General Atlantic, ChrysCapital-backed Hexaware On The Block For $700M - The deal talk has gained momentum after key stakeholders of Hexaware Technologies informally kicked off a process to find a valuation for the software services unit. Hexaware founder Atul Nishar and private equity investors General Atlantic and ChrysCapital have sounded off two MNC investment banks to identify potential suitors for their combined 53% stake in the publicly-listed Hexaware Technologies. The investment banks have already approached a few international suitors, mostly Japanese tech giants and select private equity firms, to gauge their interest in India's leading mid-tier IT services firm with annualized revenue in excess of $250 million. (Times of India)
Kotak Realty Exits 3C's Noida Technology Park - Private equity firm Kotak Realty Fund has sold its stake in 3C Company’s information technology park project in Noida back to the promoters, earning a return of less than 30% on its investment. The fund had picked up a 35% stake in the project for about Rs.65 crore in 2007. The exit continues a pattern of modest returns as the sector struggles to beat slowing sales and a dearth of capital. Since early 2011, Kotak Realty Fund has sold investments worth $240 million. (Mint)
BPTP To Buy Out Merrill Lynch's Stake In Gurgaon Project - Real estate developer BPTP is buying back Merrill Lynch's 49% stake in its Crest office building in Gurgaon for Rs 180 crore. The developer has its corporate office in the same building. Merrill Lynch had invested Rs 100 crore in the project in 2007 at the peak of the real estate cycle in India. Now, Merrill Lynch's Asian real estate assets, including those in India, are managed by Blackstone. BPTP recently raised Rs 270 crore through lease rent discounting of the 625,000-sq-ft office building in Gurgaon that has tenants such as Deloitte, Fidelity as well BPTP itself. (Economic Times)
Aditya Birla Eyes Stake In Indonesia's PT Bumi - The Aditya Birla Group will pitch for a strategic stake in Indonesian coal miner PT Bumi Resources to secure assured coal supplies for its expanding cement and aluminum smelter operations. Senior executives from the Birla group are evaluating the option to bid for about 10-15% of the equity of PT Bumi along with an offtake arrangement. The transaction could be valued at over Rs 1,000 crore. (Economic Times)
RIL Eyes El Paso's E&P Unit - Reliance Industries (RIL) and Apollo Global Management LLC are among companies in talks to buy El Paso Corp (EP)’s oil and gas exploration and production unit. Houston-based energy company Kinder Morgan Inc had agreed to acquire all of El Paso by later this year, and may decide this month whether to continue the sale talks. Analysts estimated the business’s value at $8.1 billion. (Business Standard)
Apollo, Khazanah To Finalise Tie-Up Soon - Chennai-based Apollo Hospitals Group would finalise the framework for its proposed cooperation with Malaysian sovereign wealth fund Khazanah in a few weeks. Together, the two aim to become global players. Khazanah holds over 11.2 per cent stake in Apollo Hospitals. The road map would not confine to just India operations. (Business Standard)
