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News Roundup: Indiareit Sells Kurla Property For Rs 450Cr

04 January, 2011

Indiareit Sells Kurla Property For Rs 450Cr – Indiareit Fund Advisors, a real estate venture capital fund backed by 3i Group Plc, has exited from its investment in a commercial project in Kurla, Mumbai, being developed by Neptune Realtors. The Piramal-owned PE firm is exiting with returns of Rs 450 crore on an investment of Rs 145 crore made in 2006. Both Neptune and Indiareit Fund held 50% stake each in the land being developed. (Economic Times)

Blackstone-backed Allcargo Eyes Domestic Buys – Allcargo Global Logistics Ltd., an Indian freight forwarder backed by Blackstone Group LP, will buy a container clearance facility seeking to benefit from rising overseas trade in Asia’s second-fastest growing major economy. Allcargo, which provides shipping and container freight logistics services, wants to add areas to allow customs officials to check cargo at Mumbai, Chennai and Mundra ports to accelerate processing of shipments.  (Bloomberg)

Brainient Gets $800k Funding – Brainient, the interactive advertising platform, has raised $800,000 in venture capital funding in a financing round led by Venture Capital Investor Arts Alliance. It has also partnered with The Times Audience Network, the digital video arm of The Times Group, to start offering innovative new advertising formats. (Times of India)

Patni-iGate Deal Stuck On Tax Issues – A day after iGate Corp called off a news conference to announce a “significant corporate development,” it has emerged that lack of clarity about tax liability is delaying the company’s proposed acquisition of about 60% stake in Patni Computer Systems Ltd. The proposed transaction, said to be worth a little over $900 million at Rs500 per share, values Patni at around $1.5 billion. (DNA)

Zephyr Peacock To Raise Third Fund At $125M – Private equity firm Zephyr Peacock is looking at third fund raising of around $125 million (Rs 562 crore) this year. Zephyr Peacock, the Indian arm of US-based Zephyr Management, has so far invested close to $70 million in various sectors in the Small and Medium Enterprises (SME) segment in the country. (PTI)

Maytas Shareholders Approve Name Change – Shareholders of Hyderabad-based infrastructure company Maytas Infra Ltd have approved the change of name of the company to IL&FS Engineering and Construction Company Ltd, expressing their views through a postal ballot. This, in effect, completes the process of bringing about a new brand image for the scam-hit company, which went into a phase of business uncertainty in 2009, later to be rescued under the management of IL&FS, which now has a controlling stake in the company. (HinduBusinessLine)

Sudip Bandyopadhyay Joins Destimoney As President – Private equity major New Silk Route (NSR) has initiated restructuring of the equity and currency broking firm Destimoney Securities. Sudip Bandyopadhyay, erstwhile MD of Reliance Money, has been roped in as president to head operations of the firm, which is majority owned by NSR. Dhanlaxmi Bank along with some other investors have infused Rs 40 crore in Destimoney’s equity. (Financial Chronicle)

IDBI Capital Appoints New Head – IDBI Capital Market Services Limited in its meeting has appointed Abhay L. Bongirwar, CGM – IDBI Bank as the Managing Director & CEO of IDBI Capital Market Services Ltd. He has taken over charge from Nagendra Bhatnagar from 31st December, 2010. (India Infoline)

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News Roundup: Indiareit Sells Kurla Property For Rs 450Cr

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