Navis Capital Buys Majority Stake In Classic Stripes – Malaysia-based Navis Capital Partners has picked up a majority stake in automobile-decal and graphics-designer Classic Stripes (CSPL) for almost $100 million. Classic Stripes, a part of Astarc Group, is headquartered in Mumbai and has four manufacturing facilities in the country with a total production capacity of over 13 million automotive graphic-sets a year. The stake sale will help CSPL raise funds for future expansion, including increasing existing production capacity. Other companies of Kishore Musale-led Astarc Group are Durabuild Technologies and Astarc Power. The group has an annual turnover of around Rs 2,500 crore. (Economic Times)
Sequoia To Invest $30M In Prakash Snacks – Sequoia Capital India is investing up to $30 million in Indore-based snack food maker Prakash Snacks, which marks the first round of equity funding for the company that owns the Yellow Diamond brand of potato chips. VT Bharadwaj managing director Sequoia Capital who along with G V Ravishankar, managing director Sequoia Capital joins the board of Prakash Snacks that was set up seven years ago. The company will now add on a range of Indian namkeen or savouries and expand production capacities in Indore with this round of capital infusion. (Economic Times)
Canadian Firm Eyes Stake In Adani Power – Canadian major Ballard Power Systems, the global leader in proton exchange membrane (PEM) fuel cell technology, is eyeing up to 10% stake in Adani Power, an arm of the diversified Adani Group. The deal at current market price is valued close to $500 million. Adanis hold 73.5% in the company. The promoters of Adani Power have raised funds by pledging over 53% of the promoter shareholding in the firm. (Times of India)
Canaan, Sequoia & Helion Buy Into UnitedLex – In one of the larger deals in the legal outsourcing industry, three venture capital firms have picked up the entire stakeholding of co-founder Ajay Agrawal in UnitedLex Corporation, a legal process outsourcing firm. Existing investors, Helion Venture Partners and Canaan Partners, along with private equity major Sequoia Capital have together invested 75.3 crore (about $17 million) to pick up Agrawal’s holding in UnitedLex. The deal gives the three PE firms an 18.1 % stake in the company that has been valued at Rs 400 crore (approximately $92.5 million). (Economic Times)
Seshasayee Paper To Acquire Subburaj Papers – BSE-listed Seshasayee Paper and Boards Ltd (SPB), along with its group company Ponni Sugars (Erode) Ltd, is planning to acquire Subburaj Papers Ltd (SPL), located in south Tamil Nadu. The equity acquisition is estimated to be around Rs 30 crore, while total investment, including proposed expansion, would be about Rs 250 crore. At present, SPB’s annual capacity of 115,000 tonnes is fully utilised. The new paper mill would bring in a ready capacity of 60,000 tonnes per annum that could be enhanced to 90,000 tonnes with marginal investment. (Buisiness Standard)
Emami Says In Talks For Paras Brands – Kolkata-based Emami today said it is in talks with global FMCG giant Reckitt Benckiser to buy the personal care business of Paras Healthcare for an estimated deal size of up to Rs 900 crore. Last year, British consumer goods firm Reckitt Benckiser had acquired Paras Pharmaceuticals for Rs 3,260 crore ($726 million). Reckitt is planning to sell Paras’ personal care business with brands like Borosoft, Reconova, Livon, Set Wet and Zatak as it is keen to focus on the latter’s healthcare business. (Business Standard)
Angel Investors Buy Into Theatre Group – Chennai’s Evam Entertainment, an English theatre group, received a funding of Rs 40 lakh for its venture Sideways Training. Sideways provides training to corporate houses using theatre as a medium. It has already conducted workshops for IT majors such as Google, Cognizant and Sify. The funding – claimed to be the first for a playhouse – is significant considering such moves will help theatre as a sector to move away from a patronage-based to a revenue-generating model. (Times of India)
NMDC In Talks To Buy Controlling Stake In Brazil Coal Firm – State-run iron ore miner NMDC is in talks to acquire controlling stake in mining firm Greystone Mineracao do Brasil for $1 billion. NMDC is currently doing a technical, financial and legal due diligence of the iron ore mines, which have reserves of 260 million tonnes. The cost of $1 billion will include expenses incurred to build infrastructure to develop the mines. Greystone is also developing a $3 billion iron ore project in neighbouring Uruguay, for which, it is seeking a partner.