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Singtel to invest Rs.2,649-Cr
more in Airtel’s promoter co.; increase stake to 48.9%
BSE,
Medianama
Singtel International Investments, a unit of the
Singapore-government owned telecommunications company, is to
invest INR 2,649 crores in Bharti Telecom Limited, the promoter
of publicly listed mobile telco Airtel, by subscribing to new
shares under a proposed preferential allotment. This will mark
Singtel's second investment in Airtel in less than two years and
will increase Singtel’s stake in Bharti Telecom by up to 1.7%.
Singtel will be allotted up to 85.45 million new equity shares
in Bharti Telecom at an issue price of INR 310 per equity share.
Singtel’s total stake (along with its affiliates) in Bharti
Telecom will increase to 48.90% from 47.17%. Bharti Enterprises
continues to hold over 50% stake in Bharti Telecom.
Private Equity Fund Investments
Swiggy raises
$100-M from Naspers & Tencent unit
Economic Times
South African media giant Naspers has
led an investment of USD 100 million in food
delivery firm Swiggy along with new investor
Meituan Dianping, which is backed by Tencent.
The deal is reported to have attached a
pre-money value of USD 600-650 million to the
company compared to the USD 400 million when
Naspers had led an USD 80 million investment in
May 2017
Xander
buys Bangalore office asset from Ghodawat Group
for Rs.350-Cr
Mint
Xander Group has bought an office building of
around 250,000 sq. ft at Embassy Golf Links
Business Park in Bengaluru for INR 350 crore
from Sanjay Ghodawat Group. The office building,
Pinehurst, is fully leased out to Fidelity
India. Colliers advised the Ghodawat
Group on the sale process.
Contract management s’ware maker Icertis raises $50-M
Economic Times
Cloud-based enterprise technology startup Icertis has
raised a $50 million (about INR 321 crore) fourth round
led by Meritech Capital Partners with PSP Capital
Partners and Cross Creek Advisors also participating.
The Seattle and Pune-based contract management software
provider's existing list of backers, which includes
Eight Roads Ventures, B Capital Group (the venture
capital firm founded by Facebook co-founder Eduardo
Saverin), Ignition Partners and Greycroft, have also
invested in the new round. The latest round also brings
Icertis' total funding to $96 million, with the new
equity infusion valuing the company at about $500
million.
The company will use the proceeds to expand its
presence, further build its team, and go deeper into
creating AI-based products.
Asian
Institute of Medical Sciences attracts Rs.138-Cr
investment from CDC Group
Media Release
Blue Sapphire Healthcares Pvt Ltd, which
operates the "Asian
Institute of Medical Sciences"
branded healthcare chain in North India, has
attracted an INR 138 crore equity investment
investment) from CDC Group. Veda Corporate
Advisors acted as the exclusive financial
advisor to the company on this transaction. Alpha Partners
were the legal advisors to
the promoters and the company.
Established in 2010, Asian Institute of Medical
Sciences commenced operations with a 350-bed
facility at Faridabad focusing on key tertiary
care specialties including Cardiology, Oncology,
Nephrology, Critical Care and Orthopaedics. Over
the last three years the company has further
expanded the business with four more hospitals
at Dhanbad, Moradabad, Sambhal, Yamuna Vihar and
three primary healthcare clinics in & around
Faridabad. As part of the next phase of
expansion, it intends to add 1,000 more beds
with new hospitals being planned across states
of Delhi NCR, Haryana, UP, Bihar & Jharkhand.
From the Venture
Intelligence PE-VC Deal Database:
In Jan-14, Asian Institute of Medical Sciences
had attracted a INR 100 Cr investment from
Orbimed. (Subscribers to the database can login
to view the valuation, deal structuring and
other transaction details.)
Mahindra
Group’s used cars biz arm raises $15-M from
existing investors
Inc42
Used vehicle automotive services provider
Mahindra First Choice Wheels Ltd (MFCWL) has
raised USD 15 million (INR 100 crore) in fresh
funding from existing investors. The investment,
in the form of primary capital, valued the
company at USD 250 million pre-money. Among the
investors in the company are hedge fund Valiant
Capital and US-based digital marketing and
software company, Cox Automotive.
MFCWL will use a portion of the fresh capital to
expand its franchise dealer network and invest
further in new technology-enabled products and
services for online customers.
Fusion Microfinance raises
Rs.80-Cr more from existing investors
Economic Times
NCR-based Fusion Microfinance has raised INR 80 Crore from existing
shareholders including Creation Investments, Oikocredit and GAWA
Capital. The capital was raised in a combination of preference shares
and allotments to employees. The foreign holding in the firm has now
risen to 88% from 85% earlier.
From the Venture Intelligence PE-VC Deal Database:
In Aug 2016, Fusion Microfinance had raised INR 161.16 Cr from Creation
Investments, GAWA Microfinance, Oikocredit and BIO. .(Subscribers to the
database can login to view the valuation, deal structuring and other
transaction details.)
Strand
Life Sciences raises Rs.80-Cr from Quadria
Capital, others
Mint
Strand Life Sciences,
a bioinformatics and integrated and specialized
diagnostics company, has raised INR 60-80 crore
from private equity firm Quadria Capital.
Healthquad Fund and Singapore-based Heritas
Venture Fund, which is a limited partner of
Quadria, also participated in the round. With
this fundraise, Strand aims to provide
personalized diagnostic techniques and
specialized in-house tests to patients.
Strand Life Sciences is a business combination
of Strand and Triesta Sciences, which was
earlier part of Healthcare Global Enterprises
Ltd, an oncology hospital chain.
Apax
Partners buys Repco Home Finance shares worth
Rs.39-Cr
Apax Partners, via Apax Global Alpha Limited,
has bought 650,000 shares (1.04% stake) on BSE
of Repco Home Finance Ltd. on Feb 2, 2018. The
purchase, at INR 595 per share, aggregated to
INR 38.68 Cr.
From the Venture
Intelligence PE-VC Deal Database:
PE Investors invested in Repco includes
Wolfensohn & Co. (exited with 2.08x return in
Apr 2014), Carlyle (exited with 6.10x return in
Jul 2014) and Creador Capital (exited with 3.00x
return in Oct 2014).
Job ads platform Joveo
raises $5-M led by Nexus Ventures
Press Release
Hyderabad- and San Francisco-based
Joveo, which
runs a job advertising technology platform, has
raised USD 5 million (about INR 32 crore) in a
Series-A round from investors led by Nexus
Venture Partners.The company plans to use the
funds to accelerate its product offerings,
partnerships and scale up its artificial
intelligence (AI) layer.
Joveo was founded by Kshitij Jain who earlier
founded Mobolt, an apply technology platform
(acquired by Indeed, Inc). It has 10 Fortune 500
companies using their offering.
Self-publishing platform
Pratilipi receives $4.3 M from Omidyar, others
Press Release
Nasadiya Technologies’ run self-publishing platform
Pratilipi
has raised USD 4.3 million in Series A round of funding led by Omidyar
Network with participation from existing investors Nexus Venture
Partners, Atul Goel, Contrarian Capital and Times Internet Ltd and new
investors Shunwei Capital and WEH Ventures. The new funds will be used
to expand the team in the areas of product, technology and data science
and also for further growth and partnerships. Incorporated in March
2015, Pratilipi currently operates in 8 Indian languages.
Preventive healthcare startup
Healthi raised $3.1 M from Montane Ventures
INC42
Bengaluru-based digital preventive healthcare startup, healthi has
raised USD 3.1 million in a funding round led by Montane Ventures. The
proceeds will be used by Healthi to sign up about 1.4 million users in
2018.
Healthi, founded in 2014 by Krishna Ulagaratchagan and Rekuram
Varadharaj (RV), alumni of Stanford (US) and INSEAD (France and
Singapore) respectively, empowers its users to make smart choices about
their health so that they can avoid chronic illnesses. It serves users
in over 180 Indian cities and claims to have grown at an impressive
cumulative growth rate of 3.5X over the last three years.
Editor’s Note:
Montane Ventures is an $150 million early-stage
technology focused fund floated by former Footprint Ventures co-founder
Josh Bornstein.
Ed-tech
co CollegeDekho raises $2-M from ManCapital,
others
Economic Times
Ed-tech platform CollegeDekho has raised USD 2
million from ManCapital, GirnarSoft and other
investors in its third round of funding.
CollegeDekho will use the funds to further
strengthen its technology, expand collaboration
with international colleges and for marketing.
CollegeDekho's platform allows students to
compare colleges, select courses, determine
cut-offs for their desired courses and access
other career-related content.
Student housing startup
Placio raises $2-M from Prestellar Ventures
Economic Times
Placio, a Noida-based
student housing startup, has raised pre-series-A
funding of USD 2 million from Prestellar
Ventures. The company will use the funds to
provide superior student living experience in
India and South-East Asia. Placio will also
leverage on the network and experience of the
fund in redefining student hostel hospitality
sector by increasing the existing capacity 20
times this year. Placio was incubated at The
Amity Business Incubator.
Holiday Rental startup
HeyHolidays raises $1-M from Hampton Capital
INC 42
Bengaluru-based holiday rental platform HeyHolidays has raised USD 1
million from Hampton Capital.The funds will be used for expanding
company’s global footprint with an increase in demand shown by its
Indian outbound travellers.
HeyHolidays launched in India in late 2016 by Kenny Blatt, Stan Dong and
Nitesh Shetty. It uses the idea of sharing economy to offer short-term
accommodations from urban cities to resort destinations to its
customers.
Jupiter Capital buys 66% in TRC
Financial Services for Rs.5.92 Cr
Legally India
Jupiter Capital has acquired 33 lakh shares (66% stake) in
publicly-listed NBFC TRC Financial Services for INR 5.92 crore - via an
contractual agreement and an open offer at INR 18 per share. Poovayya
& Co was the legal advisor to Jupiter Capital on the transaction.
Chartered Capital and Investment was the manager to the offer.
Unicorn India to invest in 3
Kerala-based startups
Economic Times
Unicorn India Ventures has signed a pact with the Kerala Startup Mission
to invest in three Kerala-based startups: robotics firm GenRobotics,
smart appliances maker SectorQube and consumer firm Perfect Fit.
Indiabulls PE arm buys Gurgaon office
building from HINES
Economic Times
Indiabulls’ private equity arm has acquired an
entire commercial building with fully leased
2.35 lakh sq ft office space on NH-8 in Gurgaon
from fellow PE-RE investor and developer Hines
India for an estimated INR 200 Cr. The project,
Sky View Corporate Park, is a multi-phase
development planned on a 21-acre land parcel in
the National Capital Region (NCR). Indiabulls
Asset through its fund Indiabulls Dual Advantage
Commercial Assets Fund has acquired 100% equity
in the Special Purpose Vehicle (SPV) owning the
commercial building.
Angel
Funding
Physical education
startup Shape India raises $200-K
ANI News
Physical education organization
Shape India has
raised USD 200,000 in a Pre-Series A funding
round, from Sandeep Mathur, ex-CEO of Oracle
India. Shape India offers a customized
curriculum and a structured approach to get
children physically fit. It will use the
investment for going digital.
Co-working space
provider Creator’s Gurukul raises funding
Inc42
Co-working space provider Creator’s Gurukul has
raised a fresh round of funding from investors
including Sandeepan Senapati, a London-based
promoter of the TechBridge Labs. Existing
investors who participated in the latest funding
round are banker Rohit Nanda and Smarak Bhuyan,
an investor based out of Silicon Valley.
The company will use the fresh capital to expand
its team and fund the launch of more centres.
The company is also going live with its flagship
centre in Millennium City, Gurugram.
Ethnic cuisine seller
Food Memories raises funding
Economic Times
‘Food Memories’, a marketplace for authentic and
geographically unique Indian foods, has raised
seed investment from a consortium of 8 investors
led by Delhivery cofounders Bhavesh Manglani and
Suraj Saharan along with Darshan Upadhyay and
Sanjay Notani, Partners at Economic Laws
Practice, Mumbai.
Ethnic foods e-tailer Food
Memories raises funds from Delhivery co-founders, others
Economic Times
Ahmedabad based startup 'Food
Memories', a marketplace for authentic geographically unique
Indian foods, has secured seed investment from a consortium of 8
investors led by Delhivery co-founders Bhavesh Manglani & Suraj Saharan
as well Economic Laws Practice Partners Darshan Upadhyay & Sanjay Notani.
Additionally, Sachin Khandelwal, Founder of Bangalore-based Corporate
Gifting major - Kirti Sales & Services, has joined the investor group.
The other investors in the seed round include Vaishali Patel, Vivek
Pabari, Prateek Nijhawan, Kapil Bhushan and Abhishek Bhalla
Established in September 2016 by Dr. Harmitsingh Sikh, Food Memories
aggregates iconic brands and delicacies of Indian food industry and
delivers to customers around the globe.
Online
tyre retailer Tyremarket.com attracts investment
from UK entrepreneur
Press Release
Online retailer Tyremarket.com, led by former
Siemens executive Sanjeev Agrawal, has attracted
an investment from UK online tyre retailer
Blackcircles.com’s founder Michael Welch.
Full Circle Partners is advising
Tyremarket.com for its next funding round.
Top
private equity professionals back realty startup
Propstack
Economic Times
Private equity and hedge fund professionals S.
Sriniwasan, MD of Kotak Investment Advisors,
Ashish Khandelia, director of KKR, Shanti
Ekambaram, president of consumer banking at
Kotak Mahindra Bank, and TS Sivashankar, MD of
US-based Rohatyn Group, have turned strategic
investors for real estate data analytics
platform Propstack.
The Mumbai-based startup had closed a USD 3
million Series A funding from the Daily Mail
Group in June 2015. The investment was led by
DMGI, the investment group run by the Daily
Mail, with participation from Real Capital
Analytics, a DMGI portfolio company that works
with Propstack.
Social
VC Investments
Aviom Housing Finance
raises Rs.15-Cr from Insitor
Economic Times
Delhi-based Aviom India Housing Finance has
raised INR 15 crore through a primary infusion
from Insitor Impact Asia Fund in its Series-A
round of funding. Unitus Capital was the
exclusive financial advisor to Aviom for this
transaction. The housing finance company
provides loans to low-income individuals and
families, and currently has 14 branches in
Rajasthan and Madhya Pradesh.
Aviom plans to use the funds to expand its
presence in tier-II and tier-III towns as well
as for expanding into other states. Aviom
intends to raise another INR 100 crore in the
next 6 months.
Liquidity Events
GVFL
exits Axio Bio Solutions with 7x return
Business Line
GVFL Ltd has made an exit with a multi-bagger
return of 7 times of its investment in a biotech
solutions provider Axio Bio Solutions. Against
its investment of slightly over INR 1 crore in
tranches since 2010, GVFL realised INR 7 crore
with about 39% internal rate of return.
The secondary sale exit happened as part of
Axio’s Series B round of funding of USD 7.4
million (approx INR 47 crore) led by Ratan
Tata’s Fund RNT Associates. Other existing
investors Accel Partners and IDG Ventures also
participated in this round.
Capgemini
acquires digital tech services co LiquidHub
Business Standard
French IT services and consulting company
Capgemini has acquired LiquidHub, a
Hyderabad-based digital technology services
company. The cost of the acquisition is reported
to be twice the revenues of LiquidHub, which is
around 400 million euros, going by its 2017
revenue. ChrysCapital backed LiquidHub employs
around 2,500 employees globally, of which 1,500
are located in Hyderabad, Bengaluru and Gurgaon.
From the Venture
Intelligence PE-VC Deal Database:
In March 2014, ChrysCapital had invested $53
million in LiquidHub.
Other
Private Equity/Strategic Investments
ICICI Bank buys 10%
stake in Tapits Technologies for Rs.99 Lakh
BSE
ICICI Bank is acquiring a 9.9% stake in for INR
99 lakh though acquisition of 100 equity shares
and 999 CCCPS in Tapits Technologies. Tapits
enables merchants to accept digital payment from
customers through biometric authentication using
an Aadhaar Enabled Payment System.
Logistics software co FarEye raises Rs.62-Cr
from Deutsche Post DHL Group
Economic Times
Delhi-based logistics software startup FarEye
has received INR 61.5 crore in Series C
financing from Deutsche Post DHL Group. FarEye
issued 73,632 Series-C shares to Singapore-based
23i in an investment led by DHL’s SVP and global
head of M&A, Dietmar Nienstedt.
FarEye helps logistics companies manage their
supply chain and deliveries. The company had
earlier raised funds from SAIF Partners and
Indian Angel Network.
BCCL invests $7.8 M in
preventive healthcare startup CallHealth
Inc42
Hyderabad-based preventive healthcare startup CallHealth has raised
about USD 7.8 million from Bennett, Coleman and Co Ltd (BCCL).
CallHealth will invest the funds in customer education and engagement to
aid its next phase of growth and brand building.
CallHealth was founded in 2013 by Sandhya Raju. It provides doctor
consultations, medicines delivery, diagnostic tests, nursing care and
physiotherapy, etc.through a team of specialists and trained medical
health officers.
Tetra Soft India, a Hyderabad-based IT services company, has also
proposed USD 1.25 million investment in CallHealth. Another firm, Bijman
Projects Pvt. Ltd, is looking to contribute USD 1.56 million to the
round.
Bharat Forge invests Rs
30-Cr in EV startup Tork Motors
BSE
Publicly-listed auto components company Bharat
Forge Ltd will make a strategic investment of up
to INR 30 crore to acquire 45% stake in Pune-based
electric vehicle (EV) start-up Tork Motors.
Bharat Forge will acquire 4,736 equity shares of
INR 10 each at a premium of INR 21,103 each and
2,841 preference shares of INR 100 each at a
premium of INR 21,013. Tork is an electric
drivetrain company focused on electric
two-wheelers and premium electric motorcycles.
Turtle
Entertainment invests Rs.27-Cr in Nazara Games
Economic Times
Turtle Entertainment, the IP owner of Electronic
Sports League (ESL), has bought a minority stake
in Mumbai-based gaming company Nazara Games for
INR 26.5 crore. This follow investments of INR
330 crore and INR 180 crore from IIFL and Rakesh
Jhunjhunwala respectively in the IPO bound
gaming company.
Intra-city logistics
player Letstransport raises $2-M from new
investors
Intra-city logistics provider Letstransport.in,
operated by Bangalore-based Diptab Ventures Pvt
Ltd, has raised about USD 2 million from new
investors KC Investments (Singapore), CBC Co
(Japan), Fex Inc and MSIVC 2016V (Mitsui
Sumitomo Insurance Company) as part of first
tranche Series B investment (in Dec 2017). The
latest investment values the company at INR 945
crore - about 11 times higher than the last
round valuation.
From the Venture
Intelligence PE-VC Deal Database:
In Jan 2017, Rebright Ventures, GMO Ventures
Partners and NB Ventures invested INR 19.84
crore. In Aug 2015, Rebright Ventures had
invested INR 8.24 crore in Letstransport.
Emami to
acquire 26% in personal care products maker
Brillare
BSE
Emami Ltd has made a strategic investment in
Brillare Science Pvt. Ltd through CCPS, which,
on conversion, will result in 26% equity stake
in Brillare. Brillare offers premium hair and
skin beauty products, which are sold by experts
in professional salons. For the FY 2016-17,
Brillare had a turnover of INR 13 crore.
HT Media picks up 5.2%
in Canadian ed-tech co betterU
BSE
HT Media Ltd is to acquire a 5.2% stake in
Canada-based betterU Education Corporation. HT
Media is to buy upto CAD 10 million in the
common shares of betterU at VWAP (Volume
Weighted Average Price) quoted on TSXV, stock
exchange). The investment will be made in 8
quarterly tranches of CAD 1.25 million (approx.)
each, during deal tenure of 2 years. The first
tranche of CAD 1.25 million is being made at CAD
0.39 per share.
betterU is an education technology company with
business in India and China, among others. The
company has a market capitalization of CAD 22.78
million (as on 31st January 2018) with revenus
of CAD 16,225 for 6 months ended 30th Sep 2017.
IDFC Alternatives buys
IL&FS’ Madhya Pradesh solar project
Mint
Vector Green Energy, a SPV formed by IDFC Alternatives’
India Infrastructure Fund II to house its renewable
energy investments, has bought a 40 megawatt (MW) solar
power project in Madhya Pradesh operated by IL&FS
Energy. The project, named Malwa Solar Power Generation
Ltd, was awarded to IL&FS Energy Development Co. Ltd by
Solar Energy Corporation of India as part of the
Jawaharlal Nehru National Solar Mission (JNNSM) and was
commissioned in 2015.
M&A
Prestige, HDFC Capital in Rs.2,500-Cr platform deal
for housing projects
Economic Times
Prestige Estates Projects has entered into a strategic
partnership with HDFC Capital Advisors to support its
business in the mid-Income and affordable housing
segments. The real estate platform will have a capital
of INR 2,500 crore, in equity and debt.
The primary focus of this platform will be on expanding
the builder's residential business by identifying
strategic land parcels which have the potential for
developing into large-scale residential projects in the
mid- income segment.
GMR buys 11% addl stake
in Hyderabad airport for Rs.484-Cr
BSE
GMR Airports Ltd (GAL), a subsidiary of GMR
Infrastructure Ltd, is to acquire 4,15,80,000 shares at
face value of INR 10 each, representing 11% equity stake
in GMR Hyderabad International Airport Ltd (GHIAL)
collectively from Malaysian Airports Holding Berhad and
its subsidiary MAHB (Mauritius) Pvt Ltd, for a
consideration of USD 76 million (INR 484 crore).
Post-acquisition, GAL’s stake will rise to 74%. The
remaining stake is held by the Airports Authority of
India 13% and Telangana government 11%.
BR Life
acquires Kalinga Hospital for Rs.200-Cr
Daily Pioneer
BR Life, a leading healthcare services firm, has
acquired Odisha’s first super-specialty
corporate health centre, Kalinga Hospital in
Bhubaneswar, for about INR 200 crore. The
Kalinga Hospital is built in 10 acres of land,
allotted by the Odisha Government.
Stellar
Value Chain to buy Innovative Logistics for
Rs.100-Cr: report
Economic Times
Stellar Value Chain Solutions, a logistics
company backed by global private equity firm
Warburg Pincus, is acquiring Kolkata-based
Innovative Logistics Services in an all-cash
deal worth a tad less than INR 100 crore.
Innovative Logistics will support Stellar's
foray and growth into express logistics, apart
from adding more than 100 customers and
bolstering its network in eastern India.
Innovative Logistics, a seven-year-old company,
expects to post revenue of INR 160 crore and
earnings (before Ebitda) of INR 10 crore in
FY18. It has offices in 41 cities and its
delivery network spans 2,500 locations, six hubs
and 11 mini-hubs.
JFC Finance's Rs.100-Cr bid to
acquire Palogix Infrastructure receives lenders approval
Economic Times
JFC Finance (India) Ltd's bid to acquire the insolvent Palogix
Infrastructure, a 20-year old firm in railways logistics has received
the approval of the target company’s lenders including ICICI Bank and
HDFC Bank. JFC Finance, the Delhi-based non banking firm, has proposed
to acquire close to 80% in Palogix for INR 100 crore. Other lenders to
Palogix including Andhra Bank, Indian Overseas Bank and IFCI Venture
Fund have approved the resolution plan, which comes with 29% haircut.
The logistics firm owes INR 150 crore to creditors. The resolution plan
includes setting up of a special purpose vehicle for the acquisition,
operation and management of the firm. Palogix was referred to the
bankruptcy court by ICICI Bank in May 2017.
US-based V ClinBio
acquires 49.98% in Cellix Bio
Press Release
Newark, NJ (USA)-based V ClinBio Inc. has
acquired a 49.98% equity stake in
Cellix Bio, a
Hyderabad-based drug design and development
company. The transaction strengthens the
companies’ existing collaboration focused on
advancing therapies across multiple drug
categories. Founded by Mahesh Kandula, Cellix
has 143 Global Patents, 64 issued U.S Patents
and a robust pipeline of pending patents using
its proprietary technology platform “Synergix”.
V ClinBio expects to soon file an Investigation
New Drug Application (NDA) with the U.S. Food
and Drug Administration (FDA) for CLX-106 and
CLX-103 to treat relapsing-remitting multiple
sclerosis (RRMS) and ulcerative colitis (UC)
respectively. Both CLX-106 and CLX-103 were
generated from Cellix Bio’s proprietary Synergix
drug delivery platform, which unlocks the
clinical and regulatory potential of existing
therapies across multiple drug categories and
disease indications. Synergix offers biopharma
companies the potential to shorten development
times and reduce the risk of clinical failure.
The new molecular entities allow for flexible
regulatory paths, including 505(b)(1) and
505(b)(2).
Imerys Minerals
acquires calcite & dolomite biz of Vimal Microns
Press Release
France-headquartered industrial minerals MNC
Imerys - via Imerys Minerals (India) Private
Limited - has acquired 100% stake in Mehsana, GJ-based
Vee Micron Minerals Limited. Under the deal,
Vimal Microns Limited
agreed to sell its business of manufacturing,
sales, marketing and trading of calcite &
dolomite to Vee Micron Minerals Limited, prior
to the latter’s acquisition by Imerys. J
Sagar Associates was the legal advisor to
the sellers.
Vimal/Vee are considered pioneers in the
manufacturing of fillers/extenders in micronised
form, serving plastic, paint, paper,
construction chemicals and rubber industries,
having multi-location production and operation
units within and outside India.
NuMetal Mauritius
acquires 70% in Orissa Slurry Pipeline
Economic Times
Numetal Mauritius, a consortium believed to be
spearheading the Ruia family's bid to retain
Essar Steel, has signed a binding agreement with
India Growth Opportunities Fund floated by Srei
Infrastructure to buy 70% equity in Orissa
Slurry Pipeline India (OSPIL), in a deal that
gives it an edge in the race for Essar Steel,
put up for sale under Insolvency and Bankruptcy
Code (IBC). OSPIL owns a 253 km slurry pipeline,
which is a lifeline for Essar Steel, carrying
iron ore from mines to its pellets plant in
Paradip. Essar Steel owns 30% equity in OSPIL
whose slurry pipeline connects iron ore mines in
Dabuna, Odisha, where Essar Steel buys its raw
material from, and its pellet plant at Paradip.
VTB Capital is a lead investor in Numetal while
Rewant Ruia, son of Essar Group founder Ravi
Ruia, is a minority shareholder. The race for
Essar Steel — which faces claims of Rs 54,851
crore from financial creditors and Rs 22,914
crore from operational ones — has attracted top
steel players including the likes of
ArcelorMittal with Nippon Steel, Tata Steel and
Vedanta Resources.
LED Smart TV maker
Ridaex Tech acquired by GotMatter
Economic Times
GotMatter Pvt Ltd a Bangalore based IT &
E-Commerce company has acquired Ridaex
Technologies, the manufacturier the first Indian
made LED Smart TVs. The acquisition will enable
the company to elevate sales and increase
expertise in customer service and enhance its
business intelligence.
ION Energy acquires French
battery mgmt co Freemens SAS
Inc42
Mumbai-based energy storage startup ION Energy has acquired French
battery management company Freemens SAS, in a cash-and-equity deal. Post
acquisition, Freemens engineering and sales team will be joining the
core team of ION. With this, Freemens SAS founder and CEO Alexandre
Collet joins ION as co-founder and VP of Engineering to strengthen the
startup’s founding team.
Founded in October 2011, Freemens SAS is a provider of battery
management systems for lithium-ion batteries.
Genie acquires food
deliverer Dinein.in
Economic Times
Bike-bound logistics platform Genie Solutions
has acquired Chennai’s first food delivery
service, Dinein.in in an all-stock deal. Genie
will acquire the Dinein.in brand, the 25-member
team, the delivery fleet, restaurant partner
contracts, technology and their call centre
business.
Secondary Issues
NCC raises
Rs.550-Cr via QIP
Media Release
Publicly-listed construction company NCC Limited has raised INR
549.99 crore through a qualified institutional placement (QIP).
The issue consists of 44,715,000 equity shares of face value of
INR 2 each at a price of INR 123 per share. Edelweiss
Financial Services Limited acted as the book running lead
managers to the QIP. J Sagar Associates (JSA) was the
legal advisor to NCC.
ITD Cementation raises Rs.337-Cr
via QIP
Press Release
Listed construction company ITD Cementation has raised INR 336.8 crore
through Qualified Institutional Placement (QIP). ICICI Securities
acted as the Sole Book Running Lead Manager to the Issue.
Other Deals
Axis Bank sells 5%
stake in NSDL for Rs 165-Cr
Axis Bank Ltd
is to sell 20,00,000 equity shares - aggregating
to 5% - in National Securities Depository Ltd (NSDL)
at INR 825 per share for a total cash
consideration of INR 165 crores.
Reliance Brands acquires selling
rights of Mothercare products from DLF
Economic Times
Reliance Brands has acquired the rights to operate stores of UK-based
kids products company Mothercare in India. The deal will give the unit
of Reliance Industries control over all Mothercare outlets currently run
by DLF Brands. Mothercare is the latest brand after Mango, Forever 21
and Sephora to change hands from DLF Brands.
DLF Brands had bought the franchise rights of Mothercare for 15 years in
2009. The UK-based retailer sells products for children and expectant
mothers and currently operates through dozens of outlets and department
store chain Shoppers Stop.
Debt
Financing
Furniture rental startup
Furlenco raises $1.5 M
Inc42
Bengaluru-based online furniture rental startup Furlenco has raised USD
1.5 million (INR 10 crore) in debt from a consortium of HNI investors
via non-convertible debentures. The investors in the round include Rekha
Hrishikesh Mafatlal (Arvind Mafatlal Group), Lakshmi Narayanan (ex-vice
chairman of Cognizant) and M Krishna Sindhuri Private Trust.
From the Venture Intelligence PE-VC Deal Database:
PE-VC investors in Furlenco includes Lightbox Ventures,
Axis Capital and Innoven Capital. (Subscribers to the database can login
to view the valuation, deal structuring and other transaction details.)
Investors accuse
Abraaj of misusing capital in healthcare fund
Reuters,
NY Times
Dubai-based private equity firm Abraaj Group has
hired global auditing firm KPMG to look into the
finances of its healthcare fund after a dispute
arose with some its investors in the fund.
Investors - including Bill & Melinda Gates
Foundation, International Finance Corporation,
and two other investors - who pledged about a
quarter of the fund’s money, want to know why
more than USD 200 million that they and others
had provided was not spent and suspect misuse.
Abraaj manages USD 13.6 billion and invests
across Africa, Asia, Latin America, the Middle
East and Turkey.
From the Venture
Intelligence PE-VC Deal Database:
Abraaj’s Healthcare sector portfolio in the
Indian market include Care Hospitals, Rainbow
Hospitals, BSR Specialty Hospitals.
VI
Updates
Media Mentions
The
Alibaba jigsaw in place, Jack Ma to pump $8 bn into
India to fight Amazon:
Factordaily
A Factordaily article on Alibaba's strategy in India
quotes Venture Intelligence data on it's India
investments:
Mintoo Bhandari to move to advisory role at Apollo
Management: report
Economic Times
Mintoo Bhandari, India Head of Apollo Global
Management, is to relinquish his responsibility of
day-to-day fund management and move to an advisory
role. Bhandari will be moving base to the UK and
will reportedly be focusing more time on social
sector investing. He will however maintain his board
appointments. .
The article, quoting Venture Intelligence data,
points out that Apollo Management has invested
around USD 900 million in India across Welspun Group
entities (partly exited) and Dish TV (exited). In
recent years, the firm has been mainly active
through Aion Capital - its distressed assets focused
JV with ICICI Venture - which has invested in
Avantha Group and Future Group companies as well as
acquired Planetcast Media and a business unit from
GE Capital Services (now rechristened Clix Capital).
Spark Capital
is one of India’s leading mid-market,
full-service Investment Banks. Having our
genesis from the south in 2001 and now
having a pan-India presence, we offer
services encompassing Investment Banking,
Institutional Equities, Fixed Income
Advisory and Wealth Advisory. Our key
differentiator is the ability to offer
services that benefit from an amalgam of the
experience of our founding members and the
contemporary thinking of our young
leadership team. Our core values of
integrity; putting customers first; and
seeking partnerships that are mutually
beneficial, help us build sustainable,
long-term relationships with clients. Our
services include equity and debt capital
raising in private and public markets; M&A
advisory; research-led public-market stock
ideation; and customised wealth advisory
solutions. Sectors where we have built
considerable domain strength and transaction
experiences are BFSI, Healthcare, Consumer,
Technology, Infrastructure and Industrials.
Our commitment to staying the course with
respect to our core values; our strong
entrepreneurial culture; an ability to
attract and retain high quality talent; and
our gradual expansion of markets and
services has served as cornerstones of our
evolution. Over the past three years, we
have advised on over 30 deals aggregating to
USD 1.8 billion; scaled up research coverage
to over 200 listed stocks; and rapidly grown
assets-under-advice on the back of
above-market performance of client
portfolios.
For more details please visit
www.sparkcapital.in
Private Equity Fund Investments
Undone: Tata
Tech-Warburg Pincus $360-M deal called off
BSE
Publicly listed Tata Motors’ deal to
sell its stake in Tata Technologies to Warburg
Pincus has been called off. Delays in securing
regulatory approvals as well as due to the
recent performance of the company not meeting
internal thresholds, were cited as the reasons.
Tata Motors will continue to explore strategic
options to sell its stake in Tata Technologies.
From the Venture
Intelligence PE-VC Deal Database:
In Jun-17, Warburg had agreed to invest $360
million in Tata Technologies via a secondary
purchase in return for a 43% stake - 30% from
Tata Motors and 13% from Tata Capital managed
funds. (Subscribers to the database can login to
view the valuation, deal structuring and other
transaction details.)
Clix Capital looking to raise $250-M
Business Standard
NBFC Clix Capital is looking to raise USD 250
million from new investors to fund its growth
plans. The company will appoint bankers for the
fund-raising over the next few days. AION
Capital owns around 85% in Clix and the balance
is held by two former GE capital executives,
Genpact founder Pramod Bhasin and former head of
DE Shaw in India, Anil Chawla.
AION Capital and its partners bought the
commercial lending and leasing business of GE
Capital in India, and renamed it Clix Capital.
The firm, which has an asset base of USD 300
million, has identified three major segments for
business: consumer loans, loans to SMEs and
commercial/corporate lending.
Warehousing co Casagrand Distripark in talks
to raise Rs.500-Cr
Mint
Warehousing firm Casagrand Distripark Pvt.
Ltd (CGD), a developer and operator of
industrial and warehousing parks, has
initiated talks with private equity and
infrastructure investors to raise around INR
500 crore. The company has appointed
investment bank Avendus Capital to
help in raising funds. The company currently
owns warehousing space, developed and
underdeveloped, of around 1.5 million sq.
ft.
Malaysia’s IHH, Temasek eye majority stake
in Medanta Hospitals
Times of India
Malaysia's IHH Healthcare Berhad and
Singapore investor Temasek Holding are in
separate discussions to acquire controlling
interest in Global Health, the parent of
Naresh Trehan-founded Medanta Hospitals, in
a deal valued at around INR 5,800 crore (USD
900 million). IHH is attempting to string
together shares held by Carlyle, Temasek and
the founding partners of Trehan — all of
which would give the acquirer a majority
stake.
Private equity investor Carlyle and
Singapore state investor Temasek together
own about 45% stake, leaving the remaining
55% with Trehan's family and other
promoters, including co-founder Sunil
Sachdeva. However, in recent weeks, Temasek
has stepped into the fray, looking to buy
out investors who are in exit mode.
Medanta operates more than 1,600 beds,
mostly from its large Gurgaon facility
spread over 43 acres.
Kotak, Edelweiss distressed funds units
in race for Alok Industries
Economic Times
Four potential suitors, including the
distressed funds of Kotak Mahindra and
Edelweiss, have expressed interest in
bidding for bankrupt textile company Alok
Industries. Asset Reconstruction Company
(India) (Arcil) and a company associated
with infrastructure lending group Srei are
the other two bidders.
Alok Industries has defaulted on more than
INR 29,000 crore of debt as its
diversification exercise ran into trouble.
The company was admitted to the insolvency
process by the Ahmedabad bench of National
Company Law Tribunal (NCLT) on July 19.
Liquidity
Events
AGS
promoters to buy back 42% stake held by PE
investors TPG, Actis
Mint
AGS Transact Technologies Ltd’s promoters
have decided to buy back the 42% held by
private equity investors TPG Growth and
Actis for INR 650-850 crore. The promoters
are raising debt from other financial
institutions for the buyback.
At present, promoter Ravi Goyal owns 55.2%
in AGS Transact, TPG holds 26% and Actis arm
Oriole Ltd owns 16.44%. TPG and Actis made
their first round of investments in AGS in
2011 and 2012 respectively. Both investors
had made additional investments in February
2015 in a pre-IPO round. In March 2015, AGS
Transact filed papers with market regulator
Securities and Exchange Board of India (Sebi)
to raise up to INR 1,350 crore through an
IPO, which did not materialise.
IPOs
Capricorn Food to raise Rs.500-Cr
Money Control
Capricorn Food Products India Ltd, an
integrated food processing company, has
filed draft papers with markets regulator
Sebi to float an initial public offering.
The IPO comprises fresh issuance of equity
shares worth INR 171 crore and an offer for
sale of up to 76.43 lakh scrips by the
existing shareholders. Proceeds of the issue
will be used towards repayment of debt and
general corporate purposes. IIFL
Holdings, ICICI Securities and IDFC
Bank will manage the company's public
issue. The equity shares are proposed to be
listed on the BSE and NSE.
M&A
Rewant Ruia’s Nu Metal to lead $6-B
all-cash offer for Essar Steel
Economic Times
Nu Metal Corporation, a Rewant Ruia-led
consortium, is likely to make an all-cash
offer of USD 5-6 billion (about INR
33,000-40,000 crore) to retain the Ruia
family’s coveted asset Essar Steel. The
vehicle will have Russia’s VTB as the
largest shareholder with over 40% stake. An
arm of Bain Capital, or a second Russian
investor, is expected to step in after Hong
Kong-based SSG Capital pulled out of the
consortium. Rewant, the younger son of Ravi
Ruia, who founded the Essar Group along with
his brother Shashi Ruia, will hold at least
26% in the consortium. Some professionals,
including former SAIL chief S C Verma, an
ex-RBI official and a few Essar group
executives are the other shareholders of Nu
Metal.
Vodafone may sell its 42% stake in Indus
Towers to Bharti in $5-B share swap deal
Economic Times
UK’s telecom major Vodafone is in the final
stages of talks to sell its entire 42% stake
in Indus Towers for about USD 5 billion,
raising Bharti Infratel’s holding in the
company to 84% through a share-swap deal.
Bharti Infratel, a subsidiary of Bharti
Airtel, owns 42% in the Indus Towers joint
venture. While Idea has a 16% share in it,
the residual 42% is held by Vodafone. The
no-cash transaction, involving a share swap,
will see Vodafone getting a smaller pie of
the combined Bharti Infratel.
Canadian insurer ManuLife in race to buy
controlling stake in IDBI-Federal for $650-M
Economic Times
ManuLife (Manufacturers Life Insurance), the
largest life insurance firm in Canada, has
emerged as a lead contender to acquire a
controlling stake in insurance firm IDBI-Federal
for about USD 550- 650 million. Belgian insurer
Ageas and Federal Bank own 26% each in the firm,
while IDBI has the remaining 48%. The company
had an embedded value of INR 1,700 crore and
made a profit of INR 55 crore in FY17.
Bank of India puts Rs.2,400-Cr assets on the
block
Economic Times
Bank of India has put INR 2,400 crore of
distressed assets on the block, including the
accounts of Jai Balaji, Jyoti Power, Privilege
Power and Vandana Vidhyut. A total of 25
accounts are up for sale, with a number of
big-ticket loans in the power sector.
Railways’ unit Rites in talks to acquire 25% in
station development co IRDSC
Business Standard
RITES Ltd, a subsidiary of Indian Railways,
which is set to be listed, is likely to
diversify into station development by acquiring
a 25% stake in Indian Railway Stations
Development Corporation (IRSDC), which has a
more than INR 1 trillion uplift plan for 600
stations.
The government is likely to divest a 12% stake,
or 24,000,000 equity shares, in RITES through an
initial public offering (IPO) at a face value of
INR 10 each. SBI Capital Markets, IDBI
Capital Markets & Securities, Elara Securities
India and IDFC Bank are the advisors
to the IPO. RITES had a turnover of INR 15.09
billion in 2016-17.
Shell India drops plan to sell 30% stake in
Panna-Mukta
Mint
Shell India, the operator of the
Panna-Mukta-Tapti fields, a joint venture with
Reliance Industries and ONGC, has shelved its
plan to sell its 30% stake in the three fields.
Panna and Mukta are oil fields while Tapti is a
gas field located near state-run Oil and Natural
Gas Corp.'s (ONGC) Mumbai High complex. Shell
and RIL hold 30% stake each in the
Panna-Mukta-Tapti (PMT) joint venture, while
ONGC holds the remaining 40%.
HDFC in talks to acquire controlling stake in
CanFin Homes
Economic Times
HDFC is exploring the purchase of a controlling
stake in CanFin Homes, the listed mortgage unit
of state-run Canara Bank. This will involve
acquiring the entire 30% stake of Canara Bank in
the company. HDFC, which is in the process of
raising INR 13,000 crore, will use some of the
money raised to expand into the affordable
housing segment while Canara Bank wants to
offload stakes in units such as asset management
and housing finance to improve its capital base.
CanFin Homes has a market capitalisation of
about INR 6,000 crore. Besides Canara Bank,
various private equity funds hold stakes in the
company.
Greenko, Hero Future Energies eye Essel
Infraprojects’ solar biz
Mint
Greenko Group and Hero Future Energies Pvt. Ltd
are separately looking to acquire Essel
Infraprojects’ solar business. Essel
Infraprojects Ltd has mandated Investec to find
a buyer for its solar business. Essel
Infraprojects has a presence across green
energy, transportation, electricity transmission
and distribution, and urban infrastructure.
Wind power player CLP India eyes
transmission assets
Mint
CLP India Pvt. Ltd,is looking at
acquisitions to enter the transmission
business, considered a safer bet, given the
annuity nature of the business and risks
such as land acquisition, right of way and
forest clearance restricted to the
construction stage. With 1,000 megawatt
(MW), CLP India has one of the largest wind
power portfolios in India. In addition, CLP
India has an installed capacity of 2,000MW
from coal, gas and solar projects.
Mahindra, Piramal show interest in buying
Aamby Valley
Economic Times
The Mahindra Group and the Piramal Group
have reportedly shown interest in buying the
Sahara Group’s flagship property Aamby
Valley project that is under liquidation,
initiated by the apex court to recover
investors’ funds from the Subrata Roy-led
conglomerate. The apex court has allowed the
sale of Aamby Valley in parcels after the
official liquidator told the top court that
selling the whole property will be tough.
Market regulator the Securities and Exchange
Board of India (Sebi) had moved the apex
court in August 2014 to recover INR 36,000
crore from Sahara to refund investors or
bondholders who had purchased securities
from two group firms. The official
liquidator appointed by the Bombay HC for
the auction of the INR 37,000-crore Aamby
Valley project kick-started the process in
December by advertising its sale.
Warren Tea, Dhunseri vie for Assam Co.
Mint
Assam Co., which owes around INR 1,800 crore to
lenders, has attracted several suitors like MK
Shah Exports Ltd, Warren Tea Ltd and the
Dhunseri Group.
Liberty House in talks with banks over
revised Amtek bid
Mint
UK-based Liberty House Group is in talks with
the lenders of Amtek Auto Ltd to submit a
revised bid for the troubled auto component
maker after its previous bid was rejected by a
panel of lenders supervising Amtek’s bankruptcy
proceedings. Lenders rejected the only two bids
received from Liberty House and Deccan Value
Investors, on the grounds that they quoted less
than Amtek’s liquidation value. Amtek Auto is
currently undergoing resolution under the
insolvency and bankruptcy code (IBC)
With consolidated assets worth INR 26,080 crore,
the Amtek Group has operations across forging,
iron and aluminium casting, machining and
sub-assemblies.
RIL emerges sole contender to acquire stake
in JBF Industries
Mint
Billionaire Mukesh Ambani’s Reliance Industries
Ltd (RIL) has emerged as the sole contender to
acquire a part of polyester maker JBF Industries
Ltd’s operations in a transaction that will
include its entire overseas operations and an
upcoming plant in Mangalore.
JBF Industries was founded by Bhagirath Arya as
a yarn texturising company in 1982. Since then
it has expanded capacities in the polyester
value chain. JBF’s total consolidated debt was
at Rs10,848.53 crore as of March 2017.
Jaiprakash Power offers to sell Nigrie
project to NTPC
Economic Times
Jaiprakash Power Ventures Ltd has offered its
Nigrie power project in Madhya Pradesh to NTPC
for acquisition while State Bank of India has
proposed stake sale in three stressed plants of
Bajaj Lalitpur, Jaypee Infratech and Jindal
India Thermal to the state-run firm. Jaypee's
Nigrie 1,320-mw power project ran into financial
difficulties after deallocation of attached
captive coal block by Supreme Court.
Four small cos bid for Lanco Infra; banks fear
steep haircut
Economic Times
Four little-known companies - OPG Group, Prem
Energy, Goyal Group and Diva Group - have shown
interest in acquiring Lanco Infratech, the
holding company for several power and
infrastructure projects. This has stoked
concerns among the lenders that they might have
to accept a steep haircut to resolve this loan
totalling more than INR 45,000 crore.
Lanco Infratech, which faces total claims of INR
50,652 crore from financial and operational
creditors, is now in the middle of bankruptcy
proceedings.
Other Deals
Lenders ask Lakshmi Mittal to repay KSS Petron's
Rs. 13.4-B debt
Business Standard
Lenders led by State Bank of India have asked L
N Mittal to repay a debt of INR 13.40 billion
taken by KSS Petron, after the company defaulted
on its loans in India. Mittal owns a 33% stake
in KazStroyServices (KSS) of Kazakhsthan, an oil
infrastructure provider, in his personal
capacity. KSS owns 100% of KSS Petron, which
turned a non-performing asset (NPA) in 2015.
New Ventures
US-based Fluidmaster to hold 51% in
sanitaryware JV with Jindal Group
Press Release
Fluidmaster Inc has acquired a 51% stake in
Fluidmaster Jindal Sanitaryware India
Private Limited - a JV company incorporated
in 2017 - at an enterprise value of INR 80
crore (USD 12 million). Majmudar &
Partners represented Fluidmaster.
Kanth and Associates represented the
Jindal entities including Jindal
Sanitaryware Pvt Ltd, Jindal Plast India and
JS Industries, in the deal.
Expansion/Diversification
Pepsi bottler Ravi Jaipuria to enter UK market
with luxury brand TWG Tea
Mint
Ravi Jaipuria, who owns one of the largest
bottling franchisees of PepsiCo Inc, will enter
the UK market with TWG Tea Salons and Boutique,
a chain that serves luxury tea, dessert and
snacks, besides selling tea leaves in packets
and tea accessories. TWG, the Singaporean luxury
tea brand sells about 1,000 variants of tea—both
single estate and blends—priced between USD 6 to
USD 2,000 for 50 grams.
India Ahoy!
Japanese water purifier maker Nihon Trim enters
India
Business Line
Japan-based Nihon Trim Co Ltd, which is engaged
in sale and manufacture of water purifiers, has
entered into a JV with Medinippon Healthcare
Pvt. Ltd to launch its operations in India. The
company introduced its machine Trim Ion, which
is based on anti-oxidant water processing
technology, in Chennai. It will also introduce
bottled antioxidant water for the retail market
soon.
Sanjiv Goenka Group - Au Bon Pain part
ways
Mint
The RP-Sanjiv Goenka group has terminated
its partnership with the US firm ABP Corp.
to run Au Bon Pain cafes in India. The two
partners could not agree on the product
range sold through the cafes. Whereas the
local partner wanted to adapt Au Bon Pain’s
menu for the local palate, ABP Corp. wasn’t
keen to tweak it
Au Bon Pain Cafe India Ltd was started in
2009 as a step-down subsidiary of power
utility CESC Ltd. It had a share capital of
INR 116 crore at the end of March 2017. At
that time, there were 29 Au Bon Pain cafes
in Bangalore, Kolkata and Delhi. The venture
was led by Goenka’s daughter Avarna Jain,
and CESC held 93% in it at the end of the
last fiscal year.
New Incubators
LetsVenture to rope in the family offices to
invest in growth-stage startups
Economic Times
LetsVenture has launched “LV Titans” to
encourage and enable family offices to invest in
the emerging startup asset class. LetsVenture,
which has enabled the deployment of around USD
50 million into 135 companies through 700 angel
investors, now plans to get family offices to
invest in growth stage startups.
People
Legal firm PSA adds two Partners
Media Release
Law firm PSA has promoted Dhruv Suri to
partnership. Dhruv Suri re-joined the firm
after taking a break to do an LL.M. from
Columbia University. He also co-heads the
practice group that advises startups and
investors, both financial and strategic,
across sectors.
The firm has also hired Varun Kalsi as a
partner. Kalsi had been working with Dua
Associates for over 10 years, prior to which
he had also trained with PSA.
Regulatory News
Govt amends insolvency code for better
realization of stressed assets
Mint
The government has amended regulations under
the Insolvency and Bankruptcy Code to
introduce the concept of fair value and
ensure better realizations for assets
undergoing resolution. The amendments define
fair value as the estimated realizable value
of the assets on the starting date of
insolvency proceedings.
The regulations require the insolvency
resolution professional—who takes charge of
the assets—to hire two professional
registered valuers to determine the fair
value and liquidation value of the asset.
The insolvency professional then has to
provide these values to the committee of
creditors on condition of confidentiality.
The creditor panel takes the final call on
approving resolution plans submitted by
bidders.
The amended regulations also mandate that
the resolution professional submit
evaluation criteria to the resolution
applicants at least 15 days before the
submission of their plans. Any changes to
the evaluation criteria also have to be done
within the timeline.
Earlier this year, the Insolvency and
Bankruptcy Board of India (IBBI) had done
away with the requirement of disclosing the
liquidation value of an asset undergoing
resolution.
Pre-2016 startups may get breather from angel
tax
Economic Times
The Indian government is likely to shield
startups floated prior to 2016 from the
so-called “angel tax”. The finance ministry has
started discussions with the Department of
Industrial Policy and Promotion (DIPP) on the
certification of “genuine startups” to help with
this. The government has also asked tax
officials not to pursue cases against startups.
NCLT allows auction of ABG Shipyard arm Western
India
Mint
The bankruptcy court has allowed the auction of
the properties of Western India Shipyard Ltd, a
subsidiary of Gujarat-based ABG Shipyard Ltd,
which is one of the 12 large cases referred by
the RBI for early bankruptcy proceedings. The
Mumbai-bench of the National Company Law
Tribunal (NCLT) allowed Western India to auction
its assets while disposing of an intervention
application of the Mormugao Port Trust (MPT).
Lenders to Western India have appointed O.M.
Kanoongo as the interim resolution professional
and the board of the company has been dissolved
under the Insolvency and Bankruptcy Code (IBC).
This ruling will pave the way for ABG Shipyard
to divest its subsidiary which would help it cut
debt.
Govt may exempt recognized investors from angel
tax
Mint
The government is considering a proposal to
exempt investments from recognized angel
investor groups in start-ups from the angel tax.
A committee has been set up under the Securities
and Exchange Board of India (Sebi) to form a
framework for regulating angel investments
CCI slaps Rs 136-Cr fine on Google over
case filed by Matrimony.com
Business Line
The Competition Commission (CCI) imposed a
fine of INR 136 crore on search engine major
Google for unfair business practices in the
Indian market for online search. Passing the
order on complaints that were filed back in
2012 - by Matrimony.com and Consumer Unity &
Trust Society (CUTS) - the regulator said
the penalty is being imposed on Google for
“infringing anti-trust conduct”. It was
alleged that Google is indulging in abuse of
dominant position in the market for online
search through practices leading to search
bias and search manipulation, among others.
The penalty amount of INR 135.86 crore
translates to 5% of the company’s average
total revenue generated from India
operations from its different business
segments for the financial years 2013, 2014
and 2015, according to the CCI order.
Others
MakeMyTrip reports $45-M loss for Q3;
revenues rise 40% to $173-M
NASDAQ
MakeMyTrip Ltd. has announced a sharp loss
for the third quarter to $45.348 million,
compared to profit of $16.556 million last
year. Revenue for the quarter increased
39.9% to $172.48 million from $123.25
million a year ago. The company has recorded
other operating expenses of $32.63 million,
up from $18.202 million last year. Marketing
and sales promotion expenses increased to
$108.97 million from $44.55 million a year
ago.
Aditya Birla Fashion scales down US brand
Forever21
Mint
Aditya Birla Fashion and Retail Ltd (ABFRL), the
licensee of American fast fashion brand
Forever21, is downsizing the brand’s stores and
cutting costs as sales from the fast fashion
business have declined. ABFRL reported a loss of
INR 23 crore in the fast fashion business during
the quarter ended December 2017, even as sales
from the business declined 14% from a year
earlier to INR 114 crore (net sales value, or
NSV).
Essar Steel lenders to invoke Ruias’
guarantees
Economic Times
Lenders to the publicly listed Essar Steel, led
by the State Bank of India, have decided to
invoke personal guarantees furnished by the
Ruias, the promoters, even as the company
undergoes bankruptcy proceedings. The guarantees
will also be invoked in cases headed for the
National Company Law Tribunal (NCLT) that
haven't been admitted yet. Brothers Ravi Ruia
and Prashant Ruia have given personal guarantees
to several banks for loans to Essar Steel, while
Essar Investment and Essar Steel Asia Holding
have given corporate guarantees.
The company faces claims of INR 49,138 crore
from financial creditors. SBI accounts for the
largest share of INR 13,131 crore, followed by
IDBI Bank at INR 4,739 crore, Canara Bank at INR
3,798 crore and ICICI Bank at INR 2,481crore.
IDBI Bank asked to take Bilt Graphic
Papers to bankruptcy court
Economic Times
The Reserve Bank of India has directed IDBI
Bank to refer Bilt Graphic Papers, a part of
Avantha Group, to bankruptcy court after
rejecting the debt recast package on the
grounds that only 70% of lenders have signed
the revival package. Bilt Graphics was among
the 29 companies which the regulator had
directed banks to initiate insolvency
proceedings against, if a resolution plan
was not put in place before December-end
2017. Bilt has borrowed close to INR 7,000
crore from banks in the form of secured and
unsecured loans.
In April last year, Axis Bank and ICICI Bank
sold loans of INR 600 crore and INR 1,200
crore respectively to Edelweiss ARC. State
Bank of India, the lead bank, also sold its
loans to Edelweiss ARC.
Ola signs MoU with Govt of Assam to pilot river
taxis
Inc42
Ride-hailing company Ola has signed an MoU
(Memorandum of Understanding) with the
government of Assam for a pilot project of river
taxi services in Guwahati at the ongoing Global
Investors Summit: Advantage Assam. The river
taxi will be a machine-operated boat, and is
likely to offer a faster and safer mode of
travel compared to conventional transport
options.
Public infra assets may be monetised via InvIT
model
Economic Times
The sale of India's pipelines, railway tracks,
power plants and transmission grids could be on
the cards through Infrastructure Investment
Funds (InvITs). The government is hoping that
this will help companies monetise mature assets
and raise funds for fresh investments that could
be ploughed into upgrading the country's
infrastructure. This year's Budget suggested the
use of InvITs to monetise roads by the National
Highways Authority of India (NHAI). The idea may
be expanded to include other assets as well.
Cab aggregator Ola shuts down bus service
Shuttle across cities
MoneyControl
Cab-hailing platform Ola has decided to close
its bus service ‘Shuttle’ as part of a "re-
balancing" exercise of its portfolio. It has
terminated the bus services in the
Delhi-National Capital Region, Mumbai, Kolkata,
Chennai and Hyderabad from February 3.
Supreme Court cancels iron ore mining leases of
88 cos in Goa
Business Line
The Supreme Court has cancelled the second
renewal of iron ore mining leases given to 88
companies in Goa in 2015. The apex court
directed the Centre and the Goa government to
grant fresh environmental clearances to them.
CaratLane to pull out from Amazon, Flipkart
Economic Times
Titan-backed jewellery portal CaratLane has
stopped selling on Amazon and Flipkart and
pulled out its listings over the past six
months, citing very little contribution from
these platforms. These platforms contributed
only 0.2% each to CaratLane's sales.
CaratLane's revenues grew to INR 177 crore in
FY17 from INR 131 crore the year FY16. CaratLane
has also seen its offline contribution grow to
40% of revenues, after launching two stores in
2012, up to 36 now.
EBay writes off $61-M on its investment in
Snapdeal
INC42
US-headquartered multinational e-commerce
corporation eBay has written off USD 61 million
of its investment in online marketplace Snapdeal.
As part of the deal, eBay also entered into a
strategic commercial agreement with Flipkart, to
sell its eBay.in business to the homegrown
ecommerce unicorn.
Economic Laws Practice
("ELP") is a leading full-service Indian law
firm established in the year 2001 by eminent
lawyers from diverse fields. The firm’s
Private Equity & Venture Capital practice
brings onboard a unique understanding of
commercial matters and legalese to be able
to provide effective solutions to all
stakeholders in a transaction. The team
looks at providing a bespoke legal service
experience, which is sector agnostic in
nature and driven towards successful
consummation of the relevant transactions.
ELP advises clients on all aspects of
private equity and venture capital
transactions, whether from a fund formation
perspective or a potential portfolio
investment or a relevant exit transaction.
Our services include right from
conceptualising a structure, to conducting
the legal due diligence exercise, to the
preparation of the relevant documentation,
to providing assistance to the final closure
including negotiations and corporate
secretarial assistance.
ELP is the firm of choice for clients
because of its in-depth expertise,
continuous availability, geographic reach,
transparent approach, competitive pricing
and most importantly the involvement of
partners in every assignment.
“Avalon Consulting, among Asia’s top-rated consulting firms, is proud to announce a partnership with Cordence Worldwide. With this partnership, Avalon becomes the 11th member firm of the partnership, which now has 3000+ professionals, a presence in 23 countries through 70+ network offices around the world. For more details click here”
Founded in 1989, Avalon Consulting is an international management consulting firm that offers services in growth strategy, business transformation and transaction support to clients across a wide range of sectors including Agribusiness, Automotive, Chemicals, Construction, Education, Engineering, FMCG, Healthcare, Pharmaceuticals and Retail. It has offices in Mumbai, Delhi, Chennai, Bangalore and Singapore serving clients across India, Middle East, South East Asia, China, Europe and the US. Avalon Consulting is a member firm of Cordence Worldwide, a global management consulting partnership.
Connect with Avalon Consulting on Twitter, Facebook and LinkedIn to receive interesting insights and updates.
Basiz is a high end and
specialized fund accounting service provider
with international footprints, with offices
in Mumbai, Chennai and Coimbatore in India,
besides Singapore, London and New York.
Basiz primarily focuses on servicing Fund
administrators, Hedge Funds, Mutual Funds,
Private Equity / Venture Capital Funds,
Family Offices, REIT Funds, Insurance
Portfolios and Managed Accounts.
Contact Information
Sesh A.V ACA, Managing Director
Basiz Fund Services Pvt. Ltd
M: +918286008554, E:
sesha@basizfa.com
http://www.basizfa.com
Spark Capital
is one of India’s leading mid-market,
full-service Investment Banks. Having our
genesis from the south in 2001 and now
having a pan-India presence, we offer
services encompassing Investment Banking,
Institutional Equities, Fixed Income
Advisory and Wealth Advisory. Our key
differentiator is the ability to offer
services that benefit from an amalgam of the
experience of our founding members and the
contemporary thinking of our young
leadership team. Our core values of
integrity; putting customers first; and
seeking partnerships that are mutually
beneficial, help us build sustainable,
long-term relationships with clients. Our
services include equity and debt capital
raising in private and public markets; M&A
advisory; research-led public-market stock
ideation; and customised wealth advisory
solutions. Sectors where we have built
considerable domain strength and transaction
experiences are BFSI, Healthcare, Consumer,
Technology, Infrastructure and Industrials.
Our commitment to staying the course with
respect to our core values; our strong
entrepreneurial culture; an ability to
attract and retain high quality talent; and
our gradual expansion of markets and
services has served as cornerstones of our
evolution. Over the past three years, we
have advised on over 30 deals aggregating to
USD 1.8 billion; scaled up research coverage
to over 200 listed stocks; and rapidly grown
assets-under-advice on the back of
above-market performance of client
portfolios.
For more details please visit
www.sparkcapital.in
Technology Holdings is an M&A and strategic advisory group that assists companies and private equity funds globally with their acquisition, growth and exit strategies. We are exclusively focused on creating strategic transactions for IT Services & BPO, Technology & SaaS, Analytics, Digital Transformation, Healthcare IT/BPO and Engineering Services companies. Technology Holdings has offices across India, USA and the UK.
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For more information, please visit:
http://www.technology-holdings.com/
Write to us at:
anurag@technology-holdings.com
or call us at +91-9108671235
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