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News Roundup: Acme Tele Power Eyes PE Funding

20 May, 2011

Acme Tele Power Eyes PE Funding – Passive infrastructure and energy conservation solutions provider Acme Tele Power is looking for investments from private equity players. The company, which grew rapidly till 2008 on the back of the telecom boom, is finding the going tough since the last two years and is even open to exiting if it finds a buyer and an attractive valuation. The company’s valuation would not be more than Rs 400 crore. Acme had mandated Ernst and Young in 2009 to sell a majority stake but shelved plans since it could not get the desired valuation. (Financial Express)

RIL, American Express In Talks For Payment Gateway JV – Reliance Industries (RIL), owned by billionaire Mukesh Ambani, is negotiating with US-based finance company American Express to form a joint venture that could offer services such as payment gateways. Payment gateway is one area in which RIL needs expertise as it forays into broadband. A payment gateway provides a secure connection between a service provider and bank for processing online payments. (Economic Times)

Aloe PE Plans $500M Asia Fund – Aloe Private Equity, a Mauritius- based company that focuses on Asia, seeks to raise as much as 350 million euros ($501 million) to invest in companies developing environmental technologies. The company expects to close in the third quarter the first funding round for its Aloe Environment Fund III with capital commitments of about 100 million euros. It expects to investment in eight to 10 companies in fields such as waste management, recycling, water and energy efficiency that want to expand into Asia.  (Bloomberg)

Bessemer To Invest Rs 20Cr In CleanMax Enviro – Global investment firm Bessemer Venture Partners will spend Rs 20 crore to incubate CleanMax Enviro Energy Solutions (CMES), a Mumbai-based power generation start-up. CMES is founded by Kuldeep Jain, a former partner at McKinsey who left the consulting firm to start this company. Jain plans to use gas-based power and cooling solutions to offices and shops in India. Bessemer’s funds will help the start-up generate power across commercial buildings, data centres, hotels, hospitals and IT parks. (Economic Times)

Srei Infra To Sell Stake In Projects – Srei Infrastructure Finance wants to raise as much as Rs 500 crore by selling stakes in its road projects. The Kolkata-based infrastructure finance company holds 26% to 49% in about 14 road projects, of which five have been commissioned. Srei is looking to sell a 10% to 15% stake in some of these road projects. The company expects to get Rs 200 crore to Rs 500 crore from the sale of its stake in its road projects to private equity funds. (Mint)

GVK To Borrow $850M For Mining Buys – GVK Power & Infrastructure Ltd. (GVKP), a builder of airports and utilities controlled by Indian billionaire GV Krishna Reddy, is in talks to borrow as much as $850 million to fund the purchase of two Hancock Prospecting Pty coal mines. GVK will use the money to pay Hancock $500 million for equity in the mines, and another $350 million as compensation for costs incurred by the Australian company for running them. GVK is in talks with investors including 3i Group Plc and Actis LLP about helping to finance the acquisition.  (Bloomberg)

L&T Rethinks Electrical Arm Sales Plans – A couple of months after it began negotiations with potential suitors to sell its electricals and automation (E&A) division, Larsen & Toubro (L&T) is changing its stance. Instead of an outright sell-out or a change in control immediately, L&T is now exploring a minority stake sale. It has entered into an exclusivity arrangement with Eaton Corporation of the US. L&T was earlier expecting a valuation of around $3 billion (Rs 13,500 crore) for the division, more than three-and-a-half times its current sales. (Business Standard)

Barclays Credit Card Biz Finds No Takers – Barclays India, which has put its credit cards business on the block, is yet to find any taker, even though the bank has offered a huge discount. The UK-headquartered bank, which is now scaling down its retail business in India after a pile-up of bad loans disbursed over three years ago before the slowdown in the economy, has also been restructuring its small and medium enterprises business. Barclays has a card base of about 2.5 million. (Economic Times)

LVB To Raise Rs 500Cr Through QIP – The south-based Lakshmi Vilas Bank (LVB) on Thursday said it will augment its capital base by raising up to Rs 500-crore through a qualified institutional placement (QIP) by September this year. The bank posted a net profit of Rs 27.38-crore for the quarter ended March 31 as against a net loss of Rs 20.77 crore for the corresponding period last year on the back of tackling high incidence of non performing assets (NPA). For the full fiscal, the bank’s net profit jumped by 230% to Rs 101.14-crore. (Business Line)


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News Roundup: Acme Tele Power Eyes PE Funding

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