London-based PE fund Promethean Investments initiates Promethean India with the Dabur Group; appoint ex-ITV chairman Peter Burt

Sir Peter Burt, ex-chairman of ITV, will become chairman of Promethean India, a new India-focused private equity fund, a spin-off of the Promethean private equity vehicle run by his son, Michael. The new fund will be listed on London Stock Exchange's AIM market and is understood to have investors such as Bank of Scotland and Alliance Trust. Insinger de Beaufort has been appointed advisor to the company.

Promethean India will become the latest in a string of companies to tap the London markets for cash earmarked for India. It will be run by Mohit Burman, a member of the Dabur Group, which houses the Burman family's business interests, such as financial services, pharmaceuticals, healthcare and retail.

Mohit's brother, Gaurav, plays a senior role at Promethean Investments in London, and will also be involved in the running of Promethean India, which will be based in offices in Delhi and Mumbai. The fund is understood to have a pipeline of potential deals. It will also target Indian firms in need of operational or financial restructuring and others which are domestically focused but which have potential for international expansion.

Read the article in The Telegraph.

Dabur to buy 60% stake in Singapore-based FMCG company Unza for Rs. 675 crores

Dabur is about to acquire over 60% stake in Singapore-based consumer goods company Unza Holdings for Rs. 600-675 crores. Dabur is expected to buy out the holdings of private equity funds Actis and Standard Chartered who hold 30% each in the $150 mn-Singapore company. The deal is touted to be one of the largest overseas acquisition deals in the FMCG space, and make it the third-largest FMCG company in India behind HLL and ITC with manufacturing facilities in China, Vietnam, Indonesia and Malaysia.

Unza is a leading personal care manufacturer and marketer in South-east Asia with 48 brands in its portfolio, and is equally owned by the company management and the two private equity funds.

Read more in The Economic Times article.

Dabur Pharma acquires Thailand-based Biosciences

Dabur India’s pharma subsidiary has acquired the sales and distribution network of a Thai-based associate. Dabur Pharma has acquired Biosciences its long-term partner in oncology products distribution and marketing, for an undisclosed amount. The deal will make the New Delhi-based Dabur Pharma the largest Asian company in the oncology segment.

The deal was funded from internal accruals. The company has been looking out for brand acquisitions for a long time and has also considered some products of the US-based Abbot Laboratories.

The $290 million Dabur Pharma is India's largest player in the oncology segment and has marketing presence in more than 40 countries including the US and Europe. In addition to India and Thailand, it has major market share in South Asian countries such as Malaysia and Philippines. It develops, manufactures and markets a wide range of medicines from injectables and oral dosage forms to intermediates and active pharmaceutical ingredients across oncology and women's health.

For more, read the articles in Business Standard and The Economic Times – 1 2.

M&M, TAFE eye Actis’ 29% in Punjab Tractors

Actis’ 29% stake in India’s most profitable farm tractors and forklifts company, Punjab Tractors Limited (PTL), is probably up for sale. Mahindra & Mahindra (M&M) and Tractor & Farm Equipment (TAFE) seem to be the interested parties. The Burman family of the Dabur group, which holds 14% in PTL, may also exit along with Actis.

Actis’ stake is valued at Rs. 410 crores, but the buyer may also have to pay a control premium. It would also have to make an open offer to the remaining shareholders.

Read the complete Economic Times article.