Part private equity firm, part incubator, Mahindra Partners, an arm of Mahindra group has trebled the revenue of the new businesses in its fold over the past four years and is now looking to incubate or foster businesses in media, healthcare, and big data (or analytics). The combined revenue of entities under Mahindra Partners has grown from $300 million in 2009 to $900 million at the end of 2013. Mahindra Partners currently manages 12 entities across sectors such as retail, leisure, consultancy, cleantech and logistics. The division, jointly managed by Parag Shah and Zhooben Bhiwandiwala, incubates new businesses using funds from the parent company Mahindra and Mahindra Ltd. Growth capital for these ventures comes from both the Mahindra group and other private equity firms. (Live Mint)
Adani arm to raise $1.5 bn in overseas debt in 2014: Adani Enterprises Ltd, the port and power generation subsidiary of the $8 billion (around Rs 48,000 crore) Adani Group, has started meeting investors to raise $1.5 billion in overseas debt this year, three people familiar with the plan said. Adani Enterprises is trying to take advantage of global investor appetite for Indian debt, which is reining in the cost of raising funds overseas. The first tranche under the fund raising plan would be raised this month via a Singapore $200 million (around Rs 960 crore) five-year bond issue. The bonds will be sold by the company’s subsidiary Adani Abbot Point Terminal Pty Ltd, and could be a precursor to a larger issue later this year. Standard Chartered Plc. and Singapore’s DBS Bank Ltd are the bankers to the Singapore dollar sale, which will open later this month in Australia, where Adani Abbot is based. (Live Mint)
TCIL to name consultant for Bharti Hexacom exit; eyes 25% rev growth: State-run Telecom Consultants of India Ltd (TCIL) will shortly name a consultant to prepare its exit roadmap from Bharti Hexacom, in which it holds 30%, even as it targets a 25% on year standalone revenue growth for this fiscal year, chairman & managing director Vimal Wakhlu said. Bharti Hexacom, an arm of Sunil Mittal-founded Bharti Airtel, runs mobile services in Rajasthan and Northeast circles. It has over 19 million customers. Earlier, TCIL’s plans to exit Hexacom had come a cropper two years ago when the then cabinet secretary K M Chandrasekhar dismissed the Rs 1800 crore reserve price fixed by Deloitte for its 30% stake as “too low” . (The Economic Times)
Adani, GVK, Lanco seek to cut stake in Australian coal mines: The Adani, GVK and Lanco groups are looking to sell part of their stakes in Australian coal mining projects to reduce debt and get financial and technical partners on board. Senior executives of the Adani and GVK groups confirmed they were in talks with contractors and customers to pick up stakes in their coal, port and railway projects because that would help them get technical and construction experts on board. On the other hand, the Hyderabad-based Lanco group might sell its holding in Australia’s Griffin Coal Mining Company as it tried to lower its Rs 34,000-crore ($5.67 billion) debt, bankers added. The group expects a valuation of Rs 3,100 crore ($517 million) for Griffin Coal Mining Company, which it bought for $750 million in 2011. (Business Standard)
RBL Bank to raise about Rs 500 cr from IPO in Q4 FY15: RBL Bank, formerly known as Ratnakar Bank, today said it plans to raise a minimum Rs 500 crore ($83.4 million) through an initial public offer in the fourth quarter of current financial year. “We will start the basic process for IPO in the next 2-3 months and we hope to hit the market in the early part of the next year,” RBL Bank Managing Director Vishwavir Ahuja told. Last month, the bank raised Rs 328 crore from a group of global investors, including CDC Group and Asia Capital and Advisors. (Financial Express)
Strand looking to raise $20 mn for expansion: Bangalore-based Strand Life Sciences (SLS), a global life sciences and clinical genomics company, is looking to raise fresh funds in the range of between $20 million and $30 million to fund its expansion programme. “We raised $10 million about 15 months ago in Series B funding to set up the centre for cancer genomics. We are further looking at another $20-30 million to fund our expansion programmes in other areas like eye-related diseases, cardiology and various inherited diseases and genetic disorders. We hope to close the deal by end of this year,” Vijay Chandru, Chairman & CEO, SLS told reporters. The funds will be raised from new investors from both within India and overseas, he said. (Business Standard)
Tatas, Essar, Lanco eye coal block auction: Tatas, Essar group and Lanco are among the large business houses that have shown interest in acquiring three coal mines put up for sale by the coal ministry. The auction is the first in India is a departure from earlier practice of allocating coal blocks, which is under investigation by law enforcement agencies. The mines on block are Jhirki in East Bokaro Coalfield, Tokisud-II of South Karanpura Coalfield in Jharkhand and Andal Babuisol mine of Raniganj Coalfield in West Bengal. CMPDIL, a subsidiary and consultancy arm of Coal India Ltd, has been entrusted with the responsibility of estimation of reserves of the mines, preparation of geological reports and selection of the bidders. (DNA)
Flipkart-Myntra deal likely by May end; IPO in Singapore after acquisition: The widely-anticipated acquisition of Bangalore-based online fashion store Myntra by its cross-town peer Flipkart is likely to close by end of May, sources aware of the development told. The deal, which was expected to materialise in April, was delayed as stakeholders had to go back to the drawing board several times to reach a consensus on Myntra’s autonomy. Flipkart is likely to go for an IPO in Singapore after the acquisition, the sources said. Over the next two weeks, stakeholders will look to iron out differences over the autonomy issue as well as discuss ways to channel more funds into Myntra as CEO Mukesh Bansal has been insisting on an infusion of $100-150 million to continue with his expansion plans for the portal. According to sources that FE spoke to, some early stage investors may exit Myntra in the subsequent weeks. Bansal is keen on retaining his 9% share in the company. (Financial Express)
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