Accel Nears Closing $150M India Venture Fund - Accel India is raising a $150 million fund focused on early stage opportunities. Accel is meeting with limited partners as it nears completion for the fund, slightly more than the VC was previously reported to be raising in July. Accel is expected to close on the fund in a matter of weeks. The new fund will concentrate on early and seed stage investments. Accel’s presence in India began with the its 2008 acquisition of Erasmic Venture Partners, an Indian fund that launched in 2007 with $10 million. Accel put another $50 million into the fund, which backed such companies as Flipkart, Myntra, Chakpak and Exclusively.In. (PeHub)
Essar Plans $750M IPO Of Infra Unit - Essar Group, the conglomerate whose businesses range from shipping to power, is considering listing infrastructure assets in London to raise about $750 million (nearly Rs.3,700 crore). JPMorgan Chase and Co. and Credit Suisse Group AG are working with Essar on the initial public offering (IPO), which may take place as early as next year. The listing may include ports and other infrastructure assets. The deal may mark the biggest overseas IPO by an Indian company since May 2010, when another Essar unit, Essar Energy Plc, raised £1.27 billion pounds. (Mint)
ExlService Buys Trumbull - Business process outsourcing company ExlService Holdings, or EXL, on Tuesday said it had acquired Trumbull Services, a specialised service provider to the insurance industry, for an undisclosed amount. The Nasdaq-listed company bought Trumbull from its client The Hartford Financial Services Group. Trumbull, which has offices in Hartford and Columbia, offers subrogation services for property and casualty insurers. With this acquisition, EXL had strengthened its leadership position in the insurance industry. (Business Standard)
Maran To Raise Stake In SpiceJet - SpiceJet promoter Kalanidhi Maran may take even more stake in the company, if flights between tier-2 cities such as Bhopal, Indore, Lucknow and Jaipur turn viable for the low-cost carrier. The company’s shareholders recently okayed a move to raise Maran’s stake from 38 per cent to 43 per cent. SpiceJet is planning to invest $150 million (Rs 740 crore) within a year on our new short routes. (Business Standard)
KIOCL Eyes Africa Mines - State-owned KIOCL today said it is exploring the possibilities of acquiring iron ore deposits in Mozambique. The move is currently at beginner's stage and proper assessment of the reserves and its quality has not yet been done. The company, which does not have any domestic captive iron ore mine, has a cash reserves of Rs 1,200 crore and is a debt-free company. It had produced 2.12 million tonnes of iron ore pellets (a processed form of the raw material) in 2010-11 and is dependent on NMDC for iron ore supplies. (Moneycontrol)
Accel Frontline Eyes IT Acquisitions - Information technology services company Accel Frontline Ltd plans to spend as much as $25 million to buy several small companies as it seeks to boost revenue sixfold by 2017. It aims to raise $10-15 million by selling shares to private equity (PE) funds to partially fund the acquisitions. The company aims to increase revenue to Rs 2,500 crore in the next five-six years from Rs.396 crore in the year ended 31 March. The company is in preliminary talks with PE investors, though the need for funding and its size will depend on the companies identified for purchase.
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