Bangalore-based engineering construction and property development company IDEB Projects has received a private equity funding of $32 mn (Rs. 150 crores) from Samsara Capital of USA and Fortune Partners of Singapore. IDEB has been involved in the construction of infrastructure projects like roads, bridges, build-operate-transfer (BOT) projects, high-rise buildings, mass housings, elevated and intricate RCC structures and treatment plants since 1998. PricewaterhouseCoopers were the financial advisors to the transaction.
The funding will be used by IDEB for building land banks in 6-8 cities. At present, the company has a construction business order book of Rs. 1100 crores and is developing over 8 mn square feet of real estate projects in Bangalore, Chandigarh, Goa, Jaipur, Mysore, Pune and Uttaranchal. The company is building a 4 acre-IT Park in Dehradun in a joint venture (JV) with the state government through the State Industrial Development Corporation, a Rs. 165 crore-design-and-build contract for Delhi Metro for an elevated viaduct of 4.55 km, and five elevated stations for Phase II of the Delhi Mass Rapid Transport System in a JV with the Shanghai Urban Construction Group.
After the fund infusion, the company is targeting consolidated revenues of over Rs. 1500 crores in 2007-08. The company is expected to achieve consolidated revenues of about Rs. 550 crores in 2006-07 from its engineering construction and real estate businesses. It is looking at an IPO sometime in 2008-09.
Read the article in Business Standard.
Friday, February 16, 2007
Orissa considers VC fund for IT SMEs
Orissa is considering setting up a Venture Capital Fund (VCF) for small and medium IT enterprises in the state. This is in line with plans to set up a National Venture Capital Fund (NVCF) for IT SMEs, currently pending with the Planning Commission (See Related Post).
Currently, the Orissa STPI (Software Technology Park of India) has a catalogue of 100 registered IT / ITeS companies, of which only 5% are in the big league and the remaining are IT SMEs.
Orissa's current software exports stand at Rs. 465 crores. Around 85% of Orissa's software export earnings are from Infosys and Satyam. Of late, TCS, Wipro, MindTree and Hexaware are also planning forays into the state. Around Rs. 1000 crores has been invested in the IT / ITeS sector in the state, as per estimates.
Read the Business Standard article.
Currently, the Orissa STPI (Software Technology Park of India) has a catalogue of 100 registered IT / ITeS companies, of which only 5% are in the big league and the remaining are IT SMEs.
Orissa's current software exports stand at Rs. 465 crores. Around 85% of Orissa's software export earnings are from Infosys and Satyam. Of late, TCS, Wipro, MindTree and Hexaware are also planning forays into the state. Around Rs. 1000 crores has been invested in the IT / ITeS sector in the state, as per estimates.
Read the Business Standard article.
SBI Capital Markets tops Lead Manager rankings
State Bank of India’s i-banking unit SBI Capital Markets has been ranked as the top mandated lead arranger and advisor in the Asia-Pacific region by Project Finance International (PFI) for the year 2006. SBI Caps has also been ranked 9th and 3rd globally in the ‘Project Finance Arranger’ and ‘Project Finance Advisory’ categories, respectively, in 2006 by PFI. It is the only Indian investment bank to figure among the top 10. Leading global data, news and analytics provider Bloomberg has also ranked SBI Caps as the No. 1 Mandated Arranger for the second year in a row.
Read the Business Standard article.
Read the Business Standard article.
Pioneer Asset Management to acquire 51% stake in BoB Mutual Fund
Pioneer Global Asset Management, part of Italian banking group Unicredito, will pick up a 51% stake in BoB Asset Management Limited, a subsidiary of Bank of Baroda. Pioneer is re-entering the Indian mutual fund business after exiting in the early part of 2000’s. It was earlier present in India through the Kothari-Pioneer Mutual Fund.
Unicredito acquired the Pioneer Group in 2000 but due to differences with the local JV partner decided to exit the Indian markets.
BoB has signed a memorandum of understanding with Pioneer. Pioneer will acquire stake at premium and control the operations of the AMC as they will provide domain expertise. BoB will bring in local expertise and access to its wide distribution network of over 2700 branches and 29 mn customers. The Unicredito group will also explore the possibility to establishing investment banking and private equity presence in India.
Read more in the Business Standard article.
Unicredito acquired the Pioneer Group in 2000 but due to differences with the local JV partner decided to exit the Indian markets.
BoB has signed a memorandum of understanding with Pioneer. Pioneer will acquire stake at premium and control the operations of the AMC as they will provide domain expertise. BoB will bring in local expertise and access to its wide distribution network of over 2700 branches and 29 mn customers. The Unicredito group will also explore the possibility to establishing investment banking and private equity presence in India.
Read more in the Business Standard article.
Jain Irrigation to acquire US-based Aquarius Brands for $21.5 mn
Jain Irrigation Systems will buy 100% stake in California-based Aquarius Brands from Habasit Holdings for $21.5 mn (Rs. 94.7 crores) in an all-cash deal. With the acquisition, Jain irrigations will become the second largest drip irrigation firm in the world. The acquisition will be made through Jain Irrigation, Inc., the wholly-owned US subsidiary of the company. Earlier, Jain Irrigation had acquired Chapin Watermatics, a leading manufacturer of drip taps in Watertown, New York in May 2006.
Read the article in Business Standard.
Read the article in Business Standard.
Bangalore-based floriculturist Karuturi to acquire Netherlands-based rose grower Sher
Bangalore-based floriculture company Karuturi Networks is close to acquiring the Netherlands-based Sher, the world’s largest producer and supplier of roses, for about $50 mn (Rs. 220 crores). Sher has greenhouses in the Netherlands, Kenya and Ethiopia with an annual production of 600 mn roses.
The acquisition will be funded through internal accruals and the proceeds of a $25 mn FCCB issue. UTI Bank and the London-based Silverdale Services are advisors to the transaction. Established in 1994, Karuturi Networks currently processes 12 mn roses annually. Karuturi Networks has 60 hectares of greenhouses in India and Ethiopia for rose cultivation. With this acquisition, Karuturi will get a strong brand in Sher as well as European facilities.
Read The Economic Times article.
The acquisition will be funded through internal accruals and the proceeds of a $25 mn FCCB issue. UTI Bank and the London-based Silverdale Services are advisors to the transaction. Established in 1994, Karuturi Networks currently processes 12 mn roses annually. Karuturi Networks has 60 hectares of greenhouses in India and Ethiopia for rose cultivation. With this acquisition, Karuturi will get a strong brand in Sher as well as European facilities.
Read The Economic Times article.
Aurangabad-based Endurance acquires Italian, German die-casting firms
Aurangabad-based die-casting company Endurance Technologies has acquired two European aluminium die-casting firms, Nuova Renopress in Italy and Amann Druckguss in Germany. The combined deal size of both the acquisitions is €40 mn (Rs. 230 crores). Endurance has also acquired a 40% stake in Italian auto component company Paioli Meccanica for €6 mn (Rs. 34.46 crores), with an option of hiking the stake further at a later stage.
Nuova Renopress has a turnover of €25 mn, has a good technology base and boasts of customers like Honda, Bosch and Siemens. Amann Druckguss has a turnover of around €40 mn and has customers like Daimler-Chrysler, Porsche, MAN, Behr, John Deere and Audi.
Endurance Technologies belongs to the Rs. 1500 crore-Endurance Group. The Endurance Group had recently raised Rs. 150 crores in August 2006 from Standard Chartered Private Equity Fund. The company plans to hit the market in the next 18-24 months. KPMG was the advisor for the acquisitions. The acquisitions have been funded through a mix of internal accruals, proceeds of the private equity sale and debt.
Read the articles in Hindustan Times, The Economic Times and The Financial Express.
Related Post: Endurance Group buys German auto ancillary company
Nuova Renopress has a turnover of €25 mn, has a good technology base and boasts of customers like Honda, Bosch and Siemens. Amann Druckguss has a turnover of around €40 mn and has customers like Daimler-Chrysler, Porsche, MAN, Behr, John Deere and Audi.
Endurance Technologies belongs to the Rs. 1500 crore-Endurance Group. The Endurance Group had recently raised Rs. 150 crores in August 2006 from Standard Chartered Private Equity Fund. The company plans to hit the market in the next 18-24 months. KPMG was the advisor for the acquisitions. The acquisitions have been funded through a mix of internal accruals, proceeds of the private equity sale and debt.
Read the articles in Hindustan Times, The Economic Times and The Financial Express.
Related Post: Endurance Group buys German auto ancillary company
BPL promoters sell 6.3% stake in company in open-market transaction
The promoters of BPL, the Nambiars, have sold a 6.3% stake in the company for about Rs 25-30 crores. The stake was sold in the open market. In June 2006, the Nambiars had significantly raised their stake in BPL through a preferential allotment; they have now sold their stake at more than double the price of the preferential allotment. The allotment was made at a price of Rs 43 per share. The promoters’ stake in BPL has now come down to 65.26% from 72.6% stake as of December 2006.
The preferential allotment made to the Nambiars in June 2006 was in lieu of conversion of a loan advanced by the promoters to comply with the corporate debt restructuring plan. BPL is currently undergoing a debt restructuring programme; BPL has been going through financial pressure including cash flow problems.
For the quarter ending December 31, 2006, BPL had reported net sales of Rs. 24.97 crores on a net loss of Rs. 8.78 crores.
Read The Economic Times article.
The preferential allotment made to the Nambiars in June 2006 was in lieu of conversion of a loan advanced by the promoters to comply with the corporate debt restructuring plan. BPL is currently undergoing a debt restructuring programme; BPL has been going through financial pressure including cash flow problems.
For the quarter ending December 31, 2006, BPL had reported net sales of Rs. 24.97 crores on a net loss of Rs. 8.78 crores.
Read The Economic Times article.
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