Everstone Capital, one of the largest India-focused private equity funds, is acquiring a stake of about 25% in a tier-two HR outsourcing firm, Aparajitha Corporate Services, for an estimated Rs 100 crore ($ 16 million), valuing the Madurai-based company at around Rs 400 crore ($ 64 million) according to people involved with the matter. Over the last few years, marquee foreign investors have diversified their Indian portfolios, pumping growth capital into tier-two entrepreneurial stories. Founded by Bharath Krishna and Nagaraj Krishnan more than a decade ago, Aparajitha today has a national presence with a 400-strong client list comprising corporates like Hindustan Unilever, Siemens and Nokia, among others. (Times of India)
Buyouts funds eye NSR-backed Destimoney for a Rs 1200 crore buyout: Six years after taking control of Destimoney, a retail financial services and distribution company, its private equity owners New Silk Route (NSR) is getting ready to sell it. NSR has mandated investment bank Morgan Stanley to sell the privately held company and a formal process is expected to begin shortly, said multiple sources. In 2008, NSR, a $1.4 billion Asia and India focussed PE fund, had bought the company then called Dawnay Day AV Financial Services for Rs 200 crore ($32.27 million). Following the acquisition NSR reorganised the various businesses and brought it under a single holding company Destimoney Enterprises Private Limited where it currently owns the entire 100%. Destimoney Enterprises in turn owns over 80% in the broking arm Destimoney Securities with the employees, including its MD &CEO, Sudip Bandyopadhay and investors like Dhanalaxmi Bank and NRI Raghuvinder Kataria owning the rest. ()
Manipal Health eyeing 7-8 more hospitals across country: Manipal Health Enterprises, the healthcare arm of the Manipal Education and Medical Group, is looking to acquire at least 7-8 other hospitals for more acquisitions in the North, East and West of India. The company will also continue to expand in Bangalore with two new hospitals. More neighbourhood clinics and home care facilities also planned,” Swami Swaminathan said. The firm also forayed into Rajasthan by acquiring the S K Soni Hospital. (<)
Tech Mahindra and Financial Technologies come closer on deal talks: The stock market, in the past one month, has bought into the story that Financial Technologies (India) the markets technology solutions leader that Jignesh Shah and his friends, Dewang Neralla and Paras Ajmera, have built over the years may change hands in the wake of the scam at the company’s subsidiary National Spot Exchange (NSEL). The word is out that Mahindra & Mahindra Group company Tech Mahindra has shown interest in buying a sizeable equity stake in Financial Technologies. The consultants have been hired to carry out a due diligence of FT. “EY and law firm Khaitan & Co will do the due diligence, which is expected to begin shortly. According to preliminary discussions, Tech Mahindra would subscribe to preferential shares issued by FT as well as buy a part of the equity block controlled by Shah and his family. ()
Videocon Telecommunications is in talks with financial partners to grow its business: Videocon Telecommunications, the mobile arm of Venugopal Dhoot-led Videocon Group, is open to consolidation and is in talks with potential strategic or financial partners to grow its business, a senor executive told. Though such decisions take time and will be taken at the board level, we are open to exploring investment avenues and partnering with others, chief executive Arvind Bali said. Last year, Videocon had purchased spectrum in an auction in six out of seven service areas where it has operations and plans to provide 4G service in these circles. ()
Canara Bank to offload NPAs worth Rs 1,000 cr: Canara Bank plans to sell Rs 1,000 crore worth of non-performing assets (NPAs) by the end of this financial year. A few months ago, the company had called for empanelment of financial advisers to provide services for the sale of NPAs. Now after shortlisting them, we are working out a mechanism to sell a few of our NPA accounts,” RK Dubey, Chairman and Managing Director of Canara Bank. The gross NPA ratio stood at 2.79% compared with 2.77 last year. Net NPA was at Rs 6,869.87 crore (Rs 5,134.40). The net NPA ratio stood at 2.39% as against 2.35% last year. (Business Line)
EDF is in talks to buy stake in GMR’s Nepal project: French government-owned power utility Electricité de France SA (EDF) is in talks with Bangalore-based infrastructure conglomerate GMR Group to acquire a stake in the latter’s 900-megawatt (MW) Upper Karnali hydropower project in Nepal. EDF is interested in acquiring a stake in the project,” said a person aware of the development who spoke on condition of anonymity. He pointed to EDF’s interest in the Indian energy sector as reflected by its earlier investment in ACME Solar Energy Pvt. Ltd. EDF’s renewable energy arm and EREN, another French company, plans to invest a total of Rs 550 crore (89 million) in New Delhi-based ACME Solar to set up solar power plants in India. (Live Mint)
Tatas’ private equity arm eyes food business foray: The private equity arm of Tata Group is looking to acquire marquee restaurant brands, upping India’s oldest industrial house’s play in the booming ‘eating-out’ business. Tata Opportunities Fund, along with Tata Sons, the group’s holding company, is currently prospecting three deals to tap the rising consumption in the world’s second fastest growing economy after China. The Tata Group is excited about the restaurant business, a $48-billion (Rs 2,96,805 crore) industry in the country, where double-income households, changing lifestyle habits and food preferences are spurring growth. “The company is looking at opportunities in food and beverages. The models should offer exit opportunities within the group as well as outside. The Tata Group’s plans in the eating-out segment mirror that of several other big names from India Inc, including Azim Premji of Wipro and Burmans of Dabur. (Times of India)
Everstone to buy 25% in HR outsourcing firm Aparajitha: Everstone Capital, one of the largest India-focused private equity funds, is acquiring a stake of about 25% in a tier-two HR outsourcing firm, Aparajitha Corporate Services, for an estimated INR 100 crore ($ 16 million), valuing the Madurai-based company at around INR 400 crore ($ 64 million) according to people involved with the matter. Over the last few years, marquee foreign investors have diversified their Indian portfolios, pumping growth capital into tier-two entrepreneurial stories. Founded by Bharath Krishna and Nagaraj Krishnan more than a decade ago, Aparajitha today has a national presence with a 400-strong client list comprising corporates like Hindustan Unilever, Siemens and Nokia, among others. (Times of India)
Bookmycab in talks with VC Firms to raise up to Rs 40 crore: LiveMinds Solutions, which owns and operates radio taxi booking service bookmycab, is scouting for fresh capital, and has entered into talks with a number of venture capital firms, a development that highlights the continuing interest of risk capital in the broader taxi and car rental space. The company is in talks to raise equity-linked funding of up to Rs 40 crore ($ 6 million), and expects to close a potential transaction by April later this year, according Avinash Gupta, chief executive, LiveMinds Solutions. The company had secured funding of about Rs 5 crore ($ 0.8 million) from YourNest Angel Fund and the Mumbai Angels. ()
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