3i Drops Plans For India PIPE Fund – UK-listed firm 3i Group has dropped plans to launch a fund focused on investing in Indian stock exchange-listed companies after a lack of interest from investors. The firm looked into raising a dedicated fund aimed at purchasing stakes in India-listed companies, even going as far as setting up a limited partnership. (Financial News)
Warburg Pincus Close To Buying Future Capital – Kishore Biyani is set to sign another deal to sell a controlling stake in his non-banking financial company, Future Capital Holdings (FCH). The Future group will sell its 56 per cent stake in FCH to Warburg Pincus. The US-based private equity (PE) company is likely to pay Rs 180 per share of FCH, valuing the deal at Rs 650-700 crore. The group was also in discussion with other PE players, including Bain Capital. (Business Standard)
ASK To Exit Noida Project – Real estate-focused private equity (PE) fund ASK Property Investment Advisors—part of the diversified financial services firm, ASK Group—is charting its first exit since it started deploying money in 2010. The fund will get returns of about 2.5 times on the Rs 50 crore it invested in a residential development project in Noida by ATS Infrastructure Ltd.
DTDC Courier Buys 53% In UAE-based Eurostar Express – Logistics major DTDC Courier and Cargo has acquired 53% stake in UAE-based Eurostar Express for an undisclosed amount. The acquisition will enable the Bangalore-based company access to the robust infrastructure and quality delivery capabilities in Dubai and Abu Dhabi. Eurostar group will hold 33% in Eurostar Express. Anil Ambani’s Reliance Capital holds 44% stake in DTDC. (Economic Times)
Gujarat NRE To Raise $150M – Gujarat NRE Coke said on Monday its board has approved the plan to issue five crore warrants to promoters on preferential basis and raising capital of up to $150 million (Rs 750 crore) by issuing securities. The fund raising would be done in one or more tranches. (Business Standard)
Essar Ports Nears Stake Sale Deal With Antwerp Port – Ruia family-promoted Essar Ports is likely to sign a stake sale deal with Port of Antwerp, one of the largest ports in Europe, in the next two months. The company, which operates four port facilities at Hazira, Salaya, Vadinar and Paradip, will also increase its presence in container terminal business in India as it looks to expand. Port of Antwerp is likely to invest about $25-50 million for a less than 10% stake in Essar Ports. (Economic Times)
Radico Khaitan Buys Two Brands From Yezdi – Spirits major Radico Khaitan, the manufacturers of 8 PM whisky and Magic Moments vodka, has acquired the Royal Lancer and Elkays whisky brands from the staples of the Mysore-based Yezdi group, the one-time manufacturers of the famed Yezdi motorbikes. The whisky brands, which sell over half a million cases, are largely sold in Karnataka and Andhra Pradesh. (Economic Times)