Madhabi Puri-Buch To Join Greater Pacific Capital - High-profile investment banker Madhabi Puri-Buch is joining London-based private equity firm Greater Pacific Capital to head its office in Singapore. Buch, a management graduate from IIM-Ahmedabad, was earlier the managing director and CEO of ICICI Securities. Established in 2005 by former Goldman Sachs employees, Greater Pacific Capital invests in India and China. The firm is looking to launch another big ticket fund for the Indian and Chinese market. (Economic Times)
ITL To Dilute 10% Stake To PE Investors - Punjab-based International Tractors Ltd (ITL), makers of Sonalika brand tractors and the flagship company of the Rs 5,000 crore Sonalika Group, is in talks with foreign private equity (PE) investors for diluting 10% stake. The company expects to raise Rs 450-500 crore from equity dilution which would be utilised in funding its acquisition and expansion plans. At present,Yanmar Group (Japan) holds 12.5%, while JM Financial has 5% stake in ITL. Earlier British PE firm 3i and Citibank had 10% each in the company which was bought back by the promoters. (Business Standard)
Helion, IDG Ventures Back E-Commerce Start-ups - In its second investment in the space this month, Bangalore-based IDG Ventures India invested $4 million in Valyoo Technologies Pvt. Ltd, which runs e-commerce businesses for eyewear (lenskart.com), watches (watchkart.com) and bags (bagskart.com). In a separate deal, Helion Venture Partners invested in Purple E-Retail India Pvt. Ltd, which runs baby and kids products site hoopos.com. Valyoo Technologies is already gearing up for a bigger next round of funding of over $20 million. (Mint)
GP Goenka To Sell Andhra Cements To Dalmia Group - Kolkata-based industrialist GP Goenka is close to selling his controlling stake in debt-ridden Andhra Cements Ltd to the Dalmia group, which owns Dalmia Cement (Bharat) Ltd. Goenka, chairman of the diversified Duncan Goenka group, holds 45% stake in the cement maker. Andhra Cements incurred a loss of Rs 35.50 crore on net sale of Rs 65.48 crore last year and two of its units have been non-operational since June 2010. (Economic Times)
PowerGrid Looks To Form JVs With State Govts - The state-run PowerGrid Corporation is looking at entering into joint venture agreements with various state governments for laying out intra-state transmission networks. PowerGrid is in talks with states including Orissa, Sikkim, Assam, etc. The corporation has already adopted the joint venture model on public private partnership (PPP) basis with eight companies for intra-state connectivity. (Business Standard)
Siemens To Merge Three Companies - Siemens Ltd on Saturday said that Siemens VAI Metals Technologies and Morgan Construction Company India would be amalgamated with itself. The Siemens Board decided the merger of the operations of Siemens VAI Metals Technologies, Kolkata (SVAI), a 100% Siemens AG subsidiary, and Morgan Construction Company, Mumbai. The appointed date of the amalgamation is October 1, 2011. The proposed amalgamation is subject to the approvals of the shareholders and creditors of the companies, besides statutory and regulatory approvals. (Business Line)
