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News Roundup: GTI, NEA-backed Nova Medical To Raise $50M

19 September, 2011

GTI, NEA-backed Nova Medical To Raise $50M – Same- day surgery provider Nova Medical is raising fresh capital of $50 million to expand its network of surgeries in the country. Bangalore-based Nova, part funded by GTI group plans to invest $100 million over the next three years to set up 25 new centres across India and the Middle East. The current round of fund raising will include participation from the company’s existing investors New Enterprise Associates (NEA), Omani industrial group OMZEST and GTI. (Economic Times)

Telenor To Raise Rs 8,000cr For India Arm – Norwegian telecom giant Telenor has started a process to raise up to Rs 8,000 crore in its Indian joint venture with real estate developer Unitech. The JV Unitech Wireless wants to raise cash through a combination of rights issue and debt even though the local partner remains non-committal on equity investments. Telenor, which has a controlling 67.25% stake in the mobile services JV, may induct a second Indian partner if Unitech does not participate in the rights issue. Unitech Wireless has asked BNP Paribas to look at the fundraising options. (Times of India)

Emami Arm To Sell Stake To PEs – Emami, the Kolkata-based diversified group, would be investing about Rs 2,000 crore in the next two years on the healthcare segment. Advance Medicare and Research Institute (Amri) Hospitals Ltd, controlled by Emami, is setting up seven hospitals across north and east India, is likely to dilute about 20-25 per cent stake to private equity firms. (Business Standard)

RCom Tower Sale In 2-3 Months – Reliance Communications is expecting to get commercial bids for its tower business over the next two weeks. The company said that the deal to sell majority stake in Reliance Infratel should conclude over the next 2-3 months. The company will sell between 51-95 per cent stake in the tower business. (Business Line)

Future Capital Stake Sale In Six Months – Diversified company Future Group may complete the part-disinvestment of Future Capital Holdings Ltd in the next four to six months. Pantaloon Retail India Ltd holds 55 per cent stake in Future Capital. The Group had reported a debt of Rs 4,200 crore as on June 30 this year. (Business Line)

SIDBI To Raise Three New Funds – Small Industries Development Bank of India, or Sidbi, plans to launch three venture capital funds worth 850 crore this fiscal to support small and medium enterprises. The largest of the venture funds – the India Opportunity Fund – will be worth 500 crore and will be given to SMEs having a good track record. The second one will be worth 50 crore and will be floated to encourage and invest in small units planning to enter the capital market through the proposed SME exchanges. (Economic Times)

TCIL To Revisit Proposal To Exit From Bharti JV – The Telecom Ministry has asked state-owned TCIL to revisit the proposal to exit from its joint venture with Bharti Group in Rajasthan, as it has not received any dividend despite the JV making profits since 2009-10. Bharti Hexacom, a joint venture between Bharti airtel and TCIL, offers mobile services in Rajasthan. Bharti owns a 70 per cent stake in the JV and the remaining 30 per cent is with Telecommunications Consultants India Limited (TCIL). (Economic Times)


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Nova Medical Raises Funds From NEA, GTI Group

Nova Medical Raises Funds From NEA, GTI Group

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News Roundup: GTI, NEA-backed Nova Medical To Raise $50M

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