DE Shaw, Citi In Talks With Future Ventures For Pre-IPO Deal – Future Ventures, the venture capital arm of retailing major Future Group, is in talks with hedge fund DE Shaw and PE arm of Citi for a pre-IPO deal which could see sale of a 10% stake. The stake could fetch around Rs 500 crore, which would value the entity at Rs 5,000 crore. Future Ventures plans to go public by the first quarter of next fiscal to raise around Rs 750 crore. Future Ventures has stakes in companies like Biba Apparels and Holii Accessories. (Financial Express)
Hero Honda JV Partners To Split Today – Hero Honda, one of corporate India’s oldest and most successful joint ventures, is splitting the 26-year-old relationship due to unresolved differences and ambitious independent plans. Honda will be selling its 26% stake to the Munjal family through a series of offmarket transactions. Japan’s Honda Motors Co will exit Hero Honda at a discount and get over $1 billion for its stake. (Times of Inda)
Former WL Ross India Chief Plans $250M Fund – Ranjeet Nabha, former managing director and chief executive of the Indian operations of WL Ross and Co., is set to launch his own special situations opportunities fund. The fund may be launched next year with a target corpus of around $250 million. Nabha spent five years as India head of one of the world’s leading groups focused on turning around and restructuring distressed assets.
Amritsar Firm In Talks With PEs – Amritsar-based Shore to Shore Logistics India Ltd, a group company of Khanna Paper Mills Ltd, is in talks with leading private equity players for setting up a Rs 100-crore warehouse-cum-logistics park and an inland container depot (ICD) in Amritsar. The company would be setting up this project in a joint venture (JV) either with a private equity player or a logistics player. (Business Standard)
Paras Promoter Plans PE Fund – Just two days after he sold off Paras Pharmaceuticals, Girish Patel is planning to start a private equity fund from Rs 1,000 crore he made by selling his 30% stake in Reckitt Benckiser’s Rs 3260-crore acquisition. The Patel family, which promoted Paras, sold part stake in the company to private equity fund Actis in two phases and then another part to Reckitt Benckiser. Patel’s fund will help small, family run businesses transform into professionally-run companies. (ToI)
Zylog Eyes $100M Acquisitions – After the acquisition of Canada-based Brainhunter in February, Chenai’s Zylog Systems plans to make another acquisition with a target size of nearly $100 million. The company is evaluating many candidates, including one in the US in the BFSI (banking, financial services and insurance) space that employs 1,500 people. Zylog is also eyeing sectors such as pharmaceutical and ERP. (Hindu Business Line)
Bank of Baroda Sells 51% In Credit Card Biz – State-owned Bank of Baroda (BoB) has entered into joint venture agreement with BBVA (Banco Bilbao Vizcaya Argentaria) of Spain to sell 51% stake in its credit card arm Bobcards. BoB had entered into a Memorandum of Understanding with BBVA to form a joint venture of credit card business, BoB informed the Bombay Stock Exchange. (BS)