Flipkart To Raise $100M From New Investors – India’s largest and most-funded e-commerce company, Flipkart Online Services Pvt. Ltd, is in talks to raise $100 million (around Rs.555 crore). The company, which runs the online retailer Flipkart.com, is aiming to close the deal between October and December. Flipkart has raised more than $80 million in four fund-raising rounds till date from Accel Partners and Tiger Global Management LLC. (Mint)
Quiksilver Seeks 51:49 JV With Reliance – Sportswear retailer Quiksilver is the latest to approach the Indian government to own a 51% stake in their local business, which is managed by Reliance Brands. The NYSE-listed Quiksilver, through a European subsidiary, has sought permission to float a 51:49 joint venture with Reliance, with which it had a distribution agreement till now. (Times of India)
Gital Piramal Sells Stake In BP Ergo To HNI Corp – Gita Piramal, business historian and the author of Business Maharajas, has divested her entire 95% stake in unlisted office furniture company BP Ergo to American furniture major HNI Corp for an undisclosed amount. BP Ergo’s total enterprise valuation is around Rs 200 crore. The acquisition helps the world’s second largest office furniture maker own capacities capable of providing furniture to nearly two lakh people in India’s fast growing market. (Economic Times)
Infotech Eyes Control Of JV WIth Pratt & Whitney – IT services firm Infotech Enterprises plans to buy majority stake in its aerospace engineering joint venture with American aircraft engine maker Pratt & Whitney. Indian mid-tier IT services company, tracking $400 million revenue, wants to broadbase the aerospace business which is mostly dependent on the US partner. Pratt & Whitney, a unit of the US defence giant United Technologies Corporation (UTC), currently holds 51% stake in the Puerto Rico-based Infotech Aerospace Services. (Times of India)
India Cements May Sell Stake In Jagati Publications – The India Cements Ltd said it might sell its stake in Jagati Publications, owned by Y Jagan Mohan Reddy. India Cements had invested about Rs 40 crore in the publication company. The company has a minor stake in the publication house, which owns Sakshi TV and Sakshi newspaper. (Business Line)
Future Supply Chain To Raise Rs 100Cr – Future group’s consumer logistics company Future Supply Chain Solutions will be raising Rs 100 crore this year through a second round of private equity placement. This will form part of the funds needed to double the warehousing capacity of the company. The company had earlier in 2009 received $30 million from Fung Capital, the private equity arm of Hong Kong-based Li and Fung group, diluting 26 per cent stake in the company.
Next Education To Raise Rs 150Cr From PE Funds – Next Education India Pvt Ltd, a digital learning technology company, will raise Rs 150 crore from private equity players by December end. The company had so far invested Rs 250 crore, including Rs 60 crore on research and development of content. It raised the money from internal accruals and some debt from Kotak. It clocked revenue of Rs 100 crore in the last financial year. (Business Standard)
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