Luminous Founder Rakesh Malhotra Starts SME Fund – Rakesh Malhotra, founder of inverter maker Luminous Power Technologies, who was instrumental in bringing home Rs 1,400 crore by selling 74% of his company’s stake to French energy giant, Schneider Electric, has forayed into venture capital. He has established Ncubate Capital Partners to fund small and medium enterprises across the country and is in talks to raise about $150-200 million for the venture. So far, the firm has a ready corpus of $40 million, of which about $30 million has been put by Malhotra himself. (Economic Times)
Singapore’s Invidia To Buy Shalaks Pharma – Singapore-based pharmaceuticals company Invida has agreed to acquire New Delhi’s Shalaks Pharmaceuticals for $25 million (Rs 125 crore) or three times its revenue. Invida was advised on the acquisition by Mumbaibased MAPE Advisory Group. Shalaks makes and markets prescription and over-the-counter skincare products like sunscreen lotions, skin rash creams, soaps and cosmetics. It had revenues of Rs 40 crore in fiscal 2011. (Economic Times)
Blackstone, Bain Shortlisted For FCH Stake Buy – Future Capital Holdings (FCH), the financial services arm of the Kishore Biyani-owned Future Group, has zeroed in on two global private equity funds —Blackstone Advisors and Bain Capital —to sell a part of its stake, to pare down debt in its parent company, Pantaloon Retail India. FCH has appointed investment bank Morgan Stanley to sell the stake and audit and consulting firm KPMG India is conducting due diligence for one of the buyers. (Financial Express)
Monte Carlo Eyes PE Funding, IPO – Apparel brand Monte Carlo plans to raise Rs 330-380 crore through combination of private equity and launch of Initial Public Offer (IPO) next year for setting up a new garment facility and expanding network. Monte Carlo Fashions was carved out of Oswal Woollen Mills Limited this year in a bid to unlock the value of the 17 years old brand. Part of Punjab based Nahar Group, the company has proposed to dilute up to 25-30% stake through private equity and public issue for raising Rs 330-380 crore. (Business Standard)
JFE Holdings Eyes More Stake In JSW Steel – Japan’s JFE Holdings Inc. is eyeing a larger chunk of JSW Steel Ltd, India’s third biggest steel maker, hoping to take advantage of a steep fall in the share price and recently eased takeover norms. JFE had a 14.78% stake in JSW on 30 September. JFE acquired a 14.99% stake in JSW in July 2010 in return for certain technology and technical assistance for automotive steel production. JSW issued 32 million shares at Rs.1,500 apiece. On Friday, JSW’s shares closed at Rs.672.60 on the BSE.
Alok Industries Looks To Sell Mumbai Plot – Textiles’ major Alok Industries has started talks with major corporate groups and high net worth individuals (HNIs) to sell its property at Peninsula Business Park in central Mumbai, after a hiatus in talks with global real estate funds. According to persons in the know, Alok is looking for a deal in the range of Rs 900-1,000 crore. Tower B at Peninsula Business Park, Lower Parel, owned by Alok, aggregates around 650,000 sq ft. Alok had acquired the office premise which was developed by Peninsula Land Holdings at Dawn Mills. (Business Standard)
Leighton Welspun Looks At Acquisitions – Riding high on a Rs 4,000 crore orderbook and around Rs 800 crore worth projects in the pipeline, Leighton Welspun Contractors today said it is open to acquisitions to spur growth in India. A 65:35 joint venture between Australian Stock Exchange – listed Leighton Holdings and Mumbai-based Welspun Group, the venture has Rs 4,000 crore orders, as on September-end. This includes Rs 450 crore fresh order received in current fiscal. (Business Standard)