NEA To Invest $50M In TutorVista – NEA (New Enterprise Associates) has clinched a deal to invest $50 million in Bangalore-based Tutorvista, spearheaded by serial entrepreneur K Ganesh. TutorVista is an educational portal offering one-to-one live tutoring over the Internet and has various arms in the education space, spanning digital learning content, consumer Internet, brick-and-mortar centres and schools. Others like Temasek and Stanchart Private Equity were also in fray with a deal struck at a steep valuation of $200 million. (Business Standard)
Axis To Wind Down PE Fund – Axis Bank Ltd, India’s third largest private bank by assets, has decided to wind down its Rs 600 crore private equity (PE) fund focused on infrastructure. The initial plan was to sell the business, but the bank changed course in the face of stiff resistance by investors in the fund. Axis Private Equity Ltd had raised the fund in 2008.
SEED To Raise Rs 50Cr PE Funding – The Reserve Bank of India’s permission to banks for roping in for-profit companies as business correspondents (BCs) for financial inclusion has generated interest among private equity (PE) investors. Society for Educational Welfare & Economic Development (SEED), a New Delhi-based organisation, has formed a separate company to manage operations as BCs. It is in discussion with PE players to raise fresh capital. (BS)
IMG, RIL Sign $150M Football Deal – Billionaire private equity investor Ted Forstmann’s sports and entertainment company IMG Worldwide and Indian conglomerate Reliance Industries have teamed up to aign a 15-year deal with Indian soccer’s governing body for the commercial rights to the sport. The deal is for around $140 million.
CavinKare Bros Merge Salon Biz – Chennai-based entrepreneur brothers C K Ranganathan and C KKumaravel have decided to integrate their beauty salon chains. CavinKare, which offers hair and skin care at 55 beauty salons across India under its Limelite and Green Trends brands. The company clocked a Rs 890-crore turnover in 2009-10. Kumaravel is the co-founder and managing director of unisex beauty salon chain, Naturals. (ET)
Apax-iGate Lead Race For Patni – A consortium formed by private equity major Apax Partners LLP and iGate Corp is leading the race to buy a controlling stake in Patni Computers Ltd., edging out the joint bid by Advent International Corp. and the Carlyle Group. Patni founders and General Atlantic together hold almost 63% of the software services firm are looking to sell. Deal may be between Rs 500-525 per share, valuing firm between $1.448 billion and $1.52 billion. (Wall Street Journal)
Munjals In Talks For Funding To Buy Honda Stake – The Munjals of Hero Group have initiated talks with lenders to secure bridge financing for the buyout of its Japanese joint venture partner’s equity in Hero Honda. Lenders like Bank of America, HDFC and L&T Finance are in fray to part finance the owner family. The 26% equity held by Honda could be worth some $1.2 billion, at 40% discount to its market valuation. (ET)
Stemcor, Ispat Deal In Trouble – Debt-laden Ispat Industries’ last ditch attempt to salvage the company and bring in cash by infusing equity from a strategic partner has hit a major roadblock. Its negotiations with UK-based steel trading company Stemcor for a 10% stake in the company has failed to materialise. Instead, in a new twist, Stemcor now seems more keen to buy out the Ispat promoters. (BS)