Flipkart Raises $150M From Accel, Tiger Global – Flipkart Online Services has secured the largest investment so far in an Indian online store, but at a valuation lower than the much-touted $1 billion (Rs. 5,000 crore) tag. The country’s largest online retailer by sales has raised $150 million from existing investors Accel Partners and Tiger Global Management Llc at around $850 million valuation. The company raised $31 million collectively in the previous three rounds. Flipkart.com was in talks with firms including General Atlantic and Sequoia Capital India which failed due to differences over valuation. (Mint)
BG May Include Mahanagar With Gujarat Gas Sale – The race for UK-based BG’s stake in its Gujarat unit is poised to be a game-changer as the company is expected to club its 49.75% stake in Mumbai-based Mahanagar Gas Ltd (MGL) with the ongoing sale, to offer the biggest slice of the Indian market for up to Rs 9,000 crore. BG needs to offer its stake in MGL to sweeten the Gujarat Gas deal as most players are not keen to pay a premium for its 65% stake in Gujarat Gas. (Economic Times)
Dell Eyes $1B Acquisition In India – Dell is on the prowl for an India acquisition worth up to $1 billion (Rs 5,000 crore), part of a strategy to bolster its information technology services business and compete better against the likes of IBM and Accenture. The world’s third-largest computer maker wants to buy a mid-sized Indian tech firm with “several thousands of staff” and revenues of $500 million to $1 billion or even more. Bankers identified Hexaware Technologies and NIIT Technologies, each with revenues of around $300 million, as potential targets. (Economic Times)
Fidelity In Talks To Sell India MF Biz – Fidelity Investments Worldwide is in talks to sell its mutual fund business in India. Fidelity is seeking a valuation of Rs. 1000 crore for its asset management arm. Fidelity started operations in India in 2004 and managed assets worth close to Rs. 9000 crore as of December 2011 according to data from the Association of Mutual Funds of India (AMFI). The India asset management company called FIL Fund Management Private Limited is headed by former Citi-veteran Ashu Suyash. (Economic Times)
Ruia’s Aegis Plans IPO – Essar Group is finalising plans to sell part of its holdings in Aegis, its back office services venture, through an initial public offering (IPO) most likely to be on an overseas stock exchange. The group could raise between $300 million and $400 million through the listing. The Ruia family and the top management of Aegis, led by MD and Global CEO Aparup Sengupta, have met bank officials over the last few months to shortlist lead managers for the IPO, tentatively planned for the second quarter of FY13. (Economic Times)
Kotak Mahindra Eyes Local Buys – Aiming to transform itself into a bank of global scale, quality and size, ‘ever-young’ Indian banking company Kotak Mahindra Bank is looking for acquisition opportunities within India on a top priority basis. Kotak Mahindra Bank has over 329 branches and 782 ATMs across the country. It posted a revenue of close to Rs 11,000 crore and profit after tax of more than Rs 1,500 crore in the last financial year. (Business Line)
Gussing Renewable Buys 25% In Renewable Energy – Gussing Renewable Energy (GRE), an Austrian renewable energy solutions company, has picked up 25 per cent equity stake in city-based GP Energy, a biomass gasification systems manufacturing company. The merger will help the company to increase its turnover from Rs 50 crore to Rs 200 crore over the next three years. The company, which has its plants in Nepal, Thailand and Guyana apart from India.
Inox India Eyes $20M Europe Acquisition – Enthused by the acquisition of majority stake in a US-based company, which quadrupled its turnover in three years, the Gujarat-based INOX India Ltd plans to acquire a European company this year for $20 million (Rs 100 crore). In 2009, INOX India, the country’s largest cryogenic engineering company, had acquired majority stake (51 per cent) in the US-based Cryogenic Vessel Alternatives (CVA), the world’s largest manufacturer of transportation equipment, for about $25 million (Rs 120 crore). (Business Line)