Blackstone, Carlyle In Exclusive Talks For Reliane Infratel – Reliance Communications (RCOM) has entered into exclusive negotiations with private equity consortium of Blackstone and Carlyle to sell its tower unit, with a deal likely to happen by December. The transaction is expected to value the tower asset in excess of $3.5 billion making it India’s largest PE deal till date. Blackstone is likely to be the lead investor in the buyout transaction. (Times of India)
Nova Medical To Raise Rs 400Cr – Bangalore-based Nova Medical Centers Private Limited, a standalone ambulatory surgery group, is planning to invest Rs 500 crore to expand its operation. The company would be setting up 25 daycare surgical facilities across India and West Asia by 2013. Nova is part funded by Global Technology Investment group (GTI), a New York-based private equity firm. (Business Standard)
Surat Company Buys Australian Player – Leading diamond firm M Suresh group has acquired Australia’s The Jewellery Group (TJG). The Indian company is believed to have bought the firm for $30 million. TJG runs 129 retail stores under two brands – Zamel’s and Mazzuchelli’s – across western and southern Australia as well as Australian Capital Region. (Times of India)
AIG Realty Fund To Sell India Investments – AIG Global Real Estate, a New York-based private equity (PE) firm, has sold or is in the process of selling three of its five investments in India at cost. Between 2007 and 2009, the firm invested around $200 million in five projects in the country from its AIG Real Estate Opportunity XII-India Fund. AIG exited a project in Bangalore last year; in October, it sold its stake in an office project in Kolkata’s Rajarhat township to Ambuja Realty.
ICICI Venture Realty Fund Raises Rs 200Cr – Almost a year after launching its Rs 1,000-crore domestic fund, ICICI Venture, one of the largest private equity firms in the country, raised Rs 200 crore last week. This is the first closure for the fund had an initial corpus of Rs 500 crore and an option to raise an additional Rs 500 crore. The fund would invest in mid-market residential projects with an investment period of two to three years. (Business Standard)
Summit Partners To Reveal Zenith Deal Details – US-based private equity firm Summit Partners, which purchased one of the businesses of Zenith Infotech, the IT firm which has defaulted on its payment to bondholders, has said it is willing to disclose transaction details – like how much was paid and to whom – but wants the facts to be kept confidential between the court, the trustee of the bonds, and itself. Hedge fund QVT is the biggest investor in Zenith Infotech convertibles. (Economic Times)
Trinetra To Allot Rs 615cr Shares To India Cements – Trinetra Cement Ltd is planning to allocate shares worth around Rs 615 crore to Chennai-based India Cements through preference shares. India Cements Ltd, south India’s largest cement manufacturer by volume, had acquired Trinetra Cement during last fiscal through its subsidiary ICL Financial Services Ltd in March last year. (Business Standard)