IIML exits Bangalore’s Bhartiya City; realizes over Rs.300-Cr: report

Economic Times

IL&FS Investment Managers (IIML) has exited its investment in Bhartiya City, an integrated township project in Bangalore. IIML is reported to have made over Rs 300 crore in the investment.
 

IIML had invested Rs 150 crore for a 26% stake in Bhartiya Urban Infrastructure and Land Development in 2007 in a structured deal involving compulsorily convertible preference shares. Currently, the majority stake is held by the promoters, while listed firm Bhartiya International holds 30% in the project.  The 125-acre realty project will be a self-contained city comprising of various formats including retail, souks, high-street retail, 5 hotels, business and financial district, IT campus, convention/conference centre and trade mart.  

http://bit.ly/13JSBFb

http://bhartiyacity.com

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Knowledge Partner

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

http://www.trilegal.com/

Private Equity/Venture Capital Fund Investments

Goldman Sachs invests addl $135-M in ReNew Power

Economic Times
 

Goldman Sachs has invested additional $135 million in ReNew Power, raising its total investment in the company to $385 million and making it the biggest private equity investment in India's renewable energy sector. In 2011, Goldman Sachs invested $200 million to acquire majority stake in ReNew Power. It later invested another $50 million.
 

ReNew Power, founded by Sumant Sinha who was the chief operating officer of Suzlon Energy, has 200 mw of wind turbines in operation. It aims to scale up capacity to 500 mw by end-2014 and 1,000 mw to 2015. ReNew Power has been in talks with other wind energy generators for acquisition of assets and the funds from Goldman Sachs may be used towards that.

http://bit.ly/18YLgHB

Snapdeal.com raises Rs.280-Cr

Economic Times
 

Online retailer Snapdeal.com has raised money from three venture capital firms and angel investors to close a $50 million (Rs 280 crore) round of funding that began in April. The etailer has split the investment into two parts. The first part was led by eBay and Japan's Recruit Co.  Intel Capital, Russian venture fund ru-Net and Saama Capital are the three new investors that values the online marketplace company at over Rs 1,000 crore. Early investors Bessemer Venture, Nexus Venture Partners and Indo-US Venture also participated in the investment along with a few angel investors.

Snapdeal has now raised a total of $90 million ( Rs 500 crore) in equity from the two strategic investors - eBay and Recruit Co - and six venture funds and other individual investors.
 

http://goo.gl/OQB9u

Cartica Capital to invest Rs.230.75 Cr in TTK Prestige

Cartica Capital Ltd, a PE firm floated by former IFC executives, is to be alloted 3,00,000 equity shares of Rs. 10 each at a premium of Rs. 3540 per share, aggregating to Rs.106.5 crore, in publicly listed kitchen appliances maker TTK Prestige Ltd. Also, Cartica Capital has bought 350,000 shares of the company on BSE of worth Rs.124.25 Cr at Rs.3550 per share from its promoters on Jun 03, 2013. Post these deals, Cartica would hold 5.58% stake in the company.

TTK Prestige manufactures and exports kitchen appliances to USA, Europe, South Africa, Australia, Singapore and Middle East. It has manufacturing facilities in Hosur, Coimbatore and Roorkee.
 

http://bit.ly/15vF4mv

IFC invests Rs.187-Cr in Fortis Healthcare

Fortis Healthcare Ltd has raised Rs 186.62 crore by allotting 1.8 crore shares to International Finance Corporation (IFC) on a preferential basis. The company has allotted the shares at an issue price of Rs 99.09 per equity share.

http://bit.ly/13oN1ct

Nexus Ventures invests $2.5 M in Housing.co.in

Housing.co.in, a map based real estate search portal, has raised $2.5 million in funding from Nexus Venture Partners. Housing.co.in's interface enables users to view a house without necessitating physical presence.

Housing.co.in was founded eleven months ago by a group of IIT Bombay students. The current round of funding will allow the company to expand its technology and data sciences teams.

From the Deal Digest Archive:

Mumbai-based real estate portal Housing.co.in has raised angel funding from eight investors led by Zishaan Hayath, the co-founder of the Future Bazaar-acquired Chaupati Bazaar. Other investors include Vaibhav Puranik, Shishir Kapoor, Hemanth Goteti, Gagan Goyal, Harsh Baid, Aditya Agarwal and Aatif Misbah. (February 15, 2013; via Yourstory.in)

Housing.co.in has raised a second round of funding from former Network 18 CEO Haresh Chawla. (March 14, 2013; via NextBigWhat)  

http://bit.ly/17naj6J

Angel Investments

Car sharing service Zoom raises $30K angel funding from Larry Summers

Bangalore-based ZoomCar India Pvt Ltd, which operates the membership-based car rental service ZoomCar.in, has raised $30,000 in angel funding from the former US treasury secretary Larry Summers in the form of warrants. Prior to this, Zoom had raised an angel round of $215,000 from Empire Angels (New York), Lady Barbara Judge and several other angel investors last month. The company has raised around $325,000 funding until now.
 

ZoomCar is a membership-based car sharing service, which allows users to book cars on a hourly or a daily basis and drive them anywhere in the country. The user will have to drop the vehicle back at the same place from where the vehicle was picked up. The company is currently operational in Bangalore with plans to expand to Mumbai and Delhi by the end of this year and later to Chennai, Hyderabad and Pune.
 

http://www.medianama.com/2013/06/223-zoomcar-30k-angel-funding

Other Private Equity/Strategic Investments
 

Blue Star Infotech invests in analytics firm Activecubes
 

Publicly listed Software services and solutions provider  Star Infotech has bought a stake in Activecubes Solutions India.  Started in 2007, Bangalore-based Activecubes provides business intelligence and analytics services to clients across financial services, consumer packaged goods, retail, telecom and healthcare.

http://bit.ly/11ls4iG
 

Wipro invests $5-M in M2M platform provider Axeda

Wipro has made a $5-million investment for a minority stake in Axeda, a provider of cloud-based service and software for managing connected products and delivering machine-to-machine (M2M) applications. Wipro has already partnered with US-based Axeda which is among the top three service providers specialising in M-to-M software, which facilitates communication between connected devices such as a refrigerator and smartphone.
 

The investment in Axeda comes a little after Wipro signed an agreement with US telecom major AT&T to offer machine-to-machine solutions using the Axeda platform. This is the second such minority investment Wipro is making within a month. In May, it announced a $30-million minority investment in US-based big data analytics firm Opera Solutions.
 

http://bit.ly/10N9QqK
 

http://bit.ly/ZHWH3w

IDBI Bank invests in MFI Ananya Finance
 

IDBI Bank has invested in the optionally convertible cumulative preferential shares (OCCPS) of Gujarat-based micro-finance institution Ananya Finance. IDBI Bank has a lending relationship with Ananya since 2010. Ananya focuses on the financial inclusion of low income households.
 

http://bit.ly/13HD9JO

Liquidity Events (Private Equity

Apax sells Apollo Hospitals shares worth Rs.128.07 Cr

Apax Partners, through its Hstn Acquisition (fii) Ltd unit, has sold 1,286,679 shares of publicly listed Apollo Hospitals Ltd worth Rs.128.07 Crores at Rs.995.34 per share on May 31, 2013 on the NSE. This constitutes 0.92% of total outstanding shares of Apollo Hospitals. Post sale, Apax holds a 2.25% stake.

From the Venture Intelligence PE Deal database: Apax Partners had invested $105.6 million in September 2007 and $20 million in April 2008 in Apollo.  It had made a partial exit worth $180-M in February 2013.
 

http://bit.ly/crbdip

http://www.apollohospitals.com/

Welspun Corp buys back Apollo's 12.5% stake in metals unit
 

Publicly listed Welspun Corp is to acquire the 12.5% stake of Insight Solutions Ltd., an unit of PE firm Apollo Management, in Welspun Maxsteel Ltd. at an about 30% discount to the fair market value. With this, the ownership of Welspun Corp in Welpsun Maxsteel Limited will rise to 99.85%.

From the Venture Intelligence PE Deal database: In June 2011, Apollo had invested INR 140 Cr. in Welpsun Maxsteel picking up 12.5% via a secondary purchase of shares.

http://bit.ly/18L3c8H
 

Mergers & Acquisitions
 

Aditya Birla Chem buys chlor-alkali biz from Solaris Chemtech for Rs.153-Cr

Aditya Birla Chemicals (India) (ABCIL) has acquired the chlor-alkali and phosphoric acid division (CA&P) division of Delhi-based, privately held Solaris Chemtech Industries (SCIL) for a sum of Rs. 153 crore. SCIL’s CA&P division has a facility in Karwar, Karnataka with an installed capacity of around 60,000 tpa of caustic soda and around 24,000 tpa of phosphoric acid. It also has 3,000 acres of salt works in Gujarat. ABCIL plans to make the Karwar plant switch from mercury-based technology to  membrane-based cell technology.

The acquirer, ABCIL, is a leading chlor-alkali manufacturer with a caustic soda capacity of 2,42,725 tpa, makes chlorine derivatives as value-added products.

http://bit.ly/13f1pnA
 

Snapdeal acquires Sequoia backed Shopo.in
 

Yourstory.in

Online group buying service Snapdeal.com has acquired the assets of Shopo.in, a portal for Indian designer and handcrafted products. Shopo’s investors included Sequoia Capital and Sashi Reddi, among other angels. In a span of two years, the company, started by Theyagarajan S and Krithika Nelson, has built a wide assortment of handcrafted products across categories such as apparel, accessories, home décor, among others.

From the Venture Intelligence PE Deal database: In April-13, Snapdeal raised a fresh round of $50 million led by eBay with participation from existing VC investors Kalaari Capital, Nexus Ventures, Samaa Capital and Recruit Strategic Partners, Junglee founders Venky Harinarayan and Anand Rajaraman and The Entrust Group.

http://bit.ly/18BlTvt

FirstPost acquires satire site FakingNews.com
 

Medianama.com
 

Network18s online news portal FirstPost.com has acquired FakingNews.com, a satire portal, for an undisclosed amount. FakingNews.com will remain as a standalone entity and founder Rahul Roushan will remain its editor.
 

http://bit.ly/12SKLsh

Daiwa to sell mutual fund schemes to SBI Mutual

Times of India

Daiwa Securities Group, Japan's second largest brokerage, is selling its mutual fund schemes in India to SBI Mutual Fund. Daiwa Asset Management managed Rs 267 crore of mutual fund assets as of March 31, 2013. The financial services firm is slashing its Indian operations in line with a global plan to cut costs and jobs outside of Japan. SBI Mutual Fund is India’s sixth largest player in asset management business.

http://bit.ly/1aTACP6

Sanjeev Kanoria buys Austrian bank Hypo Alpe Adria for $85.5 mn
 

Economic Times
 

Sanjeev Kanoria, a London-based doctor and brother of SREI Infrastructure Finance Hemant Kanoria, has acquired the domestic banking unit of Austrian bank Hypo Alpe Adria for around $85.5 million. Under the deal, Hypo Alpe Adria Bank AG, which operates in the southern Austrian province of Carinthia, will be sold to Anadi Financial Holdings promoted by Sanjeev Kanoria. The sale was managed by JP Morgan and TJP Advisory.
 

Earlier, SREI had been named by the Austrian media as a potential buyer of the bank.
 

http://bit.ly/148XhH0

Philips to sell lifestyle entertainment biz HK-based Woox for Rs.30-Cr

Times of India
 

Philips Electronics India (PEIL) will sell its lifestyle entertainment business to Hong Kong-based Woox Innovations for around Rs 30 crore. The deal will be concluded by September. The lifestyle entertainment division encompasses a wide range of consumer products, including home speakers, DVD players and headphones. Its parent firm Royal Philips Electronics has already sold the global division - that includes audio, visual, multimedia, and accessories businesses - to Funai Electric of Japan through a $202-million deal in January this year.

PEIL will also evaluate its brand licensing agreement made in 2010 with Videocon for colour television (CTV) manufacturing business in India in 2015.

http://bit.ly/12vZvCu

Singapore's CWT acquires majority stake in agri-commodities focused MAIIA

Singapore-based collateral management service provider CWT Commodities has acquired a majority stake in MAIIA Inspection Services Private Limited. MAIIA is engaged in the business of collateral management and inspection testing certification. Khaitan & Co. was the legal advisor to CWT Commodities Pte Ltd.
 

http://www.maiia.in

Canada’s Valent acquires online luxury portal Bornrich

Yourstory.in
 

Online luxury publication, BornRich.com, has been acquired by the Canadian-based internet firm Valnet Inc. The online magazine, featuring lifestyle content, has a global reach of over 2.5 million readers with around 4 million impressions a month in the luxury niche.

BornRich.com was founded in January, 2006 by Nandini Rathi who previously co-founded Instamedia network and Betaout.com. With the majority of its readership based in the U.S. (60%) the site caters to anyone looking for insight into the world of the rich and famous.

http://bit.ly/11d9Tra

OnMobile acquires US MVAS firm Livewire Mobile for $17.8 M

IT company OnMobile Global has acquired the business assets and liabilities of Boston, US-based, OTC exchange listed Livewire Mobile, which provides mobile entertainment solutions, for about $17.8 million (about Rs 100 crore). The purchase will be made through OnMobile LLC, US and will include purchase of stock of Fonestarz Media Ltd, UK - the managed services arm of Livewire based in UK. The resultant new US-based entity will be called OnMobile Live Inc, which will be a 100% subsidiary of OnMobile LLC, US.
 

Originally founded in 1983, Livewire Mobile provides IT solutions for mobile operators including full track music, ringback tones, ringtones and infotainment services. It currently provides ringback tone and mobile music solutions for firms such as Sprint, MetroPCS and Public Mobile.

http://bit.ly/11qEJRv

Digital ad network Adfederal Media merges with Lyxel Digital; combo to raise funding

Money Control

Delhi-based digital ad network AdFederal Media has merged its operations with Gurgaon-based Dynamis Partners backed proprietary digital advertising start-up Lyxel Digital. Founded in 2010, AdFederal focuses on behavioural analytics based digital advertising. Nishith Srivastava, Founder and CEO, AdFederal will continue to work with Lyxel as Chief Technology Officer, to drive the Data management platform and strengthening in-house ad serving capabilities and operations.

The combined entity will focus on developing proprietary algorithms to provide targeted digital solutions for its clients in India, Middle East, Asia Pacific and Africa. The combined entity is looking at raising Series A funding for its data management platform and expanding its sales team across South East Asia.

http://bit.ly/13CqRT5

http://www.adfederal.com

http://www.livewiremobile.com

Axis IT&T acquires technical publisher Studec Technologies

Cades Digitech Private Limited (CADES), a subsidiary of Axis-IT&T Ltd, has bought a 76% stake in Bangalore-based Studec Technologies (India) Pvt Ltd, the Indian arm of French firm Studec Technologies. Studec Technologies (India) will become a step down subsidiary of AXIS-IT&T Ltd.

Established in 2006, Studec Technologies India is specialized in technical publication mainly for the aerospace domain.
 

http://bit.ly/15HYh4G
 

http://www.studecindia.com

Ruchi Soya to sell soya processing business to new JV with Japan’s J Oil Mills and Toyota Tsusho
 

Publicly listed Ruchi Soya Industries Limited is to sell its soya processing business being run at its plant situated at Shujalpur, Madhya Pradesh to the proposed JV between the company and Japanese firms J-Oil Mills Inc and Toyota Tsusho Corporation (TTC). Ruchi Soya will have 51% stake in the JV, J-Oil will have 26% and trading firm TTC,  23% stake. The JV company plans to enter the business of production and marketing of high quality, functional edible oils.

http://bit.ly/12vZi2g

Games2win acquires Delhi-based studio Backyard Game FactorRy

Nextbigwhat.com
 

Mumbai-based gaming company Games2win India Pvt Ltd has acquired Backyard Game FactorRy, a casual games studio based in Delhi. Backyard Game FactorRy was founded in 2010 and builds web and mobile casual games. Its promoter Rahul Jaiswal will continue to head the company.

Games2win raised $2 million in its third round of financing from US-based Clearstone Venture Partners two months ago.

http://bit.ly/12vpxWu

IPOs

Just Dial gains 19% on listing

Business Line
 

The Internet and mobile-based search company Just Dial gained about 19% in intraday on its first day upon listing. The company’s opening price on listing was Rs 590 on the NSE compared to the IPO price of Rs.530 (and Rs.483 for retail investors).
 

Mumbai-based Just Dial, which offers search for local businesses through Internet and mobile platforms, sold 17.5 million shares through the IPO, or 25% of its total equity, which was subscribed 11.6 times. The retail portion was subscribed three times, QIB over ten times, and HNI over 22 times. Citigroup and Morgan Stanley were the book running lead managers to the issue with the company listing on the NSE, the BSE and the MCX-SX. Goldman Sachs India Fund, HSBC Mauritius, Birla Sunlife Trustee company DSP Black Rock Opportunity Fund, Deutsche Securities Mauritius picked up 39.37 lakh shares at Rs 530 each totalling over Rs 208 crore.

http://bit.ly/1bcm90E

Other Deals- Listed Firms

Tilaknagar Industries to divest its stake in Shivprabha Sugars

Publicly listed Tilaknagar Industries Ltd will divest its stake in its subsidiary, Shivprabha Sugars. Tilaknagar Industries manufactures Indian Made Foreign Liquor (IMFL). Established in 1933 as Maharashtra Sugar Mills Ltd. (MSM), the company transitioned to the liquor business in 1987. Shivprabha Sugars was acquired by the company in March 2012, with the strategic agenda of strengthening its supply side security and improving operating efficiencies. This company held the requisite permissions for establishing sugar plant, distilleries and co-gen power plant.

http://bit.ly/18M6TuH
 

http://www.tilind.com
 

Debt Financing

ADB to lend $150-M for Uttarakhand hydropower

Business Line
 

Uttarakhand has signed a $150 million loan agreement with the Asian Development Bank (ADB) for hydropower development. This is the fourth tranche of the loan under the Uttarakhand Power Sector Investment Programme that will help develop infrastructure for a new 400 kV (kiloVolt) substation at Pipalkoti and a transmission line from Srinagar to Kashipur at 400 kV level in Uttarakhand.
 

http://goo.gl/PEIFu

Tata Power ties up funds for 134 MW wind farm in S. Africa

Business Line

Tata Power has tied up funds for its 134-MW Amakhala Emoyeni wind farm in South Africa through its joint venture Cennergi. The project costs Rand 3,945 million (about Rs 2,273 crore) with the debt equity mix at 80:20. Cennergi tied up debt through a consortium of lenders, Standard Bank and International Finance Corporation, with Standard Bank acting as the lead arranger.

Cennergi, based in South Africa, is a 50:50 joint venture between South Africa’s Exxaro Resources and Tata Power.

http://goo.gl/h09C4

Real Estate Transactions
 

Central Mumbai duplex bought by Borosil for Rs. 43-Cr at Rs 1.18 L/sq ft

Economic Times

A sea-facing duplex in Worli in central Mumbai has been sold at Rs 43 crore. Glassware manufacturer Borosil purchased the duplex spread on the ninth and tenth floors of Samudra Mahal building in a deal that works out to roughly Rs 1.18 lakh per sq ft. The purchase was made by the company for investment purposes. The buy outstrips the earlier record of Rs 1.07 lakh per sq ft in the 28-storey marquee building. It is still behind the June 2012 sale of a flat in Tahnee Heights on Napean Sea Road, struck at Rs 1.2 lakh per sq ft, making it the costliest deal for a private apartment in the country.

http://bit.ly/13kmtJi

RPG Life Sciences sells Navi Mumbai plot for Rs.77-Cr

RPG Group’s RPG Life Sciences Ltd has sold the leasehold rights of its surplus land at Navi Mumbai to passenger car maker Maruti Suzuki India Ltd. for Rs.76.91 crore. The company had acquired 48,632 sq mt of land on a 95-year lease from the Maharashtra Industrial Development Corporation (MIDC). Of this 14,148.90 sq mt was surplus land.  The land is located at Trans Thane Creek Industrial Area within the village limits of Pawne, Navi Mumbai. The proceeds from the transaction would be used to reduce the debt of the company and investing in projects.

http://bit.ly/11oa2t1

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Sidbi invests Rs.10-Cr in VC fund for “Dalit” caste entrepreneurs

Business Standard

SEBI-registered DICCI (Dalit Indian Chamber of Commerce & Industry) SME Fund has been launched with the initial contribution of Rs. 10 crore from Small Industries Development Bank of India (SIDBI). The fund aims to raise Rs 500 crore over 10 years and finance dalit entrepreneurs to set up businesses.

http://bit.ly/11kFAz5

John Kuruvilla to head GenNext Ventures Llp

Mint

Reliance Industries Ltd (RIL) has hired John Kuruvilla to head its early stage investment initiative, GenNext Ventures Llp. Kuruvilla earlier founded e-commerce start-up Taggle.com and was the former chief revenue officer of the carrier Air Deccan. He was also the founder of real estate platform Propmart Technologies - where he was the CEO and MD from 2000 to 2003 - and chief marketing officer of travel website Via.com.

Two years ago, RIL chairman Mukesh Ambani had contributed $200-250 million in proprietary funding to jump start private equity investments. RIL holds a 50% stake in GenNext Ventures.

http://bit.ly/10UXf19

Starwood Capital shuts India RE unit; Head Sundaram Rajagopal joins Ada Investments

Business Standard

US-based realty-focused Starwood Capital Group, which manages assets of more than $23 billion, has shut its fund management business in India. Starwood’s marquee investments is First International Financial Centre, a commercial office complex in Mumbai's Bandra Kurla Complex (BKC). Starwood Capital has also invested in Shriram Properties, the Chennai-based real estate company and part of Shriram Group. Starwood exited Shriram’s realty project in Uttarpara near Kolkata before picking up stake in the the realty company.

Sundaram Rajagopal, the company's managing director for India and south East Asia, has joined investment management firm Ada Investments as senior partner and CEO of Ada Real Estate. Rajagopal, who had earlier served as managing director of Lehman Brothers' Real Estate Partners, had replaced Balaji Rao at Starwood Capital.

http://goo.gl/C715Q

Rajat Tandon moves to PERE firm Proprium Capital as India head

Business Standard

Rajat Tandon, executive director at India Real Estate Partners (the PE fund set up by former Morgan Stanley Real estate Investing India head Naresh Naik), has joined Proprium Capital Partners as India head. Proprium - founded by J Timothy Morris and Jan Willem de Geus who had served as managing directors in Morgan Stanley's real estate division - manages $3-billion global funds and has raised fresh funds of $500 million to invest in emerging nations.

http://goo.gl/DyWA3

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Private Equity/Strategic Investments
 

Pharma packaging firm Blicare in talks with TPG Capital

Economic Times

Distressed, publicly listed pharmaceutical packaging player Bilcare is in talks with leading private equity players including TPG Capital to sell a strategic stake. A consortium of banks has referred the company to corporate debt restructuring (CDR) cell which is likely to look into the matter next week. Well known public market investor Rakesh Jhunjhunwala holds close to 8.5% stake in Bilcare which has a debt burden of around Rs 1500 crore.

Bilcare has facilities in 11 locations across Europe, Asia and the US and 80% of its revenues come from international operations according to figures available till March 2012. Bilcare reported a net loss of Rs 33 crore in the quarter ended March 2013.

http://bit.ly/1aU0tGx

Blackstone seeks to buy business park in Mumbai for $176-M

Economic Times

The Blackstone Group is in talks to buy 247 Business Park, in Vikhroli in Central Mumbai for Rs.100 crore ($176 million). Indian property fund IL&FS Milestone owns a 74% stake in the park while Hindustan Construction Company Ltd (HCC) controls the other 26%. In 2010, HCC sold a 74% holding to IL&FS Milestone for Rs. 57.5 crore.
 

In February, Blackstone, along with two other companies, agreed to buy a business park in South India for Rs. 195 crore ($343.31 million).

http://bit.ly/15AkrF6

GETIT gets FIPB nod to raise Rs 216-Cr Investment

Medianama

Local information service Getit Infoservices has received an approval from the Foreign Investment Promotion Board (FIPB) to raise Rs 216 crore through Foreign Direct Investment (FDI). GETIT had previously raised $4 million from Helion Ventures in 2009 and Malaysian company Astro had acquired a majority stake in it by investing around Rs 100 crore in 2010.
 

Manav Sethi has joined Getit as its Head of AskMe.com, Yellowpages.in, Freeads.in and communities. Sethi had spearheaded BigMaps for Reliance BIG Entertainment before resigning in 2010.
 

http://bit.ly/18Kmb0p

http://in.linkedin.com/in/manavsethi

Jain Group to raise Rs.150-Cr to expand schools

Business Standard

Karnataka-based education sector player Jain Group, straddling pre-school to post-graduate courses as well as vocational education, is looking to raise around Rs 150 crore through the private equity route to expand its K-12 schooling vertical. The group is in talks with two India-focussed PE funds.
 

The JGI Group represents a cluster of 75 educational establishments. The group serves over 45,000 students with 4,500 staff members engaged at the P-12, undergraduate and post-graduate levels across 53 campuses.

http://bit.ly/190caih

http://www.jgi.ac.in

Dart Energy to get 10-25% ONGC’s stake in CBM blocks

State-owned Oil and Natural Gas Corp (ONGC) will dilute a 10-25% stake in its four coal-bed methane (CBM) blocks to Brisbane-based Dart Energy Ltd as it looks to expedite production. Dart will get 25% in the Jharia, North Karanpur and Bokaro blocks while, in Raniganj, it will get 10%. In Raniganj, London-listed Great Eastern Energy Corp Ltd (GEECL) will be the lead partner with 25% interest. CCLE, Prabha Energy and MMS would take 10% in Jharia, North Karanpur and Bokaro blocks, where Dart would be the lead partner.

http://bit.ly/ZUUhP2

Ushdev Intl to raise Rs 40-Cr to buy wind power asset

Business Line

BSE-listed Ushdev International, which recently spun off its wind power business into a subsidiary, is close to finalising purchase of wind power assets and a private equity fund has expressed interest in investing Rs 40 crore for this purpose. Ushdev is currently doing due diligence for 20 MW of assets of Gupta Coa and is also looking at some assets of VRL Logistics. In addition, the company is in talks with two other listed companies - one a 90 MW wind farm, and the other producing  87 MW - that have put wind power assets on sale.

http://goo.gl/nQ148

Om Pizza to raise $25-M

Economic Times

Om Pizzas and Eats, the Indian franchisee of international pizza chain Papa John's, is in talks with investors to raise around $25 million (about Rs.142 crore) in equity funding. Om Pizzas aims to raise the current round of funding at a valuation that is 2.5 times its current revenue. Existing investor TVS Capital, which owns about 80% of the company, will continue to remain invested. It is spearheading the capital raise, but will not be participating in this round.

From the Venture Intelligence PE Deal database: TVS Capital had invested in Om Pizza and Eats in 2 rounds in December 2010 and July 2012.
 

http://bit.ly/132IXNp
 

Snap Fitness to raise $10-M

Business Standard

Bangalore-based Snap Fitness India, the Indian master franchisee of US-based fitness chain Snap Fitness, is in the process of raising a $10-million (about Rs 55 crore) growth fund to fuel its expansion. Consulting firm PricewaterhouseCoopers (PwC) is working with the firm on the fund-raising exercise.

Snap Fitness, with 2,200 centres worldwide, entered India in 2008, with a flagship centre in Bangalore. At present, the company operates four company-owned and 36 franchisee-run fitness centres in India, with a total membership strength of 30,000. Of these, 30 are located in Bangalore with the remaining centres spread across New Delhi, Mumbai, Hyderabad and Chennai.  The company intends to use the proposed funds to open 300 centres - 100 company-owned and 200 franchisee-operated - in the next five years, including 10 each in Hyderabad and Chennai.

http://bit.ly/17cpYFQ

WhistleTalk plans global foray and $5-M Series A round

Startup Central

Bangalore-based social hiring application developer Whistle Talk Technologies aims to raise $5 million as part of its Series A round of funding. The company is currently piloting the enterprise version of its application and plans to expand services to the US, Australia, parts of Southeast Asia and the Middle East. The company had raised $400,000 in angel funding from Hyderabad Angels last December.

http://bit.ly/1aU9Gic

http://www.whistletalk.com/

IPOs
 

Trine Entertainment files for Rs.5.74 Cr SME IPO

Mumbai-based video game developer company Trine Entertainment has filed the DRHP to sell 38,32,000 equity shares of Rs 10 each at Rs 15 aggregating to Rs 5.74 Crore. The net issue will constitute 26.84% of the post issue paid up share capital of the company.  Aryaman Financial Service is the lead manager t the issue. The company will be listed on the BSE SME platform.

http://bit.ly/112LiGK

http://www.trine.co.in

M&A

Sun Pharma in talks to buy Sweden's Meda for $5-6 billion: report

Economic Times

Sun Pharmaceutical Industries Ltd is in talks to buy Sweden's Meda AB for between $5 billion and $6 billion to boost its generics business in developed markets. Meda makes speciality products, over-the-counter drugs and branded generics - the same areas of focus as Sun. The Swedish company had sales of about 13 billion crowns ($2 billion) in 2012 and has a stock market value of roughly $4 billion. Buying Meda would give Sun access to Dymista, an allergy medicine that received US approval last year and is viewed by analysts as having good potential. The inhaler product is manufactured and supplied to Meda by Cipla Ltd, an Indian rival of Sun.

Sun is in talks with a clutch of banks to raise funds for a possible deal. Possible rival bidders could include Valeant, which considered acquiring Meda in 2011. Clinching any deal is likely to hinge on the position of Sweden's Olsson family, which owns more than 22% of Meda as well as shipping, metal processing and property assets.

http://bit.ly/11ylyAW

Country Club looking to acquire properties in the US, UK

Business Standard

Hyderabad-based, listed leisure and entertainment company  Country Club India Limited (CCIL), is planning to buy  properties in and around London and in Chicago in the US.

Meanwhile, the company has charted a Rs 350-crore expansion that aims to create fitness centres across India and abroad. It has already launched 14 fitness centres in a span of six months at Ahmedabad, Bengaluru, Chandigarh, New Delhi, Jaipur, Kolkata, Mumbai and Nagpur.

http://bit.ly/10SFzTY

McGraw-Hill to hike Crisil stake by 22.5%
 

Economic Times

McGraw-Hill Financial, owner of global rating agency Standard & Poor's, has announced a voluntary open offer to acquire up to the 1.57-crore shares, or 22.23% of the total equity shares outstanding in Crisil for about Rs 1,900 crore. If the offer is fully subscribed, McGraw Hill Financial's stake in Crisil would increase to 75% from 52.77%. The company has fixed the offer price of Rs 1,210, a premium of 29% to Friday's closing price.

Major investors in Crisil include Rakesh and Rekha Jhunjhunwala (7.69%), GIC of India (4.31%), UTI (3.27%) and State Bank of India (2.71%).
 

From the Venture Intelligence M&A Deal database: In April 2005, Standard & Poor’s had acquired a majority stake in CRISIL for $55.7 million.
 

http://bit.ly/13hgN2K

Idea in talks with Axiata to sell its tower business to the Malaysian company: report

Economic Times

Aditya Birla Group-owned Idea Cellular is in talks with its second-largest shareholder, Axiata of Malaysia, for selling its towers to the Malaysian company. Idea is looking to divest its 9,400 towers to raise funds for capital expenditure, licence renewals, as well as purchase of airwaves. In the past, Axiata had broached the option of a stock swap deal but Idea prefers to cash out.

Axiata plans to create a tower company that will span countries across South Asia, including Bangladesh, Sri Lanka, Indonesia and India. The objective was to have around 100,000 towers across the region and then publicly list the entity. The organisation that was formerly known as Telekom Malaysia International holds around 20% in Idea Cellular, acquired in a three-way merger with Spice Telecom in 2008.

http://bit.ly/11hrkb9

Secondary Issues

Aban offshore to raise over Rs.4,500-Cr

Offshore drilling firm Aban Offshore Ltd plans to raise overseas funding through the issue of FCCBs, GDRs, ADRs etc for about $400 million. The company also plans to raise equity from qualified institutional buyers in the domestic market up to Rs. 2500 crore.

http://bit.ly/ZpEUvJ

Godrej Group in talks with b:blunt to enter salon biz: report

Business Line

The Godrej Group is in talks to acquire Mumbai-based hairdressing and salon chain b:blunt to enter the salon business.  The group’s flagship company Godrej Consumer Products (GCPL) already has a niche hair styling global brand - Salon Selectives - which competes against L’Oreal and Schwarzkopf.

Adhuna Akhtar and her brother Osh entered the beauty business with the Juice brand of salons in 1998 and later sold it to start b:blunt around 2006. b:blunt has 15 outlets and has expanded its operations through franchises.  

http://bit.ly/13Eg8aI

Fortis in talks to sell Hong Kong, Vietnam assets to raise $400-M

Economic Times

BSE-listed hospital chain Fortis Healthcare may sell its Vietnam and Hong Kong arms for $380-400 million (Rs.2,100 crore). Fortis has received an unsolicited bid of $80 million from Singapore-based Richard Chandler Corporation for its 65% stake in Fortis Hoan My Corporation (the Vietnamese unit). The company has also started the process of divesting its primary care chain in Hong Kong, Quality Healthcare, and some leading hospital chains and financial investors have shown keen interest in the asset. Investment bank J P Morgan is the lead advisor to the deal. The deal for Quality Healthcare is expected to be valued between $280 and $320 million.

Post the sale of its assets in Vietnam and Hong Kong, Fortis Healthcare, which had invested about $665 million in September 2011 for its foray into international markets, will recover its entire investment while retaining its presence in four countries - Singapore, Mauritius, Sri Lanka and Dubai.

http://goo.gl/IQaWQ

L&T, TechM bid over $300-M for Polaris' IT Services unit: report

Times of India

Mahindra Group and Larsen & Toubro have placed bids for acquiring Polaris Financial Technology's IT services unit. While L&T Infotech has placed a $330 million offer, Tech Mahindra's bid is more than $350 million. Both the offers, however, are below the asking valuation of $400-450 million. Wipro and Infosys too are contenders for Polaris after founder Arun Jain and an affiliate of Citigroup, which holds about 20% stake, decided to sell the IT services business that accounts for more than 70% of the company's revenues.  Axis Capital is running the sale process.

http://bit.ly/14kodUg

California Software Co to sell unit to Singapore firm

Business Standard print edition

Chennai-based California Software Company Ltd is planning to sell its wholly owned subsidiary Inatech Infosolutions Pvt Ltd to Singapore-based Chemoil International Pte Ltd. The proceeds will be used to settle existing liabilities and fund restructuring.
 

Other Deals - Listed firms

Realtor HDIL to sell Kochi land to raise funds

Business Standard

Mumbai-based real estate developer Housing Development & Infrastructure Ltd (HDIL) plans to sell 70 acres of land in Kochi in Kerala to raise funds for reducing its debt burden and for funding ongoing projects.

http://bit.ly/19ODHlN
 

India Cements to shed non-core assets

Times of India

Cement maker The India Cements Ltd is working towards identifying non-core assets and restructuring the company. It runs a securities broking firm, a financial services company, a chemicals firm and an infotech company. The company considers its cement and cricket assets (the Indian Premier League team,  Chennai Super Kings) as among its core assets.
 

http://bit.ly/10UuAgi

Coal India signs non-disclosure pacts with Aussie mines for acquisition

Mint

Coal India Ltd has signed non-disclosure agreements with mine owners in Australia as it pushes forward with the process of buying overseas assets. The company is looking at buying equity stakes for production sharing or even majority ownership in the assets, most of which are for thermal coal.

http://bit.ly/11tUAi6

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India Ahoy!
 

Pilatus to set up aircraft manufacturing unit in India

Business Line
 

Swiss aircraft maker Pilatus is planning to set up a manufacturing facility in India. The firm, which is supplying 75 basic training aircraft PC-7 to the Indian Air Force, intends to set up a facility that will initially manufacture airframes for its single-engine turboprop PC-12 aircraft.

http://bit.ly/18BQuJ8

Expansion/Diversification

Paras ex-promoters return to offer more personal care products: report
 

Economic Times
 

Factions of the promoter family of Paras Pharmaceuticals (acquired by Reckitt Benckiser in Dec 2010) promoter family are slowly returning to the personal care products space. Devendra Patel, youngest of the three Patel brothers, has launched Layer'r brand of perfumes and deodorants, following the footprints of his brother, Darshan, who launched Vini Cosmetics in 2010. Devendra Patel's deodorants and perfumes along with Darshan Patel's Fogg and 18+ will compete with Paras' Zatak. The youngest Patel also plans to soon foray into hair care and skin care segments. Former Paras brands Livon (hair detangler), Set Wet (hair gel) and Recova (anti-aging cream) - now owned by Marico - too may soon face competition from either or both the Patel brothers. The brothers are no longer bound by the non-compete agreement.
 

The eldest brother Girish Patel has moved to real estate after selling Paras Pharma. Reckitt in 2012 sold off Paras' personal care business to publicly listed FMCG firm Marico.
 

http://bit.ly/132NmzO

API manufacturer Laurus Labs to invest Rs 200-Cr
 

Business Standard
 

Hyderabad-based Laurus labs which specialises in manufacturing active pharmaceutical ingredients (APIs) for AIDS and oncology drugs, plans to invest Rs 200 crore in the next 18 months for capacity expansion. The company is planning to set up 2 manufacturing facilities in addition to the existing one near Visakhapatnam to take the total capacity to 1.4 million litres from the present 800,000 litre. The expansion would be funded through internal resources.
 

Fidelity Growth Partners India had invested Rs 200 crore in Laurus last year by way of acquiring the stake of Uptuit Inc, a US-based contract R&D services provider with which the company had a partnership.
 

http://bit.ly/1372yvQ

http://www.lauruslabs.com

Ruchi Soya Industries to re-enter soya milk category

Business Line

FMCG player Ruchi Soya Industries plans to re-enter the soya milk category with a modified offering and possibly a new brand. The maker of Nutrela brand of soya nuggets and edible oil had entered the soya milk category under the N’rich brand in 2008 and subsequently pulled out.

http://bit.ly/15G7Bpu

Leela Palaces, Hotels and Resorts plans second hotel, branded residences

Times of India

The Leela Palaces , Hotels and Resorts, is launching its branded residences project in Bangalore. The hospitality chain, part of the Leela Group, is also launching a second 258-room luxury property in the city.

http://bit.ly/1898c7M

People

S K Roy takes charge as LIC managing director
 

PTI
 

S K Roy has taken charge as managing director of Life Insurance Corporation of India (LIC), with immediate effect. Roy who joined LIC in 1981 had been recently posted as head of the International Operations.
 

Roy is one of the contenders for the post of the LIC chairman.

http://bit.ly/1aTRN2V
 

AZB promotes 3 partners in Delhi, 2 in Mumbai

Legally India

AZB & Partners Delhi office has promoted three Delhi senior associates Rachit Bahl, Nandita Govind and Ritika Rathi as salaried partners. The firm has also made up two new salaried partners - Nilanjana Singh and Nandish Vyas - in Mumbai.
 

http://bit.ly/ZJGWZH

Sanjeev Vohra to take over as RBS India head

Economic Times

Royal Bank of Scotland has appointed ex-Citibanker Sanjeev Vohra to run its redefined India business that will be limited to international banking and local business. Sanjeev Vohra, who had led Citi Philippines from 2005, recently quit as Country Officer Philippines to move back to India. He will succeed Meera Sanyal who quit as country head of RBS in April this year.

http://bit.ly/1b2IJJc

Regulatory News

Govt clarifies definition of “group company”

Times of India

The government sought to plug a loophole in the foreign direct investment (FDI) policy by clearly stipulating what a group company is. The new rules stipulate that a "group company" is one where two or more companies can exercise 26% of voting rights, or can appoint majority of the board members in the other company.
 

http://bit.ly/17kirVx

SEBI acts against public float violators

Times of India

Market regulator SEBI has barred promoters of companies which failed to comply with its 25% minimum public shareholding norms by denying partially their rights to dividend, bonus and voting. SEBI also barred these promoters from accessing the market other than for reducing their stakes in the company. The sanctions will be lifted once the companies meet the shareholding norms.

The denial of voting rights in the companies which have not complied with the SEBI rules will be proportional to current promoter shareholding, which is three times the public shareholding.

http://timesofindia.indiatimes.com/articleshow/20436000.cms

Govt tightens multi-brand retail rules

Mint

The Govt has tightened its already restrictive policy governing foreign investment in supermarkets (or multi-brand retail) by issuing several clarifications. The clarifications include: 50% of the total investment in supermarkets have to be in so-called back-end infrastructure; the company can’t acquire supply chain or back-end infrastructure from other existing companies; and franchising is not to be allowed as a route through which these companies can expand to states that do not allow foreign direct investment (FDI) in supermarkets.  The clarifications resolve confusion about whether the 50% in back-end condition applied to the minimum required investment of $100 million or the first tranche of investment.
 

http://bit.ly/124qZOa

Others
 

Video portal iStream shuts down

Medianama
 

SAIF Partners backed online video portal iStream.com has shut down after failing to raise its Series B round of funding. A notice has been put up on the site by its Founder and CEO Radhakrishnan Ramachandran, informing users that iStream is shutting down. The company claimed that it had 6.1 million unique visitors and 12 million video views in April 2013, but due to issues of insufficient capital, had to shut shop.

From the Venture Intelligence PE Deal database:  In November 2011, A2Media, which operates iStream had raised $5 million from SAIF Partners

http://bit.ly/11HAzpQ

Finance ministry cancels IFCI stake sale plan
 

Economic Times
 

The finance ministry has cancelled its stake sale plan in the state-owned IFCI after it asked Atul Rai to resign and appointed its own official as interim head of the financial institution. The government wants to improve the performance of the company before it divests stake in it. Ministry of Finance Joint Secretary Anurag Jain has taken over as the interim chief executive officer as part of the government's plan to resurrect the company that reported Rs 150-crore profit in January-March quarter, down 31.6% from the year-ago period.
 

The government had acquired a majority stake in the company last year after it converted its Rs 923 crore debt into equity, a proposal that had been opposed by Rai.

http://bit.ly/17OPj9M

Electrolux scouts for partner to enter India's television and audio products market

Economic Times

Swedish household appliance maker AB Electrolux is scouting for a local partner to enter India's television and audio products market through brand licensing. The company had exited India in 2005 by selling its assets and brand rights for the air-conditioners, refrigerators, microwave ovens and washing machines, that  it sold under the Electrolux and Kelvinator labels, to Videocon.

Electrolux joins two other multinational durable makers - Japan's Panasonic and Sharp - who are charting their second course in the Indian market. Last week, the company had said it will partner Delhi-based Kent RO Systems in the premium water purifier segment.
 

http://bit.ly/13eYJX3

Dr Reddy's Labs, Fujifilm end Japan generic drugs JV plan

Reuters

Dr. Reddy's Laboratories and Japan's Fujifilm Corp have terminated their plan for a generic drugs joint venture in Japan as Fujifilm is realigning its long-term growth strategy for pharmaceuticals business. The two companies will continue to explore partnership and alliance opportunities in other areas such as active pharmaceutical ingredients and contract research and manufacturing.

The companies had agreed to form the joint venture in July 2011.

http://reut.rs/18IwFO7

Rocket Internet-backed 21Diamonds to shut down: report

iamwire

Rocket Internet owned online jewellery and fashion accessories site, 21diamonds.com has shut down its operations in India. The Gurgaon-headquartered online store was maintained by Axel Retail Pvt. Ltd and was a part of  21Diamonds international brand. It was supported by Holtzbrinck Ventures and Digital RI as investors.

Rocket Internet earlier rolled back its global plan of Bamarang from various countries and Heaven&Home from India.

http://bit.ly/19BWBMB

http://www.21diamonds.in/

Court turns down TCG appeal for international arbitration in Haldia Petro case

Mint
 

A division bench of the Calcutta high court on Tuesday dismissed an appeal by the Chatterjee Group (TCG), one of the key promoters of Haldia Petrochemicals Ltd, seeking international arbitration for resolution of a case involving transfer of some disputed shares to TCG. The high court said in its December order that TCG cannot seek international arbitration against the West Bengal government’s move to sell its 40% stake in HPL. TCG had appealed to the division bench. TCG sought to move the international court of arbitration in Paris because agreements between it and the state government say disputes are subject to resolution by that agency.
 

http://bit.ly/17mVH7t

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