LVMH’s PE Arm To Invest In Gitanjali Gems – World’s largest luxury conglomerate, LVMH, through its private equity arm L Capital, is set to acquire a significant minority stake in Gitanjali Gems’ proposed subsidiary that will control its branded jewellery and retail businesses. The deal worth $100-125 million is aimed to expand aggressively in the domestic market and take Gitanjali Gems to global scale. L Capital will pick up stake using money from its $500-million L Capital Asia Fund, which was raised in 2010. (Economic Times)
Haldia Power In Talks With PE Firms – Power utility CESC Ltd is looking to sell a 20% stake in its wholly owned subsidiary Haldia Energy Ltd (HEL) at a premium of Rs 8-9 a share. At least eight investors—private equity firms and financial institutions —have expressed interest in buying stakes in HEL, which is to build three power plants of 600MW each.
FIPB Approves Enam India Infrastructure Fund Proposal – Mauritius-based venture capital fund, Enam India Infrastructure, will invest Rs 3,700 crore in India’s infrastructure and energy projects through a dedicated core sector fund. Promoted by Mumbai-based Enam Securities, the Mauritius outfit will bring in foreign direct investment worth Rs 3,450 crore through the fund. The private equity fund will essentially invest 80% in infrastructure like roads, power, ports and airports. The rest 20% will be invested in allied units connected with infrastructure sector. (Financial Chronicle)
Ascent Capital To Invest $150M In Buyouts, Special Situations – Bangalore-based Ascent Capital (earlier known as UTI Ventures) is looking to tap into India’s mid-market investment market for buyouts, the purchase of controlling stakes and special situations. The private equity firm will invest $150 million over the next 12-18 months in such opportunities. Ascent Capital, which recently raised $350 million for its third fund, has already invested $50 million. (Mint)
Thales, Axis Aerospace Form JV – Thales, Europe’s biggest maker of defence electronics, is floating a joint venture with Axis Aerospace & Technologies (AAT), an Indian engineering services company, with an initial investment of $50 million to set up state-ofthe art flight training centre in Bangalore. Axis is backed by member of parliament and former telecom entrepreneur Rajeev Chandrasekhar’s private equity fund Jupiter Capital. (Economic Times)
Ricoh In Talks To Buy Indian IT Firm – Ricoh India, a unit of Japan’s Ricoh Co Ltd, is in talks to acquire an Indian IT services firm and hopes to close the deal by May this year. The Indian unit, nearly 74% owned by Ricoh Co, plans to invest Rs 100 crore over 3 years for expansion. Ricoh Co competes with Xerox Corp and Canon Inc in printing and imaging solutions market. (DNA)
Hindustan Aeronautics Seeks Govt Approval For IPO – State-owned defence major Hindustan Aeronautics Ltd (HAL) has sought government approval to come out with a public issue to raise funds for new projects and modernisation of the organisation. (DNA)