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News Roundup: Analjit Singh vies for 33% stake in Sula

09 April, 2014

Billionaire industrialist Analjit Singh, founder of Max Healthcare, has placed a bid to acquire 33% stake in India’s largest winemaker Nashik Vintners, parent of the Sula brand. Singh’s late entry, through his family office Max Ventures, sees him pitted against L Capital, an investment fund of Louis Vuitton Moet Hennessy (LVMH) chairman Bernard Arnault, and Singapore-based wine investor Ravi Vishwanathan. A one-third stake of Sula may be worth about $35 million, or Rs 210 crore, people directly familiar with the matter said. The Samant family is the largest shareholder in Nashik Vintners even thogh a clutch of financial investors has over 50% stake in the company. Singh, who recently picked up stake in a South African winemaker Mullineux & Leeu Family Wines, has emerged as a strong contender for the Sula stake. But the exiting investors and the Samant family haven’t decided on the suitor yet. (The Times of India) 

Bajaao.com to raise Rs 35 cr from two US investors: Online retailer for musical instruments and pro-audio equipment Bajaao.com is raising up to Rs 35 crore (Rs 5.8 million) from two US-based investors. In 2010, the e-tailer had raised $1.1 million angel funding from Kolkata-based entertainment company JMD Telefilms. Confirming the development, Bajaao’s Founder and CEO Ashutosh Pandey said since the company is currently under a non-disclosure agreement with the investors. The funds will be used to expand the company’s operations in small towns, add more musical instrument categories and labels besides introducing its own private label. (Business Line) 

ONGC Videsh may get stake in Myanmar oil and gas block: Despite losing out in competitive bidding, ONGC Videsh Ltd (OVL), the overseas arm of state explorer Oil and Natural Gas Corp. Ltd, may still get a stake in a deep-sea block in Myanmar. OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on 26 March. OVL could get up to 49% in the deep-water oil and gas block won by the international company. London-based Ophir Energy Plc and Total of France each won a deep-sea block in Myanmar’s maiden licensing round. (Live Mint) 

Ashish Dhawan to raise Rs 400 crore for Ashoka University: Ashoka University, India’s first liberal arts university, is looking to raise around Rs 400 crore ($66.31 million) from businessmen, non-resident Indians and other high net worth individuals. The university, whose co-founders have thus far invested  Rs 100 crore, has asked one of them, Ashish Dhawan, the senior managing director of venture capital fund ChrysCapital Investment Advisors, to oversee the fund-raising effort. For starters, Dhawan is reaching out to his own executives at private equity (PE) and venture capital funds looking for a cause to support. Two batches of such funders have already visited the university’s campus in Sonepat, Dhawan said. Dhawan said he is also looking to raise money from individuals in countries such as the US, UK and Singapore. (Live Mint) 

Calcutta-based angels investors seek out miracles outside City of Joy: Angel investors in Kolkata eager to get a slice of the action in India’s booming startup scene are looking outwards as they find few opportunities in their city. The Calcutta Angels, a network of wealthy industrialists, is evaluating young ventures in Mumbai and also Singapore as it looks to close its fourth investment. The group, set up last year, has invested in just one Kolkata-based startup so far. Apart from rural healthcare provider iKure Techsoft, the group has so far invested in two Mumbai-based startups and is evaluating a fourth deal in a Singapore-based venture. (The Economic Times)  

Dodsal Group to sell its Pizza Hut, KFC business; appoints Euromax Capital to scout for buyers: Dubai based Dodsal Group, which owns Pizza Hut chains in South and West India, will sell its food and fine dining company and has appointed boutique investment bank Euromax Capital to scout for buyers, three people with direct knowledge of the development said. The bankers have begun preliminary discussions with some of the buyout private equity funds. Pizza Hut, KFC and Tacobel are three flagship brands of the US-based Yum! International. This is the second attempt by the group to sell stake in retail chain business. In 2009, the promoters were close to selling roughly between 30-40% stake to private equity fund New Silk Route. But the deal fell through on valuation mismatches. (The Economic Times) 

Nine Kingfisher trademarks put up for sale: Kingfisher lenders on Monday put on block nine trademarks of the grounded carrier to recover dues running into crores of rupees. The trademarks put on the block include Fly Kingfisher and Fly Kingfisher (Label), both registered with KFA and each having a validity of up to January 10, 2017. Flying Models registered with United Breweries (airline promoter) and valid up to August 6, 2014 is also put up on sale.  The others are Fly the Good Times and the Funliner (registered with KFA and valid up to August 6, 2014); the Kingfisher (Label) registered with UB and valid up to November 1, 2014; and the Flying Bird Device, registered with UB and valid up to November 5, 2014, SBI Caps Trustees said in a public notice. “A notice has been issued under Rule 5 of the Security Interest (Enforcement) Rules of 2002, for estimation of the market value of trademarks pertaining to Kingfisher Airlines and for identifying interested parties,” it said. (The Times of India) 

Utthishta Yekum Fund to invest in 20 tech startups: Utthishta Yekum Fund, the debut seed fund from Hyderabad-based Utthishta Management Advisors LLP, is targeting to invest in at least 20 Indian technology startup companies every year, according to Mohsin Khan, general partner of the fund. The Securities and Exchange Board of India (Sebi)-registered alternative investment fund, with a fund size of Rs 70 crore, has so far invested in seven companies. These include New Delhi-based GreatWideOpen, an adventure travel company, and Claimback, which takes care of customer grievances against brands,  and Hyderabad-based happyweddings.com. Utthishta Yekum, which writes the ‘first cheque’ of between Rs 10 lakh and Rs 20 lakh for very very early-stage startups, has M Prabhakara Rao as its anchor investor with an already committed Rs 31-crore infusion into the fund. (Business Standard) 

Hinting at Flipkart deal, Myntra CEO Mukesh Bansal says open to investors: Online fashion retailer Myntra’s co-founder and CEO Mukesh Bansal is open to getting a strategic investor on board, a move which could trigger a deal with Flipkart as early as this month, making it the biggest consolidation move in the Indian e-commerce market. He said, that an investor who would pump in $100-150 million into the Bangalore-based company over the next two years, push Myntra’s aggressive private brands strategy and let the e-tailer function as an autonomous entity may be a welcome suitor. So far, the two common investors in both the e-commerce players, venture funds Accel Partners and Tiger Global, have been at the forefront of pushing for an acquisition by Flipkart. But smaller investors in Myntra, including IDG Ventures and Kalaari Capital, have held reservations about the proposed move, sources privy to the discussions told TOI. (The Economic Times) 

Orient Green Power Company Ltd to sell 10 MW Biomass Unit at Samathur: Orient Green Power Company Ltd. is planning to sell whole of the 10 MW Biomass Unit of the Company located at Samathur, Karianchettypalayam Village, Pollachi Taluk by way of Slump Sale “on a going concern basis”, to one of its wholly owned subsidiaries subject to the approval of the shareholders and other approvals as may be required for such sale. The company received the approval from its board for the proposed sale. (Equity Bulls) 

iStreet Network plans to raise funds: iStreet Network Ltd. is planning to raise funds for the project iStreet Bazaar up to Rs 100 crores ($16.57 million) in phased manner in various form like equity or debt or bonds-convertible or otherwise, in accordance with and subject to regulatory compliances or limits, investors’ compliances, project requirement etc. said, Pradeep Malu, Managing Director & CEO. The board also approved its earlier decision of disposing off non productive assets (mainly manufacturing machineries and related assets) and authorized Mr. Pradeep Malu, Managing Director & CEO to take necessary steps in this direction and sign all the necessary papers, as may be required to execute the transaction. (BSE) 

India’s Fortis Seeks to Exit Singapore Healthcare Business: Fortis Healthcare Ltd. has put its Singapore assets up for sale as part of a push to focus on its domestic market, people with knowledge of the deal said, in what would be the latest overseas disposal by the Indian-owned hospital firm. But in recent years, the company has cut its overseas exposure with sales of hospital stakes in Hong Kong, Australia, and Singapore. It has, in the process, reduced its debt levels. It is now looking to sell its remaining Singapore interests, namely three hospitals–Fortis Surgical Hospital, RadLink-Asia and Singapore Radiopharmaceuticals–which could raise about $150 million (Rs 903 crore), the people said. The Indian company first moved to Singapore in March 2010 when it spent $685 million to acquire a 25% stake in Parkway Holdings Ltd., a health care operator in the city-state. (Wall Street Journal) 

Swamped by debt, Aircel gets DoT nod to raise over Rs 21k crore via loans: The telecom department has allowed Aircel to raise more than Rs 21,000 crore ($3.48 billion) via local and overseas loans through a consortium led by State Bank of India. The financially struggling telco could use the funds to refinance existing debt. The in-principle approval could mean the mobile phone operator, 74% owned by Malaysian telecom operator Maxis, is the first to have pledged spectrum to raise money. The move will help in making the company more attractive to a potential buyer. (The Economic Times) 

Courtesy: VCCEdge

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News Roundup: Analjit Singh vies for 33% stake in Sula

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