Curatio Healthcare has entered into preliminary talks with two private equity funds managed by Tata Capital to raise equity financing. The Chennai-based dermatology company is looking to raise up to Rs 300 crore ($52 million) and has held talks with Tata Capital Healthcare Fund and Tata Capital Growth Fund, according to sources. The firm has received significant interest from strategic investors as well, and Mape Advisory Group has been given the mandate to scout for potential partners. The transaction, if successful, will provide a profitable exit to Fulcrum Ventures, the existing investors in Curatio Healthcare. In 2005, Fulcrum Venture, an early-stage venture capital firm, co-invested Rs 8.5 crore in the company, along with investor GK Ramani. (The Economic Times)
Orchid Chemicals gets NOC for sale of business: Cash strapped Orchid Chemicals has received all no-objection certificates, including clearence from IDBI Bank for the agreed sale of various assets to Hospira Inc. The delay in concluding the August 2012 deal, under which Orchid was supposed to sell various assets, including active pharmaceutical ingredients (API) business and a R&D facility to the US-based Hospira Inc for $200 million (Rs 1,111 crore), has resulted in a severe cash crunch for Orchid. The deal was supposed to have been completed by March 2013. The company’s board also extended the transaction period for the deal to June 30 and consequently extended the financial year by three months to June. (The Times Of India)
Bharti hives off data centres, may sell stake: Indian telecom giant Bharti Airtel is hiving off its data centres into a standalone business with plans to induct a partner into the freshly carved out unit. The Bharti Airtel board has approved the process of making data centres, currently a part of its enterprise services, an independent 100% subsidiary. The company would appoint a new CEO to scale up its data centre operations, currently present in 7-8 cities, sources said. Last year, NTT acquired 74% stake in NetMagic, a cloud-based data centre and hosting firm based in Bangalore. (The Times Of India)
Tata Coffee plans Rs 300 crore investment: Tata Coffee Ltd will invest more than Rs 300 crore ($52 million) in three years to increase production capacity at its higher-margin instant coffee business, partly through acquisitions. The company is looking at a couple of acquisitions but they didn’t happen. By September, the firm would start scouting again. Tata Coffee, controlled by Tata Global Beverages Ltd, sells instant coffee as well as roasted and raw coffee beans in India, Russia, the US, Japan and countries in Africa. (Live Mint)
OIL plans to float foreign arm in 4 months, sets sight on Lanka: Oil India Ltd (OIL) is set to float a foreign arm in four months for exploration and acquisition of hydrocarbon assets abroad. The company, which has a subsidiary in the US and special purpose vehicles (SPVs) for foreign businesses, has lined up a $1-billion (around Rs 5,800-crore) capital expenditure plan for exploration purposes abroad. For acquisitions, the company has enough cash balance of around $2 billion. Both OIL and IndianOil Corp Ltd (IOC) acquired a 30 per cent stake in a shale gas asset of Carrizo in the US last year. Both companies have an understanding for acquisitions abroad and had floated an SPV in 2005 for such buyouts. (Business Standard)
Rural Electrification seeks RBI nod to borrow $1 billion from overseas markets: Rural Electrification Corp. Ltd. has sought the approval of the nation’s central bank to borrow $1 billion (Rs 57.55 billion) from overseas markets, according to a person familiar with the matter. The company may raise the dollar-denominated loan in the fiscal that began on 1 April. The New Delhi-based Rural Electrification has $3.1 billion of loans due in the next decade. The lender last signed a $250 million loan in January. Bank of America Corp. and State Bank of India had arranged the borrowing. (Live Mint)
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