Tuesday, March 6, 2007
Indiareit funds invest $32 mn in Mumbai-based Neptune Developers
Indiareit Offshore Fund and Indiareit Fund Scheme I, real estate private equity funds with a joint corpus of $300 mn, made investment of approximately $32 mn in a project involving development of commercial properties in Kurla, Mumbai by Neptune Developers Private Limited. Neptune, one of the renowned real estate developers in Mumbai, is engaged in the business of real estate construction and development in India. Nishith Desai Associates acted as legal counsel to Indiareit Offshore Fund and Indiareit Fund Scheme I for this investment.
Temasek sells stake in Apollo Hospitals for Rs. 134 crores
Singapore government's investment company Temasek Holdings has sold its entire holding of 5.26% stake in healthcare major Apollo Hospitals Enterprise for Rs. 133.68 crores. The stakes were held by two investment firms Maxwell Mauritius and Aranda Investments.
Maxwell Mauritius sold 2.079 mn shares, while Aranda Investments sold 640,000 shares for Rs. 491.50 each in a bulk deal in the open markets. Aranda Investments’ holding represented a 1.24% stake while that of Maxwell Mauritius represented 4.03% in the Chennai-based healthcare group.
Meanwhile, another fund house Fid Funds Mauritius of Fidelity Investments bought 2.94 mn shares (5.7%) of Apollo for around Rs. 144.62 crores at the same price Temasek's units sold their stakes. Fidelity Select Portfolios Medical Delivery Portfolio already holds 723,000 shares representing a 1.4% stake in Apollo Hospitals.
Article in Business Standard.
Maxwell Mauritius sold 2.079 mn shares, while Aranda Investments sold 640,000 shares for Rs. 491.50 each in a bulk deal in the open markets. Aranda Investments’ holding represented a 1.24% stake while that of Maxwell Mauritius represented 4.03% in the Chennai-based healthcare group.
Meanwhile, another fund house Fid Funds Mauritius of Fidelity Investments bought 2.94 mn shares (5.7%) of Apollo for around Rs. 144.62 crores at the same price Temasek's units sold their stakes. Fidelity Select Portfolios Medical Delivery Portfolio already holds 723,000 shares representing a 1.4% stake in Apollo Hospitals.
Article in Business Standard.
Jupiter Aviation may pick up stake in Airbus’ Indian MRO outfit
Bangalore-based aviation venture development company Jupiter Aviation may pick up a stake in the proposed maintenance, repair and overhaul (MRO) unit of European aircraft manufacturer Airbus Industrie. Jupiter Aviation has been promoted by ex-BPL chief Rajeev Chandrasekhar and is a venture development subsidiary of Jupiter Capital, a venture development and investment firm. Jupiter Capital has invested in infrastructure, entertainment, technology and aviation. State-run aerospace major Hindustan Aeronautics Limited (HAL) is also planning to team up with Airbus for the MRO that will come up in Nashik and Bangalore.
The Rs. 450 crore-MRO project is a commitment by Airbus to the Indian government for buying 43 aircrafts for Indian Airlines, costing nearly Rs. 10,000 crores. Airbus is in talks with eight international MRO operators to run the project in India. The talks are at an advanced stage. The investment details and nature of the MRO unit will be finalized by the international MRO operator, who will pick up a stake in the project.
Earlier, Jupiter Aviation and Airbus’ parent company and aerospace group EADS had signed a strategic memorandum of understanding (MoU) to collaborate in aviation ventures focusing on lifecycle support and training. Jupiter investments in these aviation ventures are expected to exceed $250 mn (nearly Rs. 1100 crores). The company is also investing in and launching the country’s first fractional share aviation company, to be called PrivateAir, and is negotiating the purchase of a fleet of business jets and corporate helicopters.
Read the Business Standard article.
The Rs. 450 crore-MRO project is a commitment by Airbus to the Indian government for buying 43 aircrafts for Indian Airlines, costing nearly Rs. 10,000 crores. Airbus is in talks with eight international MRO operators to run the project in India. The talks are at an advanced stage. The investment details and nature of the MRO unit will be finalized by the international MRO operator, who will pick up a stake in the project.
Earlier, Jupiter Aviation and Airbus’ parent company and aerospace group EADS had signed a strategic memorandum of understanding (MoU) to collaborate in aviation ventures focusing on lifecycle support and training. Jupiter investments in these aviation ventures are expected to exceed $250 mn (nearly Rs. 1100 crores). The company is also investing in and launching the country’s first fractional share aviation company, to be called PrivateAir, and is negotiating the purchase of a fleet of business jets and corporate helicopters.
Read the Business Standard article.
IFC to invest $40 mn in West Coast Paper
The World Bank-private equity arm International Finance Corporation (IFC) will invest $40 mn (Rs. 180 crores) in West Coast Paper Mills Limited. It has completed the due diligence of West Coast and a formal announcement is expected to come soon.
The Rs. 550 crore-West Coast Paper Mills will get the investment from IFC by April. The investment will be made in the form of debt for the company’s Rs. 1000 crore-expansion plans, but there would be no equity sale to IFC.
Private equity investment in domestic paper companies is rising steadily and could grow further as the sector prepares to spend Rs. 13,000 crores in the next three years to expand capacity. IFC earlier had invested $40 mn in Andhra Pradesh Paper Mills Limited in debt and equity.
West Coast has plans to ramp up capacity from 180,000 tonnes to 300,000 tonnes per annum in the next three years. The company has recently placed orders to global firm Metso for pulp line.
Local paper companies, including Ballarpur Industries (Bilt), Tamil Nadu Newsprint, JK Paper and West Coast, will be adding over 2 mn tonnes in capacity to the current total capacity of over 6 mn tonnes in next three-year period.
Read the article in DNA Money.
The Rs. 550 crore-West Coast Paper Mills will get the investment from IFC by April. The investment will be made in the form of debt for the company’s Rs. 1000 crore-expansion plans, but there would be no equity sale to IFC.
Private equity investment in domestic paper companies is rising steadily and could grow further as the sector prepares to spend Rs. 13,000 crores in the next three years to expand capacity. IFC earlier had invested $40 mn in Andhra Pradesh Paper Mills Limited in debt and equity.
West Coast has plans to ramp up capacity from 180,000 tonnes to 300,000 tonnes per annum in the next three years. The company has recently placed orders to global firm Metso for pulp line.
Local paper companies, including Ballarpur Industries (Bilt), Tamil Nadu Newsprint, JK Paper and West Coast, will be adding over 2 mn tonnes in capacity to the current total capacity of over 6 mn tonnes in next three-year period.
Read the article in DNA Money.
HSBC forms life insurance JV with Canara Bank and Oriental Bank of Commerce
British banking giant HSBC has formed a life insurance JV with Bangalore-based Canara Bank and New Delhi-based Oriental Bank of Commerce.
Canara Bank will hold 51% stake in the venture with HSBC taking 26% and Oriental Bank of Commerce settling with 23%. The business has been capitalized with a corpus of Rs. 2 bn ($44.97 mn).
HSBC joins a league of global firms such as New York Life, Prudential and Allianz in setting up an insurance venture in India which has a population of 1.1 bn people, and an insurance market that has doubled to more than $20 bn dollars in annual premiums since it was thrown open to foreign investment in 2000.
Read The Economic Times article.
Canara Bank will hold 51% stake in the venture with HSBC taking 26% and Oriental Bank of Commerce settling with 23%. The business has been capitalized with a corpus of Rs. 2 bn ($44.97 mn).
HSBC joins a league of global firms such as New York Life, Prudential and Allianz in setting up an insurance venture in India which has a population of 1.1 bn people, and an insurance market that has doubled to more than $20 bn dollars in annual premiums since it was thrown open to foreign investment in 2000.
Read The Economic Times article.
BPO major Genpact buys European SAP firm ICE Enterprise Solutions
BPO services provider Genpact has acquired Europe-based SAP service provider ICE Enterprise Solutions. ICE was established in 1996 and specializes in serving large European multinationals in the manufacturing, utilities, oil & gas, insurance, and financial services industries. It is a SAP Services Partner, Utilities Partner, and BW/SEM Partner in the Netherlands and an SAP Partner and StreamServe Partner in Spain. The terms of the deal have not been disclosed.
Genpact operates a wide range of business processes from its global delivery platform for clients around the world including GE, Nissan, Wachovia, Kimberly-Clark, Genworth, Air Canada, Penske, the Linde Group and more than two-dozen other global enterprises in North America, Europe, Asia and Australia. Genpact has ERP, application and IT professionals based in India, China, the UK, and the US. It is also one of the world’s largest providers of Oracle E-business suite solutions.
Read the articles in Business Standard and The Economic Times.
Genpact operates a wide range of business processes from its global delivery platform for clients around the world including GE, Nissan, Wachovia, Kimberly-Clark, Genworth, Air Canada, Penske, the Linde Group and more than two-dozen other global enterprises in North America, Europe, Asia and Australia. Genpact has ERP, application and IT professionals based in India, China, the UK, and the US. It is also one of the world’s largest providers of Oracle E-business suite solutions.
Read the articles in Business Standard and The Economic Times.
Subscribe to:
Posts (Atom)