JP Morgan To Invest $40M In Nitesh Estates Project – JP Morgan Global Fund has picked up 45% shareholding in a Nitesh Estates’ firm for $40 million ( 204 crore). The special purpose vehicle of the Bangalore-based office and apartment builder Nitesh Estates will be executing three projects totalling 4 million sq ft in Bangalore and Chennai. The deal is expected to conclude shortly and will have a five-year horizon. The raised money will be used by Nitesh for ongoing projects in Chennai and Bangalore and to conclude an impending joint development agreement. (Economic Times)
Pragnya Invests In Colombi, Andhra Pradesh – Pragnya Advisors Pvt. Ltd, a private equity (PE) fund focused on real estate, has closed two transactions in Colombo and Rajahmundry, Andhra Pradesh, from its $100-million second fund. In Rajahmundry, Pragnya has invested about $5 million (Rs.25 crore) in a 50-acre integrated township. In Colombo, it has deployed an undisclosed sum in the residential portion of a premium mixed-use project. The fund is investing $30 million in three projects in Pune, Chennai and Hyderabad.
Bain Capital Nears First Close Of Its Second Asia Fund – Bain Capital is nearing a closing for its second fund focused on investments in Asia and is expected to reach the fund’s $2 billion target early next year. The Boston firm expects to hold a significant first closing by the end of the month that is expected to take the fund past the halfway mark. Bain expects to wrap up the fund during the first quarter of 2012 to accommodate a handful of investors that can’t make it into the first closing. (Dow Jones)
SEBI Drops Proceedings Against Subhkam Ventures – The Securities and Exchange Board of India (Sebi) has decided to drop its proceedings against Subhkam Ventures, a private equity (PE) fund, in the Supreme Court. The market regulator had moved the apex court seeking to force Subhkam to make an open offer for the shares of MSK Projects under a specific provision of the takeover code, which deals with “control” of the company. (Business Standard)
Zandu Realty To Develop Mumbai Property – Zandu Realty Ltd has struck a deal with Sheth Developers Pvt. Ltd to rebuild erstwhile herbal healthcare firm Zandu Pharmaceutical Works’ headquarters in Mumbai’s Dadar neighbourhood into a 2.7-acre commercial complex. On entering the development agreement, Zandu Realty, an Emami group firm, received Rs. 70 crore in cash from Sheth Developers. It will also receive half the developed area on completion of the project. (Mint)
SAIL In Talks For Coking Coal Assets In Virginia – Steel Authority of India, the state-owned steelmaker which is India’s largest by capacity, is in talks with US government officials to acquire coking coal assets in Virginia as part of its efforts to own resources and control costs. A SAIL statement said the mineral-rich state of Virginia could become a sustainable source of coking coal for promoter companies of International Coal Ventures Private Limited, the five member Indian consortium that was formed to buy coal assets overseas. (Economic Times)
Adani, GSPC May Gail’s BG Group Plans – Gail India’s aim to buy the BG Group’s controlling stake in country’s largest private sector city gas distribution firm, Gujarat Gas Company Limited (GGCL), will face a stiff challenge from the diversified Adani Group and archrival Gujarat State Petroleum Corp (GSPC). Adani Group is believed to have appointed a Mumbai-based M&A advisory firm last week to pursue a deal with BG Group that wants to hive off its 65% interests in GGCL with market capitalisation of over Rs 4,500 crore. GSPC may enter into the fray through its subsidiary GSPC Gas or back Adani Group. (Economic Times)