV to Nissin in October for Rs.16.30 crore. The remaining 25% was sold by two of its subsidiaries. 

For more information: 

http://www.bseindia.com/xml-data/corpfiling/AttachHis/ABC_India_Ltd_151112.pdf 

http://www.nall.co.in 

Manufacturing > Gas Cylinders
Uttam Group sells select biz to Linde Group co BOC India

Uttam Group companies Uttam Air Products and Uttam Special Gases have entered into definitive agreements with BOC India, part of the Linde Group, for the transfer of assets and business of manufacturing and distribution of medical and industrial gases, high pressure lightweight gas cylinders, allied equipment and solutions. HSA Advocates advised Uttam Group and its promoter Karan Bhatia. Khaitan & Co advised BOC India. 

For more information: 

http://goo.gl/yoQrU 

http://www.uttamgroup.com/ 

IT & ITES > Online Services (Payments)
BCCL sells TimesofMoney unit to Network International

UAE-based card payments company Network International has acquired a majority stake in TimesofMoney from Times Internet Ltd., a unit of Bennett, Coleman and Co. Ltd. (BCCL). TimesofMoney is a digital payment service provider that offers specialized NRI services including money transfers, payments and co-branded cards. 

Bhairav Trivedi, Clive Harrison and Graham Loader of Network International have joined the Timesofmoney board. Nishith Desai Associates acted as the legal advisor to BCCL and Times Internet on this transaction.

http://www.timesofmoney.com/TOM/html/media-room1.html .

Mergers & Acquisitions (Outbound) 

Healthcare & Life Sciences > Wellness
VLCC acquires Malaysian wellness chain Wyann

New-Delhi-headquartered beauty and slimming services firm Vandana Luthra's Curls & Curves (VLCC) has acquired Kuala Lampur-based wellness chain Wyann International, which owns and operates a chain of 22 slimming and beauty outlets across Malaysia offering specialist services and innovative products, reports Economic Times. The deal size is estimated at Rs.100-150 crore. 

VLCC is also looking to add eight more countries including Singapore, Indonesia, Thailand, Myanmar, Saudi Arabia, Egypt and Kenya to its list and proposes to do so by either acquiring businesses or moving organically in the next eighteen months. Founder Vandana Luthra and her husband Mukesh hold an 85% stake in the firm, while 15% is held by Everstone Capital. 

From the Venture Intelligence M&A Deal database: In Feb-10, VLCC had acquired Dubai-based The Grooming Company for $32-M.

From the Venture Intelligence PE Deal database: PE investors in VLCC include Everstone and CLSA Capital.

For more information:

http://economictimes.indiatimes.com/articleshow/17325247.cms

http://www.wyanninternational.com

Healthcare & Life Sciences > Medical Devices (Diagnostics Equipment)
Trivitron acquires Finnish firm Ani Labs for $20.5 M

Chennai-based medical devices firm Trivitron Healthcare has acquired a 100% stake in Finland-based in vitro diagnostics firm Ani Labsystems for Euro 15.8 million ($20.5 million), reports Business Line. Ani Labsystems is a group of companies comprising Ani Biotech, Ani Labsystems, Biopoint and K3, specializing in the manufacture of neonatal screening, cardiac, gastro, respiratory diagnostics kits and infectious disease testing products. 

The merged entity will be called Labsystems Diagnostics OY, a Trivitron group company. The acquisition gives Trivitron access to a global manufacturing facility. While neonatal screening, cardiac, gastro and respiratory diagnostics kits will continue to be manufactured at Helsinki Vantaa in Finland, the infectious diseases and women’s health kits will be manufactured at Trivitron’s medical technology park in Chennai. 

From the Venture Intelligence PE Deal database: In October 2012, Fidelity Growth Partners had invested $75 million in Trivitron via a transaction that included a primary and secondary component. In October 2007, Headland Capital and ePlanet Ventures had invested $11 million in the company.

From the Venture Intelligence M&A Deal database: In October 2008, Trivitron Healthcare had acquired Vision Engineering.

For more information: 

http://www.thehindubusinessline.com/companies/article4127237.ece 

http://www.anilabsystems.com/anilabsystems/ 

Manufacturing > Auto Components
LGB acquires US firm GFM for $5.5 M

Coimbatore-based listed LG Balakrishnan & Bros Ltd. (LGB) has acquired 100% of the shares of GFM Inc., located in Detroit, Michigan for about $5.5 million. GFM posted a turnover of $15 million in the previous financial year. The deal was routed via LGB USA Inc.

http://www.bseindia.com/corporates/ann.aspx?curpg=1&annflag=1&dt=&dur=A&dtto=&cat=&scrip=500250

Mergers & Acquisitions (Domestic)

Energy > Renewable Power Projects (Hydel)
Greenko buys 15 MW of hydel power assets in Himachal for Rs.130-Cr

Hyderabad-based renewable energy company Greenko has acquired three run-of-the-river hydel power projects with installed capacity of 15 MW, located in Kangra district of Himachal Pradesh, for Rs.130 crore, reports Business Line.

Earlier, in March 2012, the AIM (London Stock Exchange) listed company had announced the acquisition of 32 MW of a cluster of operating assets in HP. With this acquisition, Greenko will now have installed capacity of 275 MW. The company plans to install 1,000 MW of renewable energy projects, including wind farms, by 2015.

From the Venture Intelligence PE Deal database: Investors in Greenko Group include Aloe Private Equity, StanChart PE, GE Capital, TPG Growth, Global Environment Fund and Small is Beautiful. 

http://www.thehindubusinessline.com/companies/article4118539.ece 

Education > Test Preparation (IIT-JEE)
MT Educare acquires 51% of Lakshya

MT Educare, a Mumbai-based listed education support and coaching services provider, has acquired a 51% stake in Lakshya Forum for Competitions, an IIT, engineering and medical entrance teaching institute. The consideration, which is dependent on certain milestones to be achieved by Lakshya, will be paid by MT Educare over a three-year period. MT Educare also has an option to up its stake to 100% in Lakshya by June 30, 2018.

For more information:

http://www.bseindia.com/xml-data/corpfiling/AttachLive/MT_Educare_Ltd_241112.pdf

http://lakshyaiit.co.in 

IT & ITES > Online Services (Stock Trading - Algorithmic Trading Solutions)
I-bank AGacquisitions acquires Tech Trend Analyser

Bangalore-based boutique investment bank AGacquisitions India has acquired Tech Trend Analyser, another Bangalore-based company that offers technical solutions for alternate investing. Tech Trend Analyser was founded by Mehul Daga and incorporated as Technical Trend Analyser (India) Pvt Ltd in January 2012.

Post deal, AGacquisitions is launching a hedge fund platform which will be registered with SEBI under AIF (Alternative Investment Funds) Regulations.

For more information:

http://www.facebook.com/kanishk.agarwal

http://techtrendanalyser.com/home/about_us 

IT & ITES > BPO (Engineering Services)

Prolim acquires Able Design Engineering Services

Prolim Corporation, an IT and PLM consulting firm, has acquired Able Design Engineering Services Pvt. Ltd, an end-to-end engineering design and PLM consulting services company specialized in transportation (automotive, rail and aerospace), power generation and medical industry verticals.

Able specializes in IT enabled engineering services including industrial design, product design & engineering, CAD/CAM/CAE, FE analysis, tool design/BIW fixture design, reverse engineering, prototyping, testing/validation/certification and manufacturing solutions.
 

http://www.abledesigneering.in/news.php 

Media & Entertainment > Publications
Lakheni Publications to merge with Navneet

Lakheni Publications Pvt. Ltd. is to be amalgamated with Mumbai-based listed Navneet Publications India Ltd. as per the directions of the Bombay High Court.

http://www.bseindia.com/corporates/anndet_new.aspx?newsid=89c1bdde-8651-402f-ac4f-4eb3c2521383

Other Deals 

Oil & Gas
Warburg to back fmr Cairn India chief Rahul Dhir’s African oil & gas co Delonex

Former Cairn India CEO Rahul Dhir has teamed up with global PE firm Warburg Pincus for Delonex Energy, an oil and gas exploration and production firm at start-up stage, focused on promising assets in sub-Saharan Africa, reports Economic Times.

Dhir is understood to be assembling a technical team having a proven track record in exploration, development and operations. Among the initial hires is David Ginger, who was director-exploration and new ventures at Cairn.

http://goo.gl/ftXzv

Debt Financing 

Engg. & Construction > Infrastructure (Roads)

ITNL raises Rs.530-Cr for Andhra expressway project

Andhra Pradesh Expressway, an SPV of IL&FS Transportation Networks Ltd. (ITNL), has raised Rs.530 crore from a sale of bonds, reports Economic Times. The issue was fully subscribed by JP Morgan, which in turn has sold 70-75% of the issue to two fund houses -- HDFC Mututal Fund and Franklin Templeton MF.

With the bond sales, the company has completely come out of bank loans. The project originally had a debt of a little over Rs.500 crore, including a term loan of Rs.398 crore, from a consortium of 10 banks.
 

http://economictimes.indiatimes.com/articleshow/17284759.cms
 

Deals in the Making

Private Equity / Strategic Investments 

Etihad set to acquire 24% stake in Jet for Rs.1,700-Cr: report

Etihad Airways is expected to buy 24% in Jet Airways, which would issue fresh shares to the Abu Dhabi-based carrier at Rs.800 apiece for Rs.1,700 crore, reports Business Standard. The deal would value Jet at Rs.7,150 crore and indirectly bring down promoters' shareholding from 80% to 65% on equity dilution. 

Etihad has recently bought stakes in Air Berlin and Virgin Australia. If Jet raises Rs.1,700 crore through a fresh share sale, it would help the company bring down its debt, which is at around Rs.12,000 crore.

http://www.rediff.com/business/report/jet-soars-on-talks-of-fresh-equity-to-etihad/20121124.htm 

SpiceJet in talks with Qatar Airways: report

Media baron Kalanithi Maran is in talks with Qatar Airways for a possible partnership for SpiceJet, in which his Sun Network holds a majority stake, reports Times of India. Preliminary meetings between the Sun Network management and bankers involved in the deal have already taken place over the past few days.

http://timesofindia.indiatimes.com/articleshow/17367125.cms 

Sequoia looking to invest Rs.30-Cr in Best Foods

Sequoia Capital India is looking to invest Rs.20-30 crore in Best Foods Enterprises, reports Business Standard. Started by IIM-B graduate Musthafa PC in early 2005, the company manufactures and markets food products under the ID Special brand name. The investment would be made before March 2013. Starting with batter for idli and dosa, the company now makes and markets several other products like Kerala parota, wheat parota, achappam (rose cookies), pettiappam (diamond chips) and aappam, besides ready-to-eat chutneys and dry fruits.

Best Foods derives a major share of its sales from Bangalore and has a growing presence in Mangalore, Chennai, Hyderabad, Mumbai, Dubai, Mysore, Trichy and Kanchipuram. Its present revenue run rate is at Rs.30 crore a year on an operating margins of around 24%. The company employs 150 people and has a plant at Hoskote near Bangalore.

http://www.business-standard.com/493100/

Solar based irrigation firm Claro Energy looking to raise capital

Claro Energy, a company that offers solar-power solutions for irrigation, water purification and drinking water in Bihar, is in talks with VCs and hopes to rope in an investor in three to six months, reports Business Standard. The company is promoted by Kartik Wahi and Soumitra Mishra, alumni of Kellogg School of Management, US. 

Bihar has a little over one million privately-owned pumps fuelled by diesel, while state government departments (nurseries, animal husbandry) have 12,468. Uttar Pradesh, the next state Claro Energy is targeting, has a base of three million privately-owned pumps, while state departments have 13,000. 

For more information: 

http://www.business-standard.com/493657/ 

http://www.claroventures.com 

Arthayantra looking to raise $10-M

Hyderabad-based personal financial services company Arthayantra Corporation Pvt. Ltd. is in talks with investment firms to raise $10 million over the next six months to expand operations to Bangalore, Delhi, Chennai, Mumbai and Pune over the next 12 months, reports Mint. The company, founded by a group of alumni from the Indian School of Business (ISB), raised an undisclosed sum from New York-based investment firm WFA Global Investments earlier this month.

http://bit.ly/10DbF7l 

Catamaran Waterbase looking to raise Rs.6.5 Cr

Catamaran Waterbase Solutions Pvt. Ltd., a Hyderabad-based start-up, is looking at raising Rs.6.5 crore in early stage funding in the next two months, reports Business Standard. It has approached a couple of angel investors and VCs including Hyderabad Angels and Indian Angels. Catamaran Waterbase was one of the 15 finalists at the ISB-TiE Connect 2012 event. 

The company, which is into fish procurement and delivery to major hotels, saw almost three-fold growth in turnover to Rs.1.41 crore from Rs.42 lakh in 2009, when it was set up. It is planning to start two divisions – fish retail stores and exclusive fish-food takeaway outlets -- over the next 3-5 years. It would set up 360 Good Fish retail outlets in the next five years across 22 cities. Each outlet will be spread across 450-500 sq ft and come up with an investment of around Rs.12 lakh. It also plans to have 227 exclusive fish takeaways -- Pescetarians -- across major metros in three years.

http://www.business-standard.com/493351/ 

Sistema may buy into Aircel

Russian diversified holding company Sistema is in preliminary discussions with Aircel to pick up an equity stake, reports Business Standard. Malaysian telco Maxis Communications, which controls Aircel, is looking at a valuation of $7 billion and has invested over Rs.45,000 crore.

http://bit.ly/TaHVdp

IPOs  

Homeshop18 to raise $100-M via Nasdaq IPO: report

Noida-based Homeshop18, the e-commerce & television shopping arm of the Network18 Group, has filed for a Nasdaq listing to raise $100 million by the end of the year, reports NextBigWhat. Homeshop 18 had raised additional capital from existing investors including SAIF partners in July last year. South Korean company GS Home Shopping had invested $18.5 million along with $5 million from Network 18 in the previous round in 2009.

From the Venture Intelligence PE Deal database: In May-06, SAIF had invested $2-M for a 30% stake in Homeshop18. In Jul-08, SAIF and Capital18 had invested $21-M in the company.

For more information:

http://www.nextbigwhat.com/homeshop18-ipo-confidential-297/

http://www.homeshop18.com

J&K Power Development Corp to file for IPO

State-owned Jammu and Kashmir Power Development Corporation (JKPDC), which runs, operates and manages hydro-electric power projects in the state, plans to launch an IPO, reports Financial Express. The IPO is aimed at raising substantial equity for implementation of power projects. The corporation aims to add about 8,000 MW of hydro power in the state in the 12th and 13th Plan.

http://www.financialexpress.com/news/jkpdc-to-tap-capital-market-with-ipo/1031984/0

Secondary Offerings

Govt. clears 9.5% stake sale in NTPC, may get Rs.13,000-Cr

The Cabinet Committee on Economic Affairs has approved the sale of 9.5% paid-up equity capital (about 78.33 crore shares) in NTPC, out of government's shareholding of 84.50%, reports Economic Times. At the current market price, the stake sale is likely to fetch Rs.13,000 crore for the exchequer.

NTPC became public with its IPO in 2004. In 2009, the government further diluted its stake in the company through a Follow-on Public Offer (FPO). The power generation company had reported a net profit of Rs.9,223.73 crore in the last fiscal.

http://economictimes.indiatimes.com/articleshow/17325497.cms

Dish TV set to launch $100-M GDR issue

Publicly listed DTH operator Dish TV is all set to raise $100 million via a GDR issue, reports Economic Times. The GDR is expected to be launched in the next few days at a marginal discount to the current market price. Close to a 7% stake in the company could be on offer. Goldman Sachs is handling the offering.

http://economictimes.indiatimes.com/articleshow/17320368.cms

Mergers & Acquisitions .

Danone, Fonterra eye controlling stake in Tirumala Milk

Dairy giants Danone and Fonterra are among potential acquirers of a controlling stake in Hyderabad-based Tirumala Milk Products after promoters and PE investor Carlyle Group started work on a share sale plan, reports Times of India. The 15-year-old Tirumala, the second largest private supplier of liquid milk in the southern states, will ask around Rs.2,500 crore, or $450 million, in enterprise valuation, it is reported.

Carlyle, which invested less than three years ago, holds a 20% stake. A group of five first-generation rural entrepreneurs jointly own the remaining majority shares. The PE investor and the promoters have short-listed three global investment banks as they get ready to launch a sale.

From the Venture Intelligence PE Deal database: Carlyle had invested $22-M for a 20.99% stake in May-10.

For more information:

http://timesofindia.indiatimes.com/articleshow/17288387.cms

http://www.tirumalamilkproducts.com

Monnet Ispat likely to acquire majority stake in Colombia coal mine

New Delhi-based Monnet Ispat and Energy Ltd. is targeting to buy a majority stake in a coal mine in Colombia, which is currently producing 50,000 tons of coal and estimated to have 25 m tons reserve. The company expects to seal the deal in a month. Monnet has also been looking at coal assets in Africa to source coking coal for its steel mills.

Monnet had acquired Indonesian coal company PT Sarwa Sembada Karya Bumi in Sumatra for $24 million through its wholly-owned subsidiary, Monnet Global Ltd, in 2010-11.

From the Venture Intelligence PE Deal database: In July and August 2011 Blackstone had invested $16.40 million and  $29 million in Monnet Ispat . In April 2010, CX Partners had invested $ 33 million in the company. Citi had invested $8 million and $ 7.74 million in December 2003 and April 2004 and made partial exit in June 2008 and November 2007.

For more information:

http://www.thehindubusinessline.com/companies/article4111389.ece

http://business-standard.com/493062/

Madison Media negotiating with Dentsu, WPP for sale

Sam Balsara, the owner of Madison Media, the only major Indian ad agency that doesn't still have a foreign partner, is negotiating with Japanese advertising behemoth Dentsu and WPP for its sale, reports Economic Times. Madison Media is today the largest independent media agency in the Indian marketing communications space, with an 11.2% market share, handling advertising volumes worth $630 million.

http://economictimes.indiatimes.com/articleshow/17300818.cms 

Polaris to exit US firm IdenTrust

Chennai-based listed Polaris Financial Technology Ltd. has decided to sell its 85% stake in US-based IdenTrust Inc., which has been classified by the US government as critical to its security infrastructure. The US has imposed that IdenTrust must be controlled by US entities only. 

From the Venture Intelligence M&A Deal database: Polaris had acquired an 85% stake in IdenTrust in Apr-11 for $20-M. 

http://www.bseindia.com/corporates/anndet_new.aspx?newsid=c072ca6c-396a-4bca-9c26-2afad669559f

Our Sponsor Ascent Capital, a leading Indian Private Equity firm focused on growth capital, manages about $600 million across three funds. The funds are backed by marquee investors from India and overseas. Contact Information Ascent Capital, Concorde Block, 16th Floor, UB City, #24 Vittal Mallya Road Bangalore 560 001 Tel: + 91 80 3055 1200 info@ascentcapital.in www.ascentcapital.in

Fund News

Dave McLure raising $5-M fund, 500 Startupwalah

Dave McClure of 500 Startups is launching 500 StartupWallah, a $5 million fund. The VC fund will invest in Indian startups.

http://www.sec.gov/Archives/edgar/data/1562633/000156263312000001/xslFormDX01/primary_doc.xml

People

CDC hires Actis’ N Srinivasan as Regional Director

PE firm Actis’ Srinivasan Nagarajan will be joining UK-based CDC Group Plc mid-next year as Regional Director based in Bangalore, reports Mint. Srinivasan, who was overseeing financial services at Actis as its director, is currently on ‘gardening leave’.

Actis had been spun out from the UK government promoted CDC in 2004.

http://www.livemint.com/Companies/tT34P4LrK2xwoJV8dUM3GM/CDC-to-invest-1-bn-in-local-firms-via-direct-equity-debt-c.html

Real Estate News 

VC/PE Fund Investments

Real Estate > Residential
IIFL fund invests Rs.115-Cr in Gurgaon, Mumbai projects

IIFL Domestic Series 1, the PE fund of the India Infoline Group, has invested Rs.115 crore in two residential projects, reports Mint. It has invested Rs.80 crore in the Spire World project in Gurgaon being developed by Millennium Spire Ltd. and Rs.35 crore in a project by Ruparel Realty in Mumbai suburb Chembur. Both projects are under construction. 

These are the second and third investments from IIFL’s Rs.700-crore fund, which invested in a central Mumbai slum redevelopment project of Sheth Creators earlier this year. The fund, raised during late last year and this year, plans to invest Rs.40-80 crore each in 11-12 deals in locations such as Bangalore and the NCR. Also in the pipeline is a second fund that it may launch around April 2013. 

For more information:  

http://www.livemint.com/Money/roIb7i6GlkZRrklSYUSSXK/IIFL-fund-invests-in-Gurgaon-Mumbai.html 

http://www.spiresouthgurgaon.in/ 

http://ruparel.in 

Real Estate > Township
Clearwater to lend Rs.100-Cr to Ramprastha’s Delhi project

US-based investment firm Clearwater Capital Partners will infuse Rs.100 crore in the form of debt in a 600 acre township of Ramprastha Group in Dwarka, Delhi, which is being developed at a cost of about Rs.4,000 crore, reports Economic Times. Ramprastha, with a turnover of Rs. 600 crore, has so far launched six group housing projects comprising over 3,000 flats and plans to offer plots in 250 acre next year in its integrated township Ramprastha City near Dwarka Expressway.

It had earlier raised about Rs.150 crore by offering 49% stake to India Property Fund in two group housing projects -- Skyz and Rise -- that are part of this township.

For more information:

http://economictimes.indiatimes.com/articleshow/17358304.cms

http://www.ramprastha.com

Real Estate > Residential
Portman invests up to Rs.83-Cr in Tata Housing Bangalore project

Portman Holdings has picked up a 26-30% stake in a Bangalore project of Tata Housing, the real estate arm of the Tata Group, for Rs.65-83 crore, reports Economic Times. The investment by the US-based integrated real estate development, investment and management company marks the first PE investment in Tata Housing. Yes Bank was the financial advisor on this transaction. 

The equity valuation of Promont, the high-end residential project, is Rs.250 crore. Located at the highest altitude point of Bangalore, the project offers a gated luxury community of terraced hillside residences with four apartment towers, villas and row houses. 

For more information: 

http://economictimes.indiatimes.com/articleshow/17323715.cms 

http://business-standard.com/india/news/portman-picks-26-in-tata-housing-project/196881/on 

http://www.tatahousing.in/thepromont/ 

Other RE News 

Blackstone-Embassy JV offers Rs.560-Cr for part of UB City

PE firm Blackstone and technology park developer Embassy Group - both of which have an equal JV to acquire office buildings -  has made a Rs.560 crore offer to acquire the rent yielding real estate assets of Vijay Mallya's investment company, UB Holdings, the promoter of the grounded Kingfisher Airlines, reports Times of India. The deal may be part of the company's plans to recapitalize the airline in which it holds a little more than 24% stake.

The deal could see Mallya offloading 3.60 lakh sq ft of tenanted office space and 60,000 sq ft of luxury retail that's part of UB City, a 1.6 million mixed use project still under development in the heart of Bangalore. The transaction will not include UB corporate offices and the branded ultra-high end Kingfisher residences.

http://timesofindia.indiatimes.com/articleshow/17302400.cms

Nitesh Estates to raise Rs.400-Cr for residential projects

Bangalore-based Nitesh Estates Ltd. is in advanced talks with PE firms to raise Rs.400 crore for a clutch of residential projects, reports Mint. The deal would mark company’s first big fund-raising since it listed its IPO two years ago. It will raise the money through a subsidiary, Nitesh Housing Developers, for a residential platform that will develop the projects.

http://www.livemint.com/Companies/BTq2ezIuWHunG7HbO9ycOP/Nitesh-Estates-to-raise-Rs-400-cr-to-develop-residential-pro.html

Bharti may acquire 49% in DB Realty's Delhi airport SPV for Rs.350-Cr

Bharti Realty is in talks with Mumbai-based DB Realty to buy a 49% stake for up to Rs.350 crore in an SPV that is developing a plot located in a hospitality district being developed near the Delhi International Airport , reports Economic Times. DB Hospitality - an arm of DB Realty- had obtained the land on a 30-year sub-lease for Rs.400 crore through competitive bidding in 2009.  It was planning to build three hotels and a convention center on the 7.7 acre plot.

http://economictimes.indiatimes.com/articleshow/17300690.cms 

Gammon India to sell RE assets

Construction company Gammon India plans to liquidate its real estate portfolio in order to cut debt by around 22% to Rs.2,500 crore by the next year, reports Moneycontrol. The company, which has lined up civil works, roads, bridges and thermal power projects across states, has been facing liquidity issues for the past two financial quarters partly due to high cost of borrowing.

http://www.moneycontrol.com/news/results-boardroom/gammon-india-looking-to-liquidate-real-estate-assets-cfo_783316.html

VayuGrid to develop biofuel park in Ethiopia

VayuGrid, a Bangalore-based biofuel supply chain company, has signed an MoU to create a biofuel cluster for its VayuSap — high-yield Pongamia — in Ethiopia, reports Business Line. The cluster will create a $2.5 million biofuel investment opportunity and is part of a larger government plan to develop a biofuel park in Ethiopia. Starting with a 2,000 acre, the long-term goal is to create a cluster of 100,000 acres under a collaborative model.

http://www.thehindubusinessline.com/news/states/article4111464.ece

WB transport PSUs to sell off excess land to raise Rs.3,000-Cr

The cash-strapped West Bengal government plans to unlock idle land in prime locations, owned by various state-run transport agencies, to raise about Rs.3,000 crore, reports Business Standard. The state Cabinet has approved a proposal in this regard to sell or lease land in Kolkata and neighboring areas, lying idle with four state-owned transport agencies — Calcutta State Transport Corporation (CSTC), Calcutta Tramways Company (CTC), South Bengal State Transport Corporation (SBSTC) and West Bengal Surface Transport Corporation (WBSTC).

http://www.business-standard.com/493303/ 

Equinox launches luxury residential project in Bangalore

Equinox Realty, the real estate arm of the Essar Group, has launched apartments in its 40-storey Waters Edge residential tower project at Hebbal, Bangalore, reports Business Line. Named Villas in the Sky, these residences are luxury four-bedroom apartments sold on invitation only, equipped with a private pool, jacuzzi and premium interior specifications.

http://www.thehindubusinessline.com/news/real-estate/article4120115.ece

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New Ventures 

Fmr Jefferies exec launches cross-border i-bank Valores Capital

Former Jefferies executive Karamvir Gosal has launched Valores Capital Partners, a specialist boutique merchant bank with offices and senior personnel in New York and Mumbai. CL Handa, Valores' MD in India, previously was head of SBI Merchant Banking.

Valores will focus on "high growth/high margin" businesses within the global financial services sector. One area of focus is the global investment management industry and affiliated sectors such as brokerage, financial technology and service providers to the investment community including administrators/custodians, index providers and analytics companies.  The second is a broader financial institutions focus in India and ultimately, developing Asia.

Gosal, the firm's founder and managing member, previously served as a senior banker within the financial institutions groups at Jefferies, Credit Suisse, and Putnam Lovell and advised on several US as well as cross-border transactions involving Asian financial companies.

For more information:

http://goo.gl/6Hnby

http://valorespartners.com

Modi Rubber inks JV with Japan's Asahi Organic Chemical

Ghaziabad, Uttar Pradesh-based Modi Rubber Ltd. has entered into a partnership with Japanese firm Asahi Organic Chemicals to set up joint venture company for making and selling of resin-coated sand. The newly-created entity will be named Asahi Modi Materials Pvt. Ltd., based in Gujarat. 

Through its initial investment of Rs.30 crore, Modi Rubber will own a 49% stake in the JV firm and the rest 51% stake will be held by the Japanese company.

http://bit.ly/S6f6Qn 

Earth Water Group to form JV with Norwegian co for desalination plants

Fontus, a subsidiary of water treatment solutions provider Earth Water Group, is set to form a joint venture with Norwegian firm Aqualing to set up desalination plants in Indian coastal areas entailing an investment of about Rs.750 crore over the next three years, reports Business Line. The source of funding will be mainly through debt.

The JV, called Aqualing India Pvt. Ltd., will set up water treatment plants of various sizes at different locations, starting with South India, on a build-own-and-operate (BOO) basis. Earth Water will hold a minority stake.

From the Venture Intelligence PE Deal database: In September 2012 CLSA Capital had invested $15 million in Earth Water Group.

http://bit.ly/Tl5ArA

N-Motorsport forms JV with Dhoni firm

Film actor and entrepreneur Akkineni Nagarjuna promoted N-Motorsport has formed a joint venture with Dhoni's firm Rhiti Sports to take part in global racing competitions, reports Business Line.  The duo would power Mahi Racing Team India for the 600cc FIM Superbike World Championship 2012-13.

http://bit.ly/Y5Rtfw

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Expansion/Diversification 

Lite Bite Foods opens Punjab Grill outlets abroad

Lite Bite Foods, promoted by Dabur scion Amit Burman, has opened outlets of fine-dining chain Punjab Grill, spread over 4,000 sq ft each, in Bangkok and Abu Dhabi, reports Business Line. It is now exploring a number of other destinations such as Hong Kong, London, Dubai and Malaysia, besides expanding the brand’s presence in India.

http://www.thehindubusinessline.com/industry-and-economy/marketing/article4111835.ece

Visa Steel to set up power plant in Chhattisgarh

Kolkata-based steel maker Visa Steel plans to set up a 2.5 million ton steel plant and a 500 MW power plant at Raigarh, Chhattisgarh, reports Business Standard. The company has acquired 280 acres of land out of the total need of 1,000 acres. The plant has got the environmental clearances. 

The company will also set up a 1.25 million ton steel plant, a 1 lakh ton manganese alloy plant and a 300 MW power plant in Madhya Pradesh.

http://bit.ly/103Uo7U 

Ashapura Minechem to set up kaolin plant in Kutch

Ashapura International, a subsidiary of Ashapura Minechem Ltd., is planning to set up a kaolin powder making plant at Bhuj in Gujarat, reports Business Standard. The new facility will be company's second facility after the one operational in Kerala.

http://www.business-standard.com/493338/ 

Hetero Labs enters UAE pharma market through new venture

Hetero Labs has entered the Gulf market with an offering of a range of generic medicines, reports Business Line. It has also unveiled its new venture, Nexgen Pharma, to push its products in the region. It will launch the first phase generic brands in various therapeutic segments such as gastroenterology, cardiovascular and neurology.

http://www.thehindubusinessline.com/companies/article4123203.ece

Swelect to set up 10 MW solar farm in TN

Following the sale of its power equipment businesses to France’s Legrand Group for about Rs.837 crore earlier this year, Swelect Energy Systems (erstwhile Numeric Power Systems) is setting up a 10 MW solar farm at Sivaganga in Tamil Nadu, reports Times of India. Swelect is investing around Rs.90 crore in the project that is coming up on 120 acres.

http://goo.gl/2gJsY

MSPL to invest Rs.300-Cr for gold mining in Karnataka

MSPL plans to commence gold mining at Gadag in Karnataka by August next year, reports Business Line. The company, through its subsidiary Ramgad Minerals and Mining, is to invest Rs.300 crore for infrastructure development to roll out the business. The Hospet-based company, which will become the first private sector gold mining company in India, plans to set up a gold ore processing plant at Gadag district, in collaboration with a South African gold mining company. It plans to produce about 2 tons of gold a year through the mine life of 20 years. The mine was allotted to MSPL in 2008.

http://www.thehindubusinessline.com/companies/article4120112.ece 

Chemfab Alkalis looks at sugar biz

Publicly listed Chemfab Alkalis Ltd. plans to diversify into Sugar trading and allied products, and organic and inorganic chemicals.

http://www.bseindia.com/xml-data/corpfiling/AttachLive/Chemfab_Alkalis_Ltd_211112.pdf 

BWR to invest Rs.500-Cr in Maharashtra plant

Bharat Wire Ropes (BWR), a manufacturer of specialty wire ropes, is planning to invest Rs.500 crore in a wire rope manufacturing project at Chalisgaon, Maharashtra, reports Economic Times. With this, BWR’s total manufacturing capacity will go up to 76,000 tons from the current level of 10,000 tons.

http://goo.gl/rt645

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People

Former OnMobile CEO Arvind Rao to drive Reliance Infotel’s 4G rollout

Reliance Industries-owned Infotel Broadband Services has appointed Arvind Rao, former MD & CEO of listed Mobile VAS firm OnMobile Global, to drive its proposed fourth generation (4G) broadband services, reports Business Standard. Rao, also co-founder of OnMobile, has joined Infotel as head of innovation and platform. As head of innovation and platform, Rao is expected to play a major role in the initial rollout of 4G, as well as fine-tuning the core platform which will offer voice, video and data services.

http://bit.ly/SLf2n7

PR Somasundaram resigns as CEO of Lakshmi Vilas Bank

PR Somasundaram has resigned as the MD and CEO of Lakshmi Vilas Bank, reports Business Standard. He had joined the bank from Standard Chartered Bank in August 2010.

http://www.business-standard.com/india/news/somasundaram-resigns-as-ceolakshmi-vilas-bank/196790/on

Mohit Kampani to replace Vineet Kapila as Spencer's Retail CEO

Spencer's Retail has appointed Mohit Kampani, the current head of merchandising and operations, as its CEO, reports Economic Times. Kampani replaces Vineet Kapila. Spencer’s has also hired two global retail hands - Venkat Narayanan, former director of merchandising at Office Depot in the US, and Kingshuk Basu, a former executive at Kroger & Daymon Worldwide - ahead of a possible stake sale to a strategic foreign partner or a public listing.

Meanwhile, K Dasaratharaman, who was heading the specialty retail formats of the RP-Sanjiv Goenka Group that includes music retail chain Music Word and US-based cafe and bakery chain Au Bon Pain, has quit the company. He will be replaced by Sanjay Gupta. Vishal Mehrotra has been promoted as the general manager for marketing at Spencer's Retail.

http://articles.economictimes.indiatimes.com/2012-11-22/news/35300655

Surya Mantha to join Saregama as MD

Surya Mantha, Former Web18 CEO and currently a VC with Omidyar Network, will join music labels company Saregama India as its Managing Director, reports Medianama. Mantha will be replacing Apurv Nagpal, who had left the company in April 2012.

http://bit.ly/10FTL3I 

Subhanu Saxena is Cipla’s new CEO

Pharma major Cipla Ltd. has appointed Subhanu Saxena as its Chief Executive Officer, reports Business Line. He will assume the new position on February 1, 2013. Saxena had earlier worked with companies such as Citicorp, The Boston Consulting Group and PepsiCo. In his last assignment, he led the global product strategy and commercialization functions at Novartis Pharma AG.

http://bit.ly/RWdHvx

Aurobindo Pharma appoints Arvind Vasudeva as CEO of formulations biz

Hyderabad-based pharmaceutical manufacturer Aurobindo Pharma  has appointed Arvind Vasudeva as CEO for its formulations division, reports Business Line. Prior to joining Aurobindo Pharma Vasudeva served as CEO at Glenmark Pharmaceuticals. Earlier, he had worked with RPG Life Sciences and Wockhardt.

http://bit.ly/V79BoI

RS Sharma joins Lloyd’s Register

Business processes and products assessing company Lloyd's Register has appointed former ONGC Chairman and Managing Director RS Sharma as Chairman for South West Asia Operations, reports Business Line.

For more information:

http://www.thehindubusinessline.com/companies/article4112280.ece

http://www.lr.org

Regulatory News 

http://bit.ly/10mZKv4

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