is picking up a 40 per cent stake in RSP Architects & Planners India for $100 million. The deal would value the Bangalore-headquartered architectural firm at $250 million (Rs 1,000 crore), reports Economic Times. The Singapore-based parent company holds a controlling stake in the firm while RSP India’s head, Gopi Bhawnani, and the local management hold a strategic minority stake in the firm. Both the parent company and the local management would be diluting some stake.
The firm was established in India in 1996 and has developed projects such as Microsoft campus in Hyderabad and the International Technology Park at Bangalore. RSP plans to to double the size of its operations over the next 3-4 years and increase its headcount to around 800 employees. The firm has offices in in Mumbai, Hyderabad and Chennai, and Bangalore.
Hong Kong-based Baring Private Equity Asia had earlier this year raised its fourth fund, whose size is $1.52 billion. The firm plans to invest invest up to $750 million out of this fund in India. Baring Asia has assets under management exceeding $2.5 billion. The fund usually makes an investment in the range of $25-100 million.
In March this year, Baring Asia picked up 30 per cent stake in Hyderabad-based infrastructure development company Rithwik Projects Ltd. It has also invested in brokerage houses such as Sharekhan ($65 million in February) and Karvy Stock Broking ($44 million in November 2007). Its other investments include fabric-to-garment manufacturing company Pratibha Syntex Pvt Ltd and Bhusan Power and Steel Ltd.