Kotak Realty To Launch Rs 600Cr Fund – Kotak Realty Funds Group, the PE arm of Kotak Bank, is aiming to raise Rs 600 crore through its fourth realty fund to be launched in the next few days. The fund will be mopped up from domestic market and invest predominantly in residential properties across India. It will have a green-shoe option of Rs 100 crore. Kotak Realty has a total $750 million worth of assets under advisory through three funds, including $331 million Kotak Alternate Opportunities India Fund and an offshore fund of $265 million. (Economic Times)
Fire Capital To Raise $100M – Fire Capital, the first private equity fund focused on the Indian real estate sector, plans to raise $100 million to invest in housing projects, as banks turn away from the debt-ridden sector leaving builders to fall back on PEs. The firm will raise the capital primarily from its existing investors in the US to invest in tier-II and -III cities in states like Haryana, Punjab, Rajasthan. Fire Capital, established in 2004, raised its first fund worth $121 million in 2006, with an ability to invest around $250 million through the co-investment commitments of its investor base. (Economic Times)
MEP Toll Roads In Stake Sale Talks With PEs – Toll management company MEP Toll Road has initiated discussions with a clutch of private equity firms to dilute its holding by 10-15% by September this year. The divestment of stake to private equity players will be followed by listing of the company in domestic bourses towards the end of current fiscal. The company would use the proceeds primarily to retire the debt, which currently stands at Rs 2,400 crore. MEP Toll Road along with its subsidiary company A J Tolls has a pan-India presence in eight states and is currently managing toll collection from 226 lanes. (Business Standard)
Ravi Jain, Deepak Roy Eye Stake Buy In Grover Vineyards – Alcobev entrepreneurs Ravi Jain and Deepak Roy may emerge as significant shareholders in Grover Vineyards after merging their start-up Vallee de Vin with the oldest surviving winery in the country. Vallee de Vin plans to acquire stakes held by Louis Vuitton Moet Hennessy (LVMH) Group and distribution company Brindco in Grover Vineyards, which will create India’s second largest winemaker after Sula Vineyards. (Times of India)
Doshion Veolia Buys GEL For Rs 50Cr – Doshion Veolia Water Solutions Private Limited, a joint venture between Doshion Limited of Ahmedabad and Veolia Water Solutions of France has acquired Nagpur based Gondwana Engineers Ltd (GEL) which is a group company of Kirloskar Brothers Ltd (KBL) for around Rs 50 crore. Doshion Veolia, which already has a strong presence in the industrial segment, aims to strengthen its presence in the city water management segment through the acquisition of GEL. (Business Standard)
BSFL To Raise Rs 1200Cr – Bhartiya Samruddhi Finance, a microfinance institution promoted by social entrepreneur Vijay Mahajan, plans to raise up to Rs 1,200 crore through debt instruments, including non-convertible debentures, in the current financial year. The funds would primarily be used to meet the micro-lender’s working capital requirements and fund business growth in regions outside Andhra Pradesh. (Business Standard)
Ruia Group Acquires French Firm – The Pawan Kumar Ruia Group on Tuesday said it had acquired a France-based automotive sealing manufacturer, SEALYNX Automotive, having a turnover of Euro 98 million in 2010, for an undisclosed amount. The company was going through a tough time since the economic slowdown and in December 2010, a commercial court at Nanterre had appointed an administrator to run it. The court has endorsed the takeover by the Ruias and it has been renamed Ruia SEALYNX SAS. With the acquisition, the sealing business of the Group reaches a top line of $850 million. (Business Standard)
Macmillan Publisher To Merge Subsidiary – MPS Ltd formerly called as Macmillan Publishers India expects to merge its subsidiary Pan Macmillan Book India with itself. The stock market-listed company would be calling in for shareholders meeting shortly. The publishing company reported a net loss of Rs 8.5 crore for financial year ending December 31, 2010, compared with a net profit of Rs 7.3 crore for the previous year. The company’s book value has plummeted to Rs 64 from Rs 106 in the last five years. The printing and stationery company saw its revenue’s fall to Rs 128 crore in December 31, 2010, against Rs 140 crore the previous year. (Business Line)
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