Dubai-based FidelisWorld , a sports investment fund focused on Asian markets , is striking two deals worth $33 million (Rs 201 crore) in India. The $200-million fund – floated by a former JP Morgan banker Anand Krishnan – is looking to invest $10 million (Rs 61 crore) in Smaaash Entertainment. The company is jointly owned by Shripal Morakhia, the founder of brokerage firm Sharekhan and investment bank SSKI, and cricket icon Sachin Tendulkar. Earlier this week, Fidelis-World closed a $23-million stake purchase in Technology Frontiers (Techfront), an instadia sports management firm involved with events like the English Premier League football event and F1 racing. The angel investors behind Techfront are exiting through the deal, which values the company at around $80 million. (The Times of India)
IFCI looks for cheap fund options: IFCI, one of the premier financial institutions in the country, is looking for cheaper funds in order to have greater flexibility. The company can raise SLR bonds and have also asked for permission to raise money through tax free bonds. This will not be possible in the current financial institution as only few days are left. Maybe next year it would happen. The firm has also asked for funds from rural infrastructure development funds (RIDF) said CEO and MD, Malay Mukherjee. (The Times of India)
Ayurveda products group Dhathri looks to offload 20% stake: In an attempt to contemporarise a traditional science, Kerala-based Dhathri, manufacturer of ayurveda-based medicine and FMCG products, has completed clinical trials for 40 of its FMCG products. The privately-held company is also looking at raising about Rs 100 crore ($16.33 million) by offloading about 20% to private equity firms. The funds will also be used for global foray and expansion in the country. Currently, Sajikumar holds 98% stake in the company, with the remaining held by family members. (Business Line)
Everstone’s Blue Foods to raise growth capital: Pan India Food Solutions Pvt. Ltd, a restaurant operator and owner of Noodle Bar, Bombay Blue and Copper Chimney brands, is in talks with private equity and strategic investors to sell stake, said three people with knowledge of the development. Pan India Food Solutions, also known as Blue Foods, is run by private equity firm Everstone Capital. The plans to divest stake in its fine-dining restaurant business in India comes at a time when the company is looking at introducing Burger King in India, said one of the three people cited above. Everstone Capital, through its investing platform Cuisine Asia, owns nearly 80% in Blue Foods, and has an investment of about Rs 200 crore. (Live Mint)
Samhi says now’s the time to buy hotels: Hospitality investor Samhi Hotels, which recently bought the Royal Orchid Hotel in Hyderabad for Rs 179 crore ($29 million), is scouting for properties in Visakhapatnam (Andhra Pradesh), Pune (Maharashtra) and Coimbatore (tamil Nadu). The company will open hotels with brand partners Accor, Starwood and Marriott. The company has access to around $20-25 million (Rs 122 crore – Rs 153 crore) but would raise more from its investors, if required. Even as Samhi is talking to banks for selling its non-perfroming assets, it is opne to assuming the debt of hotel properties it buys. (Business Standard)
Dishman Pharma plans to sell land to Nirma to cut debt: Dishman Pharmaceuticals and Chemicals Ltd is in talks to sell its 175 hectares of land in Gujarat to Nirma for about Rs 650 crore ($106 million) to cut its debt. The Ahmedabad-based contract research and manufacturing services (CRAMS) company is also looking at exiting its Shanghai facility, industry sources said. Talks with Nirma are in final stages, they said. Dishman had in 2009 scrapped plans to set up an engineering Special Economic Zone (SEZ) due to global slowdown and merged it with the adjoining pharma SEZ in Bavla, near Ahmedabad. (Business Standard)
Central Bank may miss March 31 target to sell Infrastructure Leasing & Financial Services stake: State-owned Central Bank of India may miss its target to sell its 8.34% stake in unlisted Infrastructure Leasing & Financial Services (IL&FS) before the end of this month, because the company’s complex structure is making it difficult for bankers to find a buyer who offers the right price. The complexity of this unlisted company is the biggest hurdle for its sale, a banker familiar with the matter told ET. The company has about 150 subsidiaries carrying out businesses like road projects and other infrastructure development, institutional broking and education. The proposed ILFS stake sale may fetch it around $500 million or about Rs 3,100 crore, a banker said. (The Economic Times)
Andhra Pradesh government looks to sell stakes in Hyderabad infra projects: The Andhra Pradesh government is looking to sell its equity stake in several marquee urban infrastructure projects in Hyderabad, likely kicking up a row because the state is in the process of being divided to from Telangana. The stake sale could fetch several hundred crores of rupees but it could also lead to controversy, because Hyderabad is located in Telangana, the new state which may claim ownership of the equity holdings in the public-private partnership (PPA) projects. A person with knowledge of the divestment process said the state government, though its nodal agency Andhra Pradesh Industrial Infrastructure Corporation, has decided to sell stakes in at least three landmark projects in Hyderabad. The projects include the Hyderabad International Convention Centre, Hyderabad Information Technology and Engineering Consultancy (Hitec) City and Mind Space IT Infrastructure Project. APIIC holds stakes ranging from 11% to 26% in these urban infrastructure projects. (The Economic Times)
Leela may’ve Found a New Roomie in KKR: Kohlberg Kravis Roberts & Co, the renowned buyout firm will widen its money-lending activity in India, possibly lending as much as Rs 2,000 crore ($326.62 million) to Hotel Leelaventure Ltd, against two prime properties, two bankers familiar with the negotiations said. The hospitality chain promoted by Captain CP Krishnan Nair and partly owned by ITC, has reached out to the buyout firm as it has been unable to raise resources as stipulated during its previous loan restructuring package. (The Times of India)
SBI mulls selling bad assets to ARCs in Jan-Mar quarter: The State Bank of India (SBI) is considering offloading a portion of its non-performing assets. The largest lender is planning to make its first deal with an asset reconstruction company this quarter. This is the first time we would be selling NPAs to ARCs said, SBI Chairman Arundhati Bhattacharya. The bank had restructured standard assets worth Rs 6100 crore during the Q3 of this fiscal and reportedly has a restructuring packages ready for loans of worth Rs 9,500 crore. (Business Line)
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