Multiples Seeks FIPB Approval For Indian Energy Exchange Deal – Multiples Private Equity, promoted by Renuka Ramnath, has sought government approval for acquiring a minority stake in Indian Energy Exchange (IEX), promoted by Financial Technologies (India). Lightspeed Venture Partners and Bessemer Venture Partners did not seek permission when they bought a small stake in IEX in 2010. Multiples Private Equity had approached the FIPB as a matter of “abundant caution”. (Economic Times)
Ex-Axis PE Chief Joins Fund of Funds Gerken Capital – Alok Gupta, former CEO at Axis Private Equity Ltd, joining US-based Gerken Capital Associates as senior advisor and managing director (India) to head its EMF-VII, an emerging markets private equity fund of funds. He joined Axis PE in 2006 and quit in early 2011. Prior to Axis PE, he was a director of Global Steel, holding company of the Ispat Group of the Mittal family. (Business Standard)
Oswal Group Buys 14% In NDTV – The Delhi-based Abhey Oswal Group, with interests in petrochemicals, fertilisers and entertainment, has bought a 14.2 per cent stake in New Delhi Television (NDTV) for Rs 24.24 crore. Group company Oswal Green Tech acquired the stake from Merrill Lynch Capital Markets and Nomura Capital in a series of bulk deals at Rs 26.60 a share. Oswal had set up Lucky Star Entertainment for his son, who had interest in music, but later expanded to the movie business making well-known flicks such as Pinjaar. (Business Standard)
EduSports To Raise Rs 20Cr VC Funding – Bangalore-based EduSports, which provides end-to-end sports education solutions to K-12 schools, is planning to raise Rs 20 crore to support its expansion plans. The company, founded in 2009 with 10 schools, now has partnerships with 160 schools across 50 cities. It plans to add another 100 schools by next year, and hopes to tie up with education chains like Pearson, Educomp and Radcliffe. (Business Standard)
Ambattur Clothing Eyes Buys In Myanmar – Garment exporter Ambattur Clothing is increasingly moving away from India as it finds better prospects outside the country. The company, which has an established manufacturing base in Bahrain, Jordan and Bangladesh, is scouting for acquisitions in Myanmar. Ambattur Clothing, which has been in garment exports for over 30 years, once had 14 manufacturing facilities in the industrial area of Ambattur (Chennai), employing 13,000 people. (Business Line)
Miglanis Look To Buy Philippines Co – The Miglani family, co-promoters of Uttam Galva Steel, is looking at buying the distressed Global Steel Philippines, owned by Pramod Mittal, brother of L N Mittal, chairman of ArcelorMittal. When contacted, Ankit Miglani, deputy managing director of Uttam Galva, confirmed the family was looking at the asset. IDBI is advising the Miglani family on the deal. Global Steel Philippines has been on sale for a long time. (Business Standard)
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