CX Partners To Buy Rs 200Cr Stake In Sutures – CX Partners, a PE firm led by Citigroup veteran Ajay Relan, is buying 40% stake in Bangalore-based medical textile manufacturer Sutures India for Rs 200 crore. Sutures India manufactures medical consumables, including absorbable and non-absorbable sutures, skin staplers and surgical tapes catering to the growing demand. CX partners will take out the existing financial investor Evolvence Life Sciences and also buy part of the promoter stake. (Times of India)
Fidelity Shortlists Five Investors For India MF – Fidelity Worldwide Investment has picked five potential buyers for its India mutual fund assets. Reliance Mutual Fund, HDFC Mutual, Pramerica and Birla Sunlife figure among names that have made to the final list. Among the bidders, Pramerica Mutual is learnt to have valued Fidelity Mutual Fund’s assets at about Rs 600 crore, which works out to 6.9% of Fidelity’s Rs8,700 crore asset base. (Economic Times)
Michael & Susal Dell Foundation, Bellwether To Exit Ujjivan – The Michael & Susan Dell Foundation and one other early investor in Ujjivan are in negotiations to sell their stakes in the urban microfinance company. The foundation, as well as the Bellwether Microfinance Fund, which together own a 12% stake in Ujjivan, want to sell their shares at Rs57 apiece. At this price, they will be earning a six-fold return on an investment made when the company was founded in 2005. (Economic Times)
Future Group Set To Acquire Big Apple – The Kishore Biyani-led Future Group has entered the final leg its negotiations to buy out the Big Apple chain of food and grocery stores. Express Retail Services Ltd — a joint enterprise of Lalwani Holdings and the Chaurasia Group — which is the promoter of Big Apple, had put the company on the block for a while before entering into bilateral discussions with Biyani’s team. The final deal size could be close to Rs 250 crore. (Business Standard)
Defiance Scouts For Buys In US, Europe – Defiance Technologies is looking for acquisitions in the US and Europe to strengthen its work in SAP Mobility solutions. The Hinduja Group company is also is looking to acquire companies with a foothold in the aerospace segment. It is because the group is expanding to defence space from purely automotive operations in the engineering space. (Business Line)
HCG To Raise Rs 50Cr From PE Investors – HealthCare Global Enterprise Limited (HCG), a Bangalore-based pan-India chain of super-specialty cancer care hospitals, is planning to expand its network to 40 centres by 2014, with an investment of Rs 100 crore. HCG, at present, has around 24 centres in India and one each in Uganda and Nairobi. It will raise another Rs 50 crore for this expansion from PE investors while rest will come from internal accruals. (Business Standard)
Tata Capital To Set Up Private I-Banking Unit In Singapore – Tata Capital today said it will set up a private investment banking business in Singapore in two years. Licencing process is to be started soon and the business will be in operation in two years. The broad plan would be to establish a strong private equity and fund management as well as wealth management and securities brokerages. (Economic Times)
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