Venture Intelligence
January 05, 2018 - Weekly Edition
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The Big Story

PE-VC Exits hit all time high in 2017 on back of Buoyant Public Markets

IT Cos deliver most exits; Share of M&A exits decline

Private Equity exits in India touched an all time high of $13.7 Billion (across 276 deals) during calendar year 2017 - 38% more than the $9.9 Billion registered in the previous high in 2015, Venture Intelligence data shows. The exit value was also 57% higher than $8.7 Billion (across 268 deals) registered in 2016. The exit value includes $7.7 Billion of Complete Exits and $6 Billion in partial ones. These figures - which include exits from Venture Capital type investments and exclude exits from Real Estate investments - take the total realization by PE-VC firms in the five year period starting in 2012 to about $42.6 Billion (across 1,232 transactions).


32 exits - i.e. 12% of the total deals - were over $100 million in value and accounted for 65% of the overall value harvested during the year. Building on its strong run on the exits front in 2016, KKR notched up the largest PE exit of 2017 when French company Altran Technologies acquired its engineering services portfolio company Aricent for a total enterprise value of $2 Billion. (KKR and Sequoia Capital India had acquired 85% stake in Aricent - then called Flextronics Software Systems - In 2006 for a total of $765 million. Subsequently KKR had invested more into the company.) The second largest exit deal in 2017 (by value) was Tiger Global’s partial exit from Flipkart by selling shares worth a reported $800 million to SoftBank Vision Fund. (Tiger Global had invested about $1 Billion in Flipkart across multiple rounds starting from Dec 2009 when the firm was valued at $42 million).

The third largest exit was the $720 million stake sale by Apax Partners in IT Services firm GlobalLogic. Apax Partners sold half of its 96% stake in GlobalLogic to Canada Pension Plan Investment Board (CPPIB). (Apax Partners had acquired GlobalLogic for $420 million in 2013.)

SoftBank was also provided the exit of SAIF Partners from Paytm by buying stake worth $400 million.


IT & ITeS companies produced the most exits in 2017 delivering $6.2 Billion across 62 transactions. IT companies accounted for 45% of the value pie and 23% in terms of volume. Top IT exits in the year were those of Aricent, Flipkart, GlobalLogic and One97 Communications. IT & ITeS was followed by BFSI and Healthcare & Life Sciences companies.


Public Markets & Secondary Sales overtake Strategic Sales

2017 witnessed investors offloading shares worth over $5.3 Billion via the public markets across 154 transactions. 18 out of the 22 PE-backed IPOs in 2017 saw PE investors selling as part of the IPO. (2016 had witnessed 16 PE-Backed IPOs, of which PE investors sold as part of 15 issues.). Over 70% of the PE Backed IPOs happened in the second-half of the year. Strategic sales were relegated to third slot in terms of exits taking a back seat to both Public Market sales and Secondary Sales.

Done Deals
Done Deals

Private Equity Fund Investments

Vatika Group raises Rs.800-Cr structured debt from Piramal Finance

Economic Times

Gurgaon-based real estate firm Vatika Group raised INR 800 crore from Piramal Finance as structured debt for supporting the growth plans of one residential and two hospitality projects in Gurgaon. The company has raised around INR 200 crore for its housing project on Dwarka Expressway and around INR 600 crore for its hotels Westin Gurgaon and Westin Sohna. Property consultant CBRE was the transaction advisor for the deal.

The Vatika Group had raised around INR 1,600 crore in three transactions in December 2016. It had raised INR 700 crore from another NBFC Altico Capital, INR 425 crore as construction finance from Piramal Fund Management and INR 495 crore from Axis Bank.

Alibaba to invest $100-M in XpressBees Logistics

Economic Times

China’s Alibaba Group Holdings is to pick up a significant minority stake in logistics company XpressBees by making an investment of up to USD 100 million. XpressBees is the logistics business spun out of baby and maternity products retailer FirstCry. Investors in XpressBees include SAIF Partners, IDG Ventures India, NEA, Vertex Ventures and Valiant Capital, who may sell a part of their stake in the deal.

XpressBees saw its revenue go up by 121% in FY 2017 to INR 185.42 crore while losses grew 61% to INR 57.71 crore.

From the Venture Intelligence PE/VC Deal Database: Starting in Nov-15, XpressBees has raised about $28.4 M across three rounds from investors including SAIF, Vertex Ventures, IDG Ventures India, Kris Gopalakrishnan, Outbox Ventures, Valiant Capital and Paytm. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Realtor Supertech raises Rs.430-Cr from Altico; repays Rs.70-Cr to Indiabulls

Economic Times

Altico Capital has invested INR 430 crore in a mixed-use project being developed by property developer Supertech in Noida. Supertech will use INR 70 crore of the raised funds for repaying the loans taken from Indiabulls Group. Altico's investment will be used to develop Supertech's Capetown project in Sector-74, Noida, which includes ORB and CapeLuxe Towers. The project has around 11 million sq ft, of which around 5.5 million sq ft has been delivered and possession has been handed over for over 4,300 units.

NBFC firm Ess Kay to raise Rs.200-Cr; BanyanTree to exit

Media Release

Ess Kay Fincorp Limited has attracted INR 200 crore through a combination of primary issuance and secondary sale of shares to Norwest Venture Partners, Baring Private Equity India and Evolvence India Fund. Through this transaction, the existing investor BanyanTree Growth Capital, has completely exited the company. Spark Capital acted as the exclusive financial advisor to the company for the transaction.

Ess Kay, founded in 1994, provides used vehicle finance and SME (Small and Medium Enterprises) finance to customers in rural and semi-urban India. It funds used CVs/Tractors/Cars and provides business loans to SMEs. EssKay operates through a network of ~240 branches in 6 states has an AUM of ~INR 11 Bn with ~75,000 customers. The company expects to use the primary funding to invest into building scale and expanding its operations into new geographies.

From the Venture Intelligence PE/VC Deal Database: In Mar-12, BanyanTree Growth Capital had invested INR 18 Cr in Ess Kay. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.).

KKR invests Rs.193-Cr in Kolte Patil- I-Ven JV township in Pune

Economic Times

Kolte-Patil Developers' joint venture (JV) company Kolte-Patil I-Ven Townships (Pune) is to raise INR 193 crore from global investment firm KKR. The company is a JV between Kolte-Patil and ICICI Venture Funds Management Company. KPIT is developing Life Republic, a 383-acre township located in Pune's Hinjewadi area. The company will use the funds to attain financial closure at R1 sector of the project.

Rabo Equity picks up 40% in Olive Bar & Kitchen for Rs.100-Cr; Aditya Birla PE exits


Rabo Equity Advisors has picked up about 40% stake in Olive Bar and Kitchen Pvt. Ltd, which specializes in Mediterranean food, for INR 100 crore. India Agri Business Fund II has bought the stake from Aditya Birla Pvt Equity along with a few other selling shareholders. Olive Bar & Kitchen has 33 outlets and claims a revenue of INR 200 crore.

Digital lender EarlySalary raises $15.8-M from Eight Roads Ventures, others

Economic Times

Digital short term loan startup EarlySalary has raised INR 100 crore in series B round of funding which was led by Eight Road Ventures. The round also saw the participation of its existing investors DHFL, IDG Ventures India and seed investor Ashok Aggarwal. The Pune-based startup plans to use the funds to launch a line of credit product for its customers and scale up business to target 1 lakh loans to be disbursed per month.

In the previous round of funding, EarlySalary had raised around USD 4 million from Dewan Housing Finance (DHFL) and IDG Ventures.

Eight Roads leads $10-M investment in opticals chain Specsmakers; Fulcrum part-exits

Economic Times

Optical retail chain Specsmakers Opticians has raised USD 10 million (about INR 64 crore) in funding led by Eight Roads Ventures India. Fulcrum Venture has made a partial exit with this deal. Sandeep Singh, principal at Eight Roads Ventures will join the board at Specsmakers. The funding round saw participation from existing investor Atma Ram Family Office and other individual investors. The funds will be used for expanding operations in other cities.

Specsmakers is an optical retail chain with over 110 company-owned stores across Chennai, Bengaluru and Madurai.

Vivimed Labs raises addl $7.5-M from OrbiMed


Healthcare focused investor OrbiMed, via OrbiMed Asia, has invested USD 7.5 million more in Vivimed Labs (Mascarene), the holding entity of API business of publicly-listed drug firm Vivimed Labs. The company had earlier raised USD 42.5 million from OrbiMed Asia in September 2017.

Identification services provider IDfy raises $3-M from NEA, others

Mumbai-based Baldor Technologies, which offers identification verification services under the IDfy brand, has raised USD 3 million from NEA, NB Ventures and Dream Incubator. IndigoEdge was the transaction advisor to the deal.

From the Venture Intelligence PE/VC Deal Database: Between 2012-2015, IDfy raised USD 3.3 million from Blume Ventures, Beenext and NEA. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

IOB sells Bhushan Steel account to SSG Capital at 40% write-off

Business Standard

Indian Overseas Bank (IOB) has sold its Bhushan Steel account to SSG Capital with write off amounting to less than 40% of debt. SSG Capital was the largest bidder with INR 376 crore. Other bidders included Edelweiss, J M Financial and Pegasus. IOB’s exposure to Bhushan Steel was INR 650-700 crore.

CDC Group sets up clean energy platform Ayana Renewable Power


CDC Group announced the launch of Ayana Renewable Power, a renewable energy platform for India and neighbouring countries. Ayana will develop hundreds of megawatts of generation capacity for under-served Indian states and neighbouring countries including Bangladesh, Nepal, Myanmar and Sri Lanka.

CDC Group has appointed Shivanand Nimbargi as managing director and chief executive officer, and P.J. Nayak as chairman of Ayana.

Angel Funding

Lingerie startup Buttercups raises funds from Rajan Anandan, others

Economic Times

Lingerie startup Buttercups has raised fresh funding from angel investor Rajan Anandan and existing investors Kanwaljit Singh and Anand Chandrasekaran. The funding is likely to help the company stay afloat after it failed to raise its series-A round. Anandan invested in the company through Lets-Venture. The company clocked revenues of INR 1.04 crore in FY17.

Liquidity Events

Pharma chain MedPlus’ promoter buys back PE investors’ stake; raises Rs.750-Cr debt


Madhukar Gangadi, the promoter of pharmacy retail chain MedPlus Health Services Pvt. Ltd, has raised around INR 700-750 crore (about USD 115 million) in debt financing from Goldman Sachs to buy-out the 69% stake held by existing PE investors in the company - viz Mount Kellett Capital, TVS Capital and IndiaVenture. Madhukar Gangadi now owns around 90% stake in the company.

Mount Kellett held 49% in MedPlus through its arm MKCP Direct Investments (Mauritius) IV Ltd. TVS Capital’s TVS Shriram Growth Fund I owned 10.59% and India Venture Trust Fund-I held 9.09%.

Realtor Prestige buys CapitaLand’s stake in various shopping mall projects for Rs.342-Cr


Real estate firm Prestige Group, through a subsidiary, has acquired Singapore-based CapitaLand Ltd’s stake in entities engaged in shopping mall projects across India for around INR 342 crore. The real estate firm will acquire the following:

  • 49% stake in Prestige Mysore Retail Ventures Pvt Ltd (Forum Centre City Mall, Mysore)

  • 49% stake in Prestige Mangalore Retail Ventures Pvt Ltd (Forum Fiza Mall, Mangalore)

  • 50% stake in Prestige Garden Constructions Pvt Ltd (Forum Neighbourhood Mall and Oakwood Serviced Residences, Bangalore)

  • 24.50% stake in Babji Realtors Pvt Ltd (Forum Sujana Mall, Hyderabad)

  • 13% stake in Thomsun Realtors Pvt Ltd (Mall at Kochi)

  • 100% stake in Flicker Projects Pvt Ltd (Celebration Mall, Udaipur)

  • 50% stake in CapitaLand Retail Prestige Mall Management Pvt Ltd

Property developer Prestige buys back Red Fort Capital’s stake in JV for Rs.324-Cr

Times of India

Publicly listed realty firm Prestige Estates, through a wholly owned special purpose vehicle (SPV), is acquiring 66.66% stake from private equity partner Red Fort India and landowners in group company Prestige Projects Pvt Ltd (PPPL) for INR 324 crore. PPPL has a land parcel measuring over 180 acres, near Sarjapur Road, Bengaluru. Prestige Group intends to develop an affordable and mid- income housing project on this land.

From the Venture Intelligence PE-RE Deal database: In September 2012, Red Fort Capital had invested INR 200 crore in Prestige Group

Kedaara Capital sells Mahindra CIE Automotive shares worth Rs.102-Cr

Kedaara Capital, via Ainos Holdings Limited, has sold 4,087,600 shares at INR 250.31 per share through BSE on Dec 27, 2017 of publicly listed Mahindra CIE Automotive Ltd. The sale, which constitutes 1.08% stake of the company, aggregated to INR 102.32 Cr. Post deal, the investor would hold 2.73% stake (10,322,902 shares) in the company.

From the Venture Intelligence PE/VC Deal Database: In Feb 2015, Kedaara Capital invested INR 300 Cr for 50% stake in Bill Forge. In Sep 2016, Bill Forge got merged with Mahindra CIE Automotive. As a result of the merger, Kedaara Capital ended up getting stake in the target.

IFC sells Jain Irrigation Systems shares worth Rs.94.14 Cr, registers 1.91x return

IFC has sold 7,500,000 shares (1.51% stake) on BSE of publicly listed Jain Irrigation Systems Ltd. on Jan 04, 2018. The sale, at INR 125.52 per share, aggregated to INR 94.14 Cr. Post-deal, the investor would hold 1.14% stake (5,667,025 shares) in the company and 1.71% stake (329,445 shares) in Jain Irrigation Systems (DVR).

From the Venture Intelligence PE/VC Deal Database: In Dec 2008, IFC had invested INR 72 Cr in the company. In Sep 2012, the investor invested additional INR 56 Cr in the form of equity and USD 75 million in the form of ECB.

MicroVest sells Satin Creditcare Network shares worth Rs.18.36 Cr, registers 4.85x return

MicroVest, via MV Mauritius Limited, has sold 430,000 shares (0.96% stake) on BSE of publicly listed Satin Creditcare Network Ltd. on Jan 04, 2018. The sale, at INR 427.01 per share, aggregated to INR 18.36 Cr. Post-deal, the investor would hold 5.94% stake (2,655,520 shares in the company).

From the Venture Intelligence PE/VC Deal Database: In Mar 2013, MicroVest invested INR 29.89 Cr at INR 85.50 per share.

Infosys divests its full stake in ANSR Consulting for $1-M


Publicly-listed Infosys Ltd has divested its entire stake in ANSR Consulting Holdings, Inc., a Delaware corporation for USD 1 million.

From the Venture Intelligence PE/VC Deal Database: In July 2015 Infosys Innovation Fund had invested $1.4 million in ANSR Consulting

Other Private Equity/Strategic Investments

Spice Digital to invest $3.9 M in lending platform AnyTimeLoan


Spice Digital, a subsidiary of mobile phone company Spice Mobility, has invested INR 25 crore in peer-to-peer lending platform AnyTimeLoan, operated by Luharia Technologies Pvt Ltd (LTPL). SDL (Spice Digital) will invest in 0.1 % CCPS of LTPL for 30% stake.

Sotheby-arm RealPro Realty raises $2-M


RealPro Realty Solutions Pvt. Ltd, the Indian arm of luxury real estate advisory services provider Sotheby’s International Realty, has raised USD 2 million from an ultra-high-net-worth individual. The company plans to use the funds to open more offices across cities in India and will establish India desks overseas, focusing on the Indian diaspora.

RealPro provides marketing and other transaction advisory services to clients intending to buy or sell luxury real estate properties globally. In May last year, RealPro Realty has raised USD 7 million from Brand Capital and some HNIs.

Health food brand True Elements raises Rs.5-Cr from RP- Sanjiv Goenka group, others


Health food brand True Elements, operated by HW Wellness Solutions Pvt. Ltd, has raised INR 5 crore (USD 789,000) in a round led by retail major RP-Sanjiv Goenka Group. The pre-Series A round also saw participation from existing investors and a few new investors. The Pune-based company plans to use the fresh funds for product development, marketing and go-to-market initiatives.

True Elements offers a range of snacks and natural supplements through its website and other online marketplaces. The company also operates a wellness solutions portal under the brand name, which offers health advisory content besides marketing and selling health and wellness products and services. In 2015, the company had raised around USD 200,000 from a clutch of angel investors.

BCCL invests in online lending platform FinREQ


Bennett Coleman and Co Ltd (BCCL) has acquired a stake in online lending platform FinREQ. FinREQ has developed its own algorithm, analytics and matchmaking features for its online lending platform which connects the right borrowers with the right lenders. The portal has tie-ups with more than 50 leading lenders in the country and is sector agnostic. It also offers debt products for lending.

Cube Highways sells minority stake to Mitsubishi-led investors’ consortium

Press Release

Cube Highways has sold a minority stake to Japan Highways International (JHI), a consortium of infrastructure investors led by Mitsubishi Corporation. Cube Highways was formed by two global institutions, I Squared Capital and International Finance Corporation (IFC). It manages a diverse portfolio of toll and annuity roads.


Reliance Jio to acquire R-Com’s wireless assets for Rs.24-K Cr

BSE, Legally India

Publicly listed Reliance Communications Ltd (R-Com) has signed binding agreements with Reliance Jio Infocomm Ltd, a subsidiary of Reliance Industries Ltd, for the sale of wireless spectrum, tower, fiber and media convergence node (MCN) assets. An asset monetization process for R-Com assets was mandated by the lenders of the company, who appointed SBI Capital Markets to run a two-stage process in which Reliance Jio emerged as the successful bidder. The deal size is pegged at about INR 24,000 crore.

Post-agreement, Jio will acquire assets under four categories – towers, optic fiber cable network (OFC), spectrum and media convergence nodes (MCN) from R-Com and its affiliates. The deal consideration comprises primarily of cash payment and includes transfer of deferred spectrum instalments payable to the Department of Telecommunication (DoT). R-Com will use the proceeds of this deal solely for prepayment of debt to lenders. R-Com is saddled with a debt of around INR 45,000 crore.

Jio is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial, Davis Polk & Wardwell, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young on this transaction. J Sagar Associates (JSA) acted for the joint lenders forum convened by the client State Bank of India for the debt resolution and restructuring of Reliance Communications Ltd, Reliance Telecom Ltd and Reliance Infratel Ltd (R-Com Group).

Product engg co eInfochips to be acquired by US-based Arrow Electronics for Rs.1,800-Cr

Economic Times

US-based Arrow Electronics is to acquire GVFL-backed eInfochips, an Ahmedabad-based product engineering and software R&D services company, for INR 1,800 crore. Avendus was the adviser to the transaction.

From the Venture Intelligence PE/VC Deal Database: In November 2008 and May 2012 GVFL had invested INR 11 crores and INR 2.57 crore in eInfochips. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Vedanta acquires 51% in Japanese LCD glass maker AvanStrate from Carlyle for $158-M


Publicly listed Vedanta Ltd, via its wholly owned subsidiary Cairn India Holdings Limited (CIHL), has acquired a 51% stake in Japanese glass substrate manufacturer AvanStrate Inc from global private equity firm Carlyle Group for USD 158 million. CIHL will take over AvanStrate's debt of face value USD 299 million for USD 151 million from the company's lenders and extend USD 7 million as a loan. Nomura acted as the financial adviser to CIHL on this transaction.

AvanStrate manufactures glass substrates for small and medium-sized high-resolution thin film transistor (TFT) liquid crystal display (LCD) panels, used in screens for devices including smartphones, cameras, flat screen televisions and tablets. AvanStrate has operations in Korea and Taiwan. It had a net profit of USD 1.4 million on a turnover of USD 169 million for the year ended March 31, 2017.

Havells sells balance stake in Sylvania for $43-M


Havells Holding Ltd, a subsidiary of Havells India, has completed the sale of remaining 20% stake in Feilo Malta Ltd to Shanghai Feilo Acoustics Co. Ltd for 34.5 million euros. HHL, through its subsidiary Havells International, has also completed the sale of 100% stake in Havells Sylvania Thailand Ltd to Fielo for 1.6 million euros.

The process of winding up of the entity in US has been initiated and for Chile the same will be initiated shortly. Further, the company has initiated the process for redemption of 26 million euros from its investment in HHL.

From the Venture Intelligence M&A Deals Database: In Dec-2015, Havells sold 80% in European unit Sylvania for INR 1,100 Cr to China’s Shanghai Feilo Acoustics. Havells had originally acquired Sylvania in Mar-07 for $300-M.

Aurionpro to sell ID, access mgmt business to KPMG for Rs.217-Cr


KPMG LLP has agreed to acquire the Identity and Access Management (IAM) business of Cybernic, a subsidiary of publicly-listed Aurionpro Solutions Ltd for INR 217.6 crore. The acquisition excludes the product - Cyberinc Entitlement Server.

Cyberinc’s IAM business is a 190-person global team with significant presence in the US, India, Australia, and the UK. It contributed INR 172 crore in global revenues during FY 16-17. Indian revenue stood at INR 22 crore.

Tata Global Beverages sells 32% stake in Sri Lankan JV for Rs.120-Cr

BSE, Mint

Tata Global Beverages Ltd had agreed to sell its 31.85% stake in Watawala plantations in Sri Lanka to Colombo-based Sunshine Holdings Plc. TGBL divested its holdings of 1,20,78,406 shares in its Joint Venture, Estate Management Services Pvt. Ltd, the managing agent for the Watawala plantations, constituting 31.85% of the issued capital of EMSPL for INR 120 crore.

Lenders sell Raj Oil Mills for Rs.62-Cr to Rubberwala Housing

Economic Times

Raj Oil Mills, a company which owned household brand names of the ’90s — Cocoraj Coconut Hair Oil and Guinea groundnut oil — will have a new owner. The lenders to the company have managed to sell it in the default resolution process to Rubberwala Housing, which is into oil trading and real estate business. The lenders will receive INR 62 crore against their outstanding dues of INR 115 crore, which means taking a haircut of 46%.

Raj Oil Mills was referred to the National Company Law Tribunal by Edelweiss Asset Reconstruction Company. Other lenders to the firm include Karur Vysya Bank and Shamrao Vithal Cooperative Bank.

NIIT buys US technology training firm Eagle Intl for $8-M


Publicly listed NIIT Limited, via its subsidiary NIIT(USA), has acquired a 100% stake in Eagle International Institute Inc., USA in an all cash deal for USD 8.1 Million. Eagle was incorporated in 1988 and is engaged in the business of providing technology training and work-process consulting for clients primarily in the Pharmaceutical & Life Sciences industry. It had reported consolidated revenue of USD 10.7 Million (provisional) for financial year ending December 2017.

EbixCash acquires money transfer biz of Transcorp for $7.4-M

Economic Times

EbixCash, the Indian unit of US software services entity Ebix, has acquired the money transfer business of Transcorp International for approximately USD 7.4 million. With this buy, EbixCash would get access to 7,500 distribution outlets and 70 branches of Transcorp which processes around 1.7 m transactions per year.

Phoenix Mills buys balance 22.67 % in subsidiary Graceworks from HBS Realtors for Rs.10-Cr

Economic Times

Publicly-listed retail-led asset developer and operator The Phoenix Mills has bought out 22.67% stake in subsidiary Graceworks Realty & Leisure from HBS Realtors.

Phoenix Mills' another subsidiary Phoenix Hospitality Company already holds 77.23% stake in Graceworks Realty & Leisure. Phoenix Mills holds 56.92% stake in Phoenix Hospitality Company and hence its stake in Graceworks Realty & Leisure, post this acquisition, stand at 66.69%. The company has completed the acquisition for consideration of INR 10 crore on December 29.

EPS acquires NCR’s ATM maintenance contracts worth Rs.55-Cr

Media Release

Electronic Payment Solutions has acquired certain assets and contracts of NCR Corporation India for outsourcing of installation and maintenance of cash dispensers for INR 55 crores ($8.67 million). AZB & Partners was the legal advisor to NCR Corporation India on the deal.

From the Venture Intelligence PE/VC Deal Database: PE-VC investors in Electronic Payment and Services including Apis Partners, Aavishkaar and FMO.

Former Religare CEO Shachindra Nath to buy Chokhani Securities


Former Religare CEO Shachindra Nath and Gurgaon-based Poshika Advisory Services are to acquire a majority stake in publicly-listed Chokhani Securities - via a purchase of 29,16,800 equity shares from its promoters Ramakant Chokhani, Anand Chokhani and Neelam Chokhani. Shachindra has been appointed as Managing Director for a period of 5 years. The acquirers have made an open offer an additional 3,51,683 shares. Equirus Capital is the manager to the open offer. Deepender Anil & Associates issued the valuation report. Chartered Capital and Investment provided Fairness Opinion.

Chokhani Securities had total assets of INR 34.24 crore, a net worth of INR 34 crore and annual revenue of INR 2.3 crore as of March 2017. As of September 2017, the promoter family of Chokhani Securities owned about 73.8% of the company. The deal also involves a merger of the lending business of Asia Pragati Capfin Pvt. Ltd, comprising of business of extending term loans and working capital loans to SME companies, with Chokhani via an all-stock transaction. The fair exchange ratio for propose merger is one lakh shares of FV INR 10 of CSL for every 13,65,162 equity shares of Asia Pragati Capfin of FV INR 10. APCPL has a total assets of INR 145.27 crore with a turnover of INR 9.06 crore as on March 31, 2017. Its networth was INR 145.15 crore.

Chokhani is to also raise PE funding from ADV Capital and Indgrowth Capital. Indgrowth Capital Fund I will invest about INR 45 crore by subscribing to 34,88,372 CCDs of INR 129 each which would be converted into 1 equity share (of INR 10 each). Clearsky Investment Holdings Pte Ltd (an affiliate of ADV Partners) and NewQuest Asia Investment III will each be issued 12,79,069 equity shares at INR 129 each aggregating to INR 16.5 crores and 138,37,210 CCDs of INR 129 each converted into 1 equity share (of INR 10 each) aggregating to INR 178.5 crore.

Auto component player Samvardhana Motherson acquires MS Global India


Samvardhana Motherson International Ltd (SAMIL), the holding firm of auto component major Samvardhana Motherson Group, has acquired 100% stake in MS Global India Pvt. Ltd (MSGI) from Korea-based MS Group. The acquisition will allow SAMIL enter a new vertical-sheet metal parts with focus on hot stamping—a technology for high strength sheet metal parts. MSGI is a supplier of frames for chassis of commercial vehicles.

HCG to merge Triesta unit with Strand Life Sciences


Publicly listed Healthcare Global Enterprises (HCG) is to merge its Triesta Sciences business unit into fellow Bangalore-based Strand Life Sciences. Triesta provides clinical reference laboratory services with a specialisation in oncology and operates laboratories in several HCG hospitals across India. Triesta also offers R&D services in the areas of clinical trial management and biomarker discovery to pharma and biotech companies. The merger will create an integrated platform with capabilities in precision medicine-proprietary analytics, clinical research, access to the HCG biorepository, genomic technologies, assay development and validation and a network of laboratories offering a broad menu of tests.

Strand, established in 2000 as a spin-off from the Indian Institute of Science, is a bioinformatics company working with global technology vendors and research laboratories, and is the leader in genomic testing for cancer and inherited diseases in India.

From the Venture Intelligence PE/VC Deal Database: Strand had attracted about $16 M from Burrill & Co. and other investors in In 2013 & 2014. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Principal Financial to buy partner PNB’s minority stakes in JVs


Investment manager Principal Financial Group Inc is to buy Punjab National Bank's minority stakes in JV, Principal-PNB Asset Management Company and Principal Trustee Company. PNB has 21.38% stake in Principal-PNB Asset Management Co and 30% in Principal Trustee Co. 

Retail aggregator Dukanline acquires rural retail chain Mystores

Business Line

Dukanline India, a retail aggregator, has acquired Mystores, a chain of rural branded retail stores, adding offline physical presence to its network. Mystores Chain, in less than a year, has set up a chain of over 117 stores in Telangana and Andhra Pradesh and has logged revenues of INR 70 crore.

Bank of Baroda buys out UniCredit’s 51% stake in mutual fund JVs


Publicly listed Bank of Baroda has bought out the 51% stake of its joint venture partner UniCredit SpA in Baroda Pioneer Asset Management Co Ltd and Baroda Pioneer Trustee Company Pvt Ltd. Following the acquisition the bank will become the sole shareholder of the AMC and Trustee Company and the sole sponsor of Baroda Pioneer Mutual Fund. As on November 2017 the funds AUM stood at INR 11000 crore.

IT products distributor Iris Computers’ founder buys out John Sculley’s controlling stake

Financial chronicle

Sanjiv Krishen, who founded It products distributor Iris Computers in 1996, has bought out the controlling stake held by Dragon Singapore, a John Sculley company (which had acquired controlling stake in Iris Computers through Inflexion Point in Dec 2012) .

Iris Computers Ltd distributes computer systems and peripherals from OEMs like HP, Dell, Samsung and LG, through its network of branches. Iris claims a turnover of INR 2,600 crore.

Kids healthcare startup Babygogo acquired by Sheroes

Business World

Sheroes, a platform for women empowerment, has acquired Delhi-based Babygogo, a community of mothers seeking information and support around baby care and well-being. The founders of Babygogo Siddhartha Ahluwalia, Sowrabh N R S and Satyadeep Karnati will join Sheroes as co-founders.

Other Deals

IDBI Bank sells 4.89% stake in SIDBI


IDBI Bank has sold 2,6,000,000 equity shares constituting 4.89% of the capital of Small Industries Development Bank of India (SIDBI).

Secondary Issues

LT Foods raises Rs.399-Cr via QIP


Publicly-listed LT Foods Ltd, a leading processor and exporter of packaged rice under the flagship brand ‘Daawat’, has raised around INR 399 crore (USD 62.2 million) through qualified institutional placement (QIP). The issue is for 53.1 million shares of INR 75.20 each. AZB & Partners acted as the legal advisor to LT Foods.

Real Estate Transactions

Brigade buys Bengaluru land for Rs.218-Cr from SAB Miller


Publicly-listed Brigade Enterprises Ltd, via Brigade Infrastructure and Power Pvt Ltd, has acquired a property measuring 12.95 acres at Yeshwanthpur, Bangalore for a sale consideration of INR 218 crore from SAB Miller India Ltd.

Debt Financing

Lodha Developers issues bonds for $125-M

Realty major Lodha Group has issued USD 125 million Guaranteed Bonds (tap issue) due in 2020 by Lodha Developers International Ltd, guaranteed by, among others, Lodha Developers Pvt Ltd. J. Sagar Associates (JSA) advised Lodha Developers on the issue.

MFI Spandana Sphoorty raises $63-M from BoB, IndusInd Bank


Spandana Sphoorty Financial Ltd, a Hyderabad-based microfinance institution, has raised INR 400 crore (USD 63 million) from IndusInd Bank and Bank of Baroda through the issue of Pass Through Certificates. So far, Spandana has securitised INR 810 crore (USD 127.5 million) portfolio to various banks and financial institutions.

In November, Spandana had securitised INR 100 crore portfolio to Bandhan Bank through Pass Through Certificate. Prior to that, it had securitised a INR 90-crore portfolio at the rate of INR 30 crore each to Kotak Mahindra Bank, Mahindra Finance and Hinduja Leyland Finance. In December, Spandana raised another INR 125 crore (USD 19.5 million) in equity from existing investors Kedaara Capital and Ontario Teachers’ Pension Plan (OTPP).

Online loans aggregator Lendingkart raises Rs.25-Cr from SBI


Lendingkart has raised INR 25 crore in debt from State Bank of India (SBI). The loan is in the form of cash credit facility which essentially allows the company to draw the amount over separate tranches as and when it needs it.

Lendingkart represents a group of start-ups that includes Capital Float, Neogrowth and IndiaLends, that offer small ticket-size loans, mostly unsecured credit, to borrowers with limited credit history. The start-up has taken over INR 200 crore in equity funding from investors including Bertelsmann India Investment, Saama Capital, Mayfield India, India Quotient and Darrin Capital Management.

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HDFC, ADIA to invest $500-M in affordable housing projects

Times Group

Mortgage lender HDFC and Abu Dhabi’s sovereign fund the Abu Dhabi Investment Authority’s (ADIA) USD 1-billion investment platform are in the process of committing over half a billion USD to affordable and mid income housing projects across India by March. The primary objective of this platform – headed by Vipul Roongta, CEO, HDFC Capital Advisors – is to provide long-term equity and mezzanine capital to marquee developers at the land and pre-approval stage and enable their foray in affordable housing. The investment platform has identified key projects of more than a dozen developers in Mumbai, Bengaluru, Gurugram, Kolkata, Chandigarh and Rajasthan for the deployment. Some of these developers include Godrej Properties, Mahindra Lifespace Developers, Signature Global, Radius Developers, Rustomjee Group and Acme Group.The investments will be made through funds raised by HDFC’s wholly-owned subsidiary HDFC Capital Advisors.

Flipkart co-founders Bansals set up Sabin Advisors

Business Line

Sachin Bansal and Binny Bansal, co-founders of e-commerce firm Flipkart, have set up a new company named Sabin Advisors for new businesses, which could include venture capital funding and insurance. The co-founders might route all their investments through this new venture. Sabin is to look at other avenues for investments as well as offer advisory services outside the e-commerce platform.

Sachin Bansal has invested USD 26 million in seven ventures while Binny Bansal has invested USD 32 million in 17 ventures.

Warburg Pincus India MD Nitin Nayar quits to launch tech fund

Economic Times

Nitin Nayar, the managing director of private equity firm Warburg Pincus, has resigned to launch his own investment fund that will primarily focus on placing technology-related bets. Nayar’s new fund is expected to have a corpus of USD 150-200 million (INR 950-1,270 crore), and is likely to make mid- to growth-stage investments, particularly in the enterprise technology segmen

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Private Equity - The Road Ahead: 2017 turned out to be the biggest ever year for both Private Equity Investments & Exits. Does this signal the beginning of a sustainable resurgence of the PE-VC industry? What are the potential pitfalls ahead?

Is the Fintech Opportunity for Real?: With VC investors looking to Fintech as the "Next Big Thing" and the "FOMO" (Fear of Missing Out) effect setting in among existing BFSI industry players, there is no dearth of investor interest for Fintech startups. However, some experts feel the evolution of UPI will challenge the business models of many of the payment related startups. A panel of experts will help separate the Facts & Fiction relating to Fintech.

Focus on Venture Capital: With the debates around E-Commerce Unicorns getting settled in 2017, where are VC investors looking for new opportunities? What are the challenges facing this segment of investors from an exit perspective?

Hear from an eminent panel of industry practitioners & experts on how they are reading the tea leaves.

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Ideaspring Capital

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Oyo Rooms triples its topline in FY17 to Rs.102-Cr

From the Venture Intelligence Private Company Financials Database: Oravel Stays Pvt Ltd, which runs online platform OYO Rooms, has increased its total income to INR 102.19 crore in FY17 (from INR 32.68 crore in FY16). Losses decreased to INR 330.97 crore from INR 496.31 crore. (Subscribers to the database can login to view the detailed financials.)

Ecom Express sees 37% increase in its topline in FY17

Warburg PIncus-backed E-commerce logistics company Ecom Express Private Limited has increased its total income to INR 493.2 crore in FY17 (from INR 359.2 crore in FY16). Losses decreased to INR 72.3 crore from INR 96.75 crore. (Subscribers to the Venture Intelligence Private Company Financials Database can login to view the detailed financials.)

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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.

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Private Equity Fund Investments

Naspers, Tencent to invest $200-M in Swiggy

Economic Times

South African internet group Naspers is to lead a USD 150-200 million investment in Swiggy, after SoftBank and Flipkart ended independent funding talks with the online food-delivery platform. The deal could likely value the three-year-old venture at USD 600-650 million before the investment. For the funding round, Naspers could forge a strategic partnership with China’s Tencent Holdings, which would come in as a new investor.

Swiggy, owned and operated by Bundl Technologies, grew its revenue by 6 times in in fiscal year 2016-17 even as losses increased by 50% to INR 205 crore. Swiggy, till date, has raised about USD 155 million in equity and USD 8 million in debt, totalling USD 163 million.

Chinese co Fosun eyes Rs.800-Cr stake in Nitesh Estates

Economic Times

Shanghai-based Fosun Group is in advanced talks to invest INR 800 crore (USD 125 million) in southern developer Nitesh Estates for about 50% stake. Nitesh plans to issues shares to Fosun Property Holdings and IDERA Japan, which is controlled by the former, through preferential allotment. The Bengaluru-based company’s founder Nitesh Shetty will retain 25% and continue to run operational management. Shares in Ritz Carlton hotel will not be part of the transaction as the first generation entrepreneur Shetty plans to keep it as a part of his personal investments. Similarly, Nitesh Hub mall in Pune, which is majority-owned by Goldman Sachs, is also not part of the deal with Fosun. JM Financial, Yes Securities, Cyril Amarchand Mangaldas and EY are advising on the deal-making.

Nitesh has a portfolio of 20 million sq ft of completed and under development residential and commercial projects. The company plans to use the proceeds to pare debts and fast-track under development projects delayed by adverse market conditions. Going forward, Fosun would co-invest with Nitesh Estates to acquire property assets to expand its Indian real estate footprint.

Godrej PE to buy New Vernon’s IT Park at Thane for Rs.400-Cr

Economic Times

Godrej Fund Management, the private equity real estate arm of Godrej Group, is in talks with US-based private equity firm New Vernon Capital to buy its IT park at Thane for INR 400 crore.

The project G: Corp Tech Park on Ghodbunder Road in Thane was built in 2010 by G Corp and was later acquired by New Vernon Capital. The project has a total built-up area of around 7.50 lakh sq ft with a floor plate of 70,000 sq ft. Of the total 6 lakh sq ft of leasable space, around 98% is already occupied.

Kedaara Capital in talks to buy Indian School Finance Co for $50-M


Kedaara Capital is in talks to acquire a majority stake in Hyderabad-based Indian School Finance Co. Pvt. Ltd (ISFC), a non-banking financial company (NBFC) that lends to companies in the education sector. Kedaara plans to invest about USD 50 million in two tranches and acquire controlling stake from existing investors and promoters. Deloitte is advising ISFC on the deal.

IFSC counts Grey Matters Capital and Caspian Impact Advisors as its investors. The company’s gross loan portfolio stood at INR 285.26 crore as of 31 March 2017, with gross non-performing assets (NPA), at INR 4.14 crore. The company reported a profit of INR 4.56 crore in 2016-17.

Consumer loans portal Wishfin looks to raise $50-M

Mint Print Edition

Wishfin, an online marketplace for consumer loans and other financial products, will raise up to %50 million in its next round of funding, as it looks to make acquisitions in niche segments. Mywish Marketplaces Pvt Ltd owns and operates Wishfin.

Founded in 2009 by Vashishtha and Rishi Mehra as Deal4Loans, the company rebranded itself as Wishfin last year. It claims to have partnered with over 40 financial institutions and claims to have 9 million customers and USD 3 billion worth of disbursals to date.

Capillary Tech in talks to raise $30-M from Warburg Pincus, others

Economic Times

Bengaluru-based Capillary Technologies is in the process of raising a fresh round of funding, estimated at USD 25-30 million, expected to be led by existing investor and marque private equity firm, Warburg Pincus. The funding round is likely to have a large secondary component. The company will use the proceeds to expand its footprint, particularly in China, where it has already put a team in place. Additionally, it will also be building artificial intelligence products focused on offline retail.

Capillary Technologies has so far raised about USD 90 million in equity financing from American Express Ventures, Qualcomm Ventures, Sequoia Capital and Norwest Venture Partners. It had also raised venture debt funding from InnoVen Capital.

Witlinger beer maker Kaama Impex in talks with PE firm to raise $5-7 M

Mint Print Edition

Kaama Impex Pvt Ltd, the maker of Witlinger beer, is in talks with an Indian private equity firm to raise USD 5-7 million (INR 30-40 crore) in exchange for a minority stake. The funds will be used to expand product capacity and retain presence, besides launching new variants of the craft beer. Kaama Impex has so far raised about INR 11 crore from individual investors. The current revenue of the company is around INR 12 crore a year. The company has so far been importing beer but now wants to produce wheat and lager variants in India.

ChrysCapital in talks for stake in school lender Varthana


ChrysCapital is in talks to buy a significant minority stake in Thirumeni Finance Pvt. Ltd, a Bengaluru-based non-banking financial company (NBFC) that operates under the name Varthana. The investment in the company, which lends to affordable private schools, will be around USD 50 million (INR 320 crore). Promoters will dilute their stake and no existing investor will participate in this round of funding.

In April 2016, Varthana raised INR 93 crore (USD 14 million) in a Series B round of financing from Kaizen Private Equity and Zephyr Peacock India, along with existing investors Elevar Equity, LGT Venture Philanthropy and Omidyar Network. In its series A round, Varthana had raised INR 32 crore from marquee investors, including former Credit Suisse banker Vikram Gandhi and Genpact Ltd founder Pramod Bhasin in 2015. In October 2017, Varthana raised USD 3 million from the Michael and Susan Dell Foundation to expand its school transformation program (STP).

Amazon to invest in e-insurance startup Acko

Economic Times

Global online retailer Amazon is to invest INR 100 crore in Mumbai-based online-insurance startup Acko Technologies. The deal will see Amazon co-create financial products with Acko - besides being its distributor. Acko is backed by Catamaran Ventures, Infosys co-founder Kris Gopalakrishnan, Hemendra Kothari of DSP Blackrock, and venture funds Accel Partners and SAIF Partners.


EESL plans to raise Rs.200-Cr through IPO next fiscal

Business Line

Energy Efficiency Services (EESL) proposes to tap the stock exchanges in the next fiscal to raise INR 200 crore by offloading 20% of its equity. EESL is a joint venture of four public sector enterprises - NTPC, PFC, REC and PowerGrid. The current paid-up capital of the company is INR 460 crore.

Apollo Micro Systems to raise Rs. 156-Cr via IPO

Business Standard

Apollo Micro Systems Ltd has fixed a price of INR 270-275 per share for its initial share sale offering, through which it expects to raise INR 156 crore. Proceeds of the issue will be used to meet additional working capital and other general corporate purposes. The company offers integrated solutions to the aerospace, defense, homeland security and transportation sectors. Aryaman Financial Services is the sole book running lead manager to the issue.

IFC to dilute 1.8 % stake in Bandhan Bank’s public issue

Economic Times

International Finance Corporation is looking to dilute its 1.8% stake in Kolkata-based Bandhan Bank when the bank goes public later this year. The bank plans to sell up to 11.9 crore equity shares through an initial public offer, and has filed a draft red herring prospectus with the Securities & Exchange Board of India (Sebi). The IPO will consist of fresh issue of up to 9.76 lakh equity shares of face value of INR 10 each while IFC and IFC FIG Investment Company will sell 2.16 lakh shares between them. The book running lead managers to the Issue are Kotak Mahindra Capital Company, Axis Capital Goldman Sachs (India) Securities, JM Financial Institutional Securities and JP Morgan India. Another overseas shareholder in the bank, Singapore's sovereign wealth fund GIC, will stay put.

IFC and Singapore's sovereign wealth fund GIC hold 5% each in the bank at present and SIDBI, less than 1%. The Kolkata-based bank earned INR 658 crore net profit in the first half of FY18.

Secondary Issues

Centrum Capital board approves plan to raise Rs.18-K Cr

Business Standard

Centrum Capital is looking to raise INR 180 billion through issue of securities in one or more tranches. Centrum is engaged in financial services such as investment banking, wealth management, portfolio management, stock broking, foreign exchange, travel, lending, infrastructure and real estate advisory services.

Idea Plans to raise Rs.5,600-Cr from Aditya Birla Group to pare debt

Economic Times

Idea Cellular, India’s third-biggest telecom services company, is planning raise up to INR 5,600 crore for debt reduction in a rights or preferential share issue to its current promoters, the Aditya Birla Group (ABG). Idea and Vodafone India are awaiting the final approvals for their USD 23-billion merger announced on March 20.

Zuari Agro Chemicals to raise Rs.400-Cr

Business Line

Zuari Agro Chemicals is to raise INR 400 crore through issuance of securities.


Manipal Hospitals may buy Hyderabad's Star Hospitals for Rs.500-Cr

Economic Times

Manipal Hospitals is in talks to buy Hyderabad's multispecialty hospital chain Star Hospitals for INR 500 crore. Star Hospitals currently operates across Hyderabad in Telangana and Visakhapatnam with nearly 500 beds. The promoters - two cardiologists Gopichand Mannam and Ramesh Gudapati - hold a little over 52% stake in the hospital’s holding company Unimed Health Care. The rest is spread among others, including some doctors at the firm. The company reported over INR 175 crore of revenue for the fiscal ending March 2017.

Manipal Hospitals currently has 15 hospitals, with a capacity of over 5000 beds, across Karnataka, Tamil Nadu, Andhra Pradesh, Delhi, Rajasthan, Goa. It also has presence in Malaysia and Nigeria.

Govt seeks bids from advisors for sale of Dredging Corp, HLL, IMPCL

Times of India

The government has invited bids from transaction advisors for the sale process of three PSUs, including Dredging Corporation of India. Besides, the government plans to sell 100% stake in HLL LifeCare Ltd and Indian Medicines Pharmaceutical Corporation Limited (IMPCL) through strategic sale via a two-stage auction process.

The government currently holds 73.47% in Dredging Corporation, which is under the administrative control of the shipping ministry. The total turnover of the company in financial year 2016-17 was INR 599.69 crore. The networth of the company as on September 30, 2017 was INR 1,547.57 crore.

IMPCL, under the Ministry of AYUSH, is a joint venture of the Government of India (97.61%) and the Uttarakhand state government (2.39%). The total turnover of the company in FY 2016-17 was INR 66.45 crore. The networth of the company as on September 30, 2017 was INR 65.49 crore.

Listed firm HLL Lifecare is under the administrative control of the Ministry of Health and Family Welfare. Total turnover of the company in 2016-17 was INR 1,064.71 crore. The networth of the company as on September 30, 2017 was INR 487.93 crore.

Digital payments gateway PayU eyes acquisitions to enter lending segment

Business Line

Digital payments gateway PayU India is looking to take an M&A route to enter the lending segment in India. The firm, which is owned by South Africa’s Naspers Ltd, plans to either acquire or partner start-ups, companies and banks to offer both secured and unsecured loans in the Indian market. The company has already made three investments in companies —Kreditech, Paysense and ZestMoney — for consumer and SME lending.

Sebi to auction two properties of Swar Agrotech in UP


Sebi will e-auction two properties belonging to Swar Agrotech India Ltd in Uttar Pradesh at a total reserve price of INR 15.08 lakh. Swara Agrotech had mobilised around INR 95 lakh from investors through illegal investment schemes. The regulator has engaged SBI Capital Markets Limited to assist in the sale of the properties. In March 2016, the regulator had ordered the company and its directors to refund investors' money, which was raised through illegal investment schemes.

lIT-C, JK Paper, others line up to acquire Sirpur Paper Mills


Telangana-based Sirpur Paper Mills Ltd, which is in the middle of insolvency proceedings at the Hyderabad bench of the National Company Law Tribunal (NCLT), has received initial expressions of interest from several potential suitors including ITC Group, JK Paper Ltd, West Coast Paper Mills Ltd and Kolkata-based Kohinoor Group.

Sirpur Paper Mills, which employs close to 3,000 workers, was bought by the CK Birla Group, which later sold it to the Poddar family led by Ranjan and Devashish Poddar. The mill shut operations in September 2014 following successive quarterly losses. In October 2016, IDBI Bank took possession of the mill on behalf of lenders to recover collective dues of INR 422 crore and put the assets up for sale.

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India Ahoy!

UK’s food delivery startup Deliveroo to set up India ops

Times of India

UK-based online food delivery company Deliveroo is in the process of setting up a full-fledged team in India. Backed by Fidelity and T Rowe Price, among others, Deliveroo operates in 140 cities across 13 countries in Asia-Pacific, Europe and the Middle East.

Italy’s Enel Group eyes electricity distribution sector in India


Italy’s Enel Group is interested in entering India’s electricity distribution business, attracted by proposed power sector reforms like separation of the wire and electricity supply business. The Milan stock exchange listed company is present in 37 countries and generated 70.6 billion euros revenue in 2016.

New Ventures

Cancer care provider HCG in JV with Cvergenx to develop genomic radiation therapy

Business Line

Cancer care provider Healthcare Global Enterprises Ltd (HCG) has entered into a joint venture with Cvergenx to develop, validate and launch precision genomic radiation therapy (pGRTTM) technology in India and Africa.


JLL India's CEO-Ops Santhosh Kumar quits; Sinha new head of ops

Times of India

Property consultant JLL India's CEO-Operations Santhosh Kumar has resigned from the company. Kumar is looking for better entrepreneurial opportunities. The firm’s former CFO, Aveek Sinha, has been elevated as the CFO and Head of Operations. Sinha, who joined the company in 2012, is based out of Bengaluru and will oversee the strategic coordination of operations between offices.

Abir Roy, Sundar Ramanathan to start own firm after LKS exit

Bar and Bench

Abir Roy and Sundar Ramanathan, Partners at Lakshmikumaran & Sridharan (LKS) have left the firm to start their own venture. They will start operations by mid of January along with Seetharaman S who quit LKS in October.

MDP & Partners hires two partners

Bar and Bench

Mumbai-based law firm MDP & Partners has hired Malav Virani and Pranav N Jain as Partners. With this the total number of Partners comes to six. The firm has also opened a new office at Bandra-Kurla Complex (BKC). Malav started his career with MDP & Partners in 2011 and thereafter moved to HSA Advocates as a Senior Associate. Pranav’s key practice areas include mergers and acquisitions, private equity and venture capital deals, cross-border collaborations, corporate restructuring, exchange control, family arrangements and intellectual property rights.

Nitin Jain joins Agama Law Associates as Managing Partner

Media Release

Nitin Jain has joined Agama Law Associates (“ALA”), a boutique commercial law practice, as Managing Partner. He was earlier the Legal Counsel at TATA Chemicals Limited. Nitin has also worked as an in-house lawyer at Mahindra and Mahindra Limited and Mahindra Logistics.

ALA is a boutique commercial law practice, founded by Archana Balasubramanian, offering corporate and commercial legal solutions to Indian and foreign businesses.


Amazon-Patni JV Appario Retail gets Rs.100-Cr infusion

Economic Times

Appario Retail, the seller entity under the recently formed joint venture between Amazon and Patni group, has received a fresh capital infusion of INR 100 crore, increasing its paid up capital to INR 140 crore from INR 40 crore.

Amazon formed a JV with the Patni group named Frontizo Business for setting up a customer service and seller platform. Appario is the wholly owned subsidiary of Frontizo.

RBI asks banks not to move NCLT against Jaiprakash Associates

Economic Times

The Reserve Bank of India (RBI) has ordered banks not to initiate bankruptcy proceedings against Jaiprakash Associates possibly in anticipation of legal complications after a Supreme Court ruling barred its promoters from selling or transferring assets. The ruling was aimed at safeguarding the interests of buyers of homes being built by the company.

Jaiprakash Associates is among 28 companies that banks were directed to refer to bankruptcy court if debt resolution plans weren't in place by the end of 2017. Jaiprakash Associates, with debt of INR 25,000 crore, is part of the Jaypee Group promoted by Manoj Gaur and his family.

Shakti Bhog, Anrak, Wind World taken to bankruptcy court

Economic Times

Lenders led by State Bank of India took New Delhi-based grocery company Shakti Bhog Foods, Hyderabad-based Anrak Aluminium and Gujarat-based energy company Wind World to bankruptcy court. The three companies together owe banks more than INR 12,000 crore in loans and interest. Anrak Aluminium with dues of close to INR 5,200 crore led the debtors, followed by Shakti Bhog with INR 4,000 crore. Wind World, in which IDBI Bank is the lead banker, owes banks INR 3,000 crore. All the cases were filed by Mumbai-based law firm India Law LLP on behalf of the banks.

Centre considers splitting GAIL into 2 separate entities

Economic Times

The government is planning to split GAIL (India) hiving off marketing operations into a separate company. Last year, GAIL earned over 70% revenue from marketing operations and over 40% of the profit from natural gas transmission. Bharat Petroleum and IndianOil have made a pitch to take over GAIL.

Sebi initiates refunds in PACL case

Economic Times

Markets regulator Sebi has initiated the process of refunding money to the depositors of PACL more than three years after asking the company to pay back its investors. In the biggest ever crackdown on large-scale illicit money pooling scheme, Sebi had asked PACL to refund INR 49,100 crore to 5.85 crore investors in August 2014. Sebi-constituted committee under the chairmanship of Justice R M Lodha, the former Chief Justice of India, also ordered the immediate closure of unauthorised collective investment schemes (CIS) run by the company.

PayU to shut down wallet biz


PayUmoney wallet is shutting down its operations at the end of January 31, 2018 and is asking users to transfer the wallet amounts back into their bank accounts. In August 2016, PayU had received a semi-closed prepaid wallet licence from the RBI.

From the Venture Intelligence M&A Deals Database: PayU had acquired Citrus Payment Solutions in Sep 2016. In Oct 2014, it had acquired Eashmart, a mobile-based payment application startup.

ICICI Bank takes ABG unit Western India Shipyard to NCLT

Economic Times

Private lender ICICI Bank has initiated insolvency proceeding against Western India Shipyard, a subsidiary of ABG Shipyard, which too is facing bankruptcy proceedings. The company has outstanding debt of INR 130 crore and had reported losses of INR 39 crore as on March 2016. Lenders have appointed O M Kanoongo as interim resolution professional and the board of the company has been dissolved.

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