NEA, Providence In Fray For FIITJEE Stake – Global private equity majors NEA and Providence Equity Partners are understood to have evinced keen interest to pick up stake in FIITJEE, which is looking to raise Rs 200 crore from its third round of private equity funding. The round comes close on the heels of a round in which QInvest, an investment bank based in Qatar picked up stake in the company. FIITJEE had during July 2009 raised Rs 100 crore from Matrix Partners. FIITJEE reported a PAT of close to Rs 42 crore may be valued at around Rs 2500 crore for the fund raising. (Business Standard)
India Equity Partners To Buy Innovative Foods – New York-based India Equity Partners is set to acquire a majority stake in Tata Group company Innovative Foods for Rs 75 crore. Innovative Foods, the makers of Sumeru frozen food, is a part of the Tata group-led Indian Hotels Company Ltd with revenues of nearly Rs 50 crore. IEP has earmarked funds up to $100 million for acquisitions in the fast-growing food sector. Indian Equity Partners recently brought on board Arvind Nair, former CEO of Domino’s Pizza and DLF retail, and Kannan Sitaram, who worked as COO at Dabur India, as the firm’s operating partners to lead acquisitions in this space. (Economic Times)
Rajeev Gupta May Start Advisory Business – Rajeev Gupta, who is exiting private equity giant Carlyle, is working on an entrepreneurial venture in the “advisory” business. The most likely route would be building out a non-banking finance company (NBFC) with investment banking practice as the core, which could develop into a full-fledged asset management company at a later stage. (Times of India)
Cairn-Vedanta Deal May Derail On Royalty Issues – Six months after the $9.6-billion Cairn-Vedanta deal was announced, ONGC has revealed a clause in the contract, which it says establishes without doubt that Cairn and the government also have to share the state firm’s royalty payment. Loading some of the royalty burden on Cairn can deflate the value of the deal by $1.5 billion. Cairn does not pay any royalty in the Rajasthan field. ONGC holds 30% in the block but pays the entire royalty to the Rajasthan government. (Economic Times)
Kingdom of Dreams May Raise Rs 200Cr – The Great India Nautanki Company (GINC), which runs the mega entertainment project ‘Kingdom of Dreams’ in Gurgaon, is looking to offload 20% stake to raise up to Rs 200 crore to fund future expansion. The company is also considering an initial public offer by 2013 to raise more funds. It is currently holding talks with high networth individuals (HNIs) and private equity investors for the stake sale. GINC is a joint venture of Wizcraft International Entertainment and Apra Group of Companies. (Economic Times)
Ansal To Raise Rs 350Cr PE Funding This Year – Realty firm Ansal Properties & Infrastructure plans to raise up to Rs 350 crore within this year from private equity players by diluting its stake in various projects to fund its ongoing construction activities. Ansal API is in talks with 4-5 private equity firms to raise $50-75 million by diluting stakes in 3-4 townships, being developed in North India. Red Fort Capital is likely to pump in over Rs 150 crore in its Gurgaon township. (Economic Times)
Ketan Mehta’s Maya To Raise $10M – Filmmaker Ketan Mehta, who branched out into animation and started his own company Maya Digital Studios, is in talks to raise $10 million from private equity (PE) players for expansion. Maya is in an advanced stage of talks with PE players to sell a minority stake in a deal expected to be sealed by March-end this year. (Economic Times)
Emami To Buy Marico Brand – The Emami group is close to sealing a deal for buying ‘Sweekar’, a refined sunflower oil brand of Marico. Emami, whose edible oil business is under its subsidiary Emami Biotech, is in advanced stages of discussion with the Mumbai-based company for acquiring this brand. Sweekar is a Rs 80-crore brand and Marico had also launched a low-absorb oil under it. Last year, the Emami board had cleared the deck for acquisitions up to Rs 5,000 crore in India and abroad. (Business Standard)
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