PE Major May Buy 26% In Jyothy Labs – A global private equity giant is likely to acquire at least 26% in Mumbai-based detergent maker Jyothy Laboratories for about $150 million (Rs 667 crore), triggering an open offer to minority shareholders. Jyothy Labs, which is close to buying Henkel India, has discussed placement of shares at a price topping Rs 300 per share. Bain Capital, Carlyle Group, TPG Capital and Apax Partners are in the fray. (Times of India)
Thermax Eyes $100M Waste Water Firm Buy – Thermax is scouting overseas to buy a company worth up to $100 million in industrial waste water treatment space. The company has a technology tie-ups with GE Water for sewage treatment and Wehrle Umwelt GmbH for industrial waste water treatment. (Economic Times)
PVR To Sell Phoenix Mills Property For Rs 100Cr – PVR has put on block the only real estate asset, the Phoenix Mills property in Mumbai, for over Rs 100 crore. A few private equity funds are in the race for the property and a deal is expected to be announced this week. PVR, however, will continue to run its cinema theatre in the same property by adopting the sale and lease back model. (Economic Times)
General Atlantic Eyes $1B India Fund – Private equity firm General Atlantic is likely to launch the largest ever, India-focused PE fund with a value of $900 million – $1 billion. This PE fund may invest in heavy sectors like power, energy and infrastructure. The fund is seeking buyout of Indian companies in the small cap and midcap space. The PE firm may exit 2-3 portfolio companies in India this year after raising 20-30% of fund. (Moneycontrol)
MVS Efarm Sells Stake To Mumbai Angels – MVS Efarm Pvt. Ltd, which operates warehouses and a website that matches demand from customers with farmers, has sold about 25% stake in the company to Mumbai Angels. MVS Efarm plans to use the funds to hire people as it expands into Puducherry, Coimbatore and Bangalore, and set up low-cost collection centres close to villages and distribution centres in metros.
Isha Homes To Raise Rs 150Cr From PEs – Chennai-based real estate developer Isha Homes (India) Pvt Ltd plans to raise fund through private equity to invest in its three upcoming projects cumulatively valued at Rs 500 crore. It is in talks with two to three private equity firms to fund our projects in Chennai and Coimbatore. (Business Standard)
NewQuest Capital Eyes More Secondary Deals – Hong Kong-based NewQuest Capital Partners intends to focus on buying assets of other private equity firms in India at a time when many companies by these funds have delayed public offer plans. NewQuest was spun off from the Asian private equity business of Bank of America Merrill Lynch. The new team raised a $400 million NewQuest Asia Fund I and used a part of it to buy Bank of America’s Asian portfolio last month. The fund intends to deploy its first fund within the next 18 months. (Mint)
ICICI Prudential Takes 10% In Kumar Urban Project – Kumar Urban Development Ltd (KUL) is developing KUL Ecoloch, up an integrated township with 3000 residential units, and an adjoining Special Economic Zone under its brand Cerebrum on a total of around 300 acres of land at Mahalunge near Hinjewadi. ICICI Prudential holds 10% stake in the project. Located on 193 acres of land and designed by architect Hafeez Contractor, the Rs 300 crore eco-friendly residential project is based on a survey in which 800 prospective home owners were invited to share their expectations of premium homes. (Business Line)
Shivalik Eyes Funding For Slum Redevelopment Project – Shivalik Ventures Pvt. Ltd—promoted by Unitech Ltd, developer Ramakant Jadhav and Rohan Lifescapes Pvt. Ltd—is scouting for investors to fund slum redevelopment projects in Mumbai. The JV is redeveloping one of Mumbai’s biggest shanty towns, a 127-acre slum pocket at Golibar Maidan, Santacruz, with 26,000 hutments and about 125,000 people. Bankrupt US investment bank Lehman Brothers Holdings Inc. has picked a 50% stake in an office building in the Golibar Maidan project for Rs 750 crore. Shivalik is looking for about Rs 1,000 crore for the project.
ONGC Eyes Candian Assets – Oil & Natural Gas, India’s biggest energy explorer, is in talks to acquire oil sands reserves in Canada and may increase its investments in Kazakhstan to help offset declining production. ONGC lost a bid to buy Exxon Mobil’s stake in an Angolan oil field in March and has lagged behind its Chinese rivals as the world’s most populous nations seek overseas assets to boost energy security. (Financial Express)