News Roundup: Providence PE Eyes Exit From Idea

11 July, 2011

Providence PE Eyes Exit From Idea – US-based private equity (PE) player Providence Equity Partners is considering an exit from Idea Cellular, the flagship telecom company owned by the Aditya Birla Group. Providence holds 9.99% stake which is valued at Rs 2,687 crore at Friday’s closing price of the stock. Providence had bought 15% in Idea Cellular in 2006 for around Rs 1,800 crore. The Providence management thinks its investment has yielded a decent return and there is no point holding on to the stake as the future looks uncertain in the backdrop of the 2G scam. (Business Standard)

Hershey Puts Godrej JV Stake On The Block – US confectionary giant Hershey Company has asked investment bankers to seek potential buyers for its 51% stake in the joint venture with Godrej, as the two partners review their alliance and possibly sell off the assets. Bankers have approached both private equity and strategic buyers ascertaining their interest to acquire Godrej Hershey Pvt Ltd. Investment bank Lazard is working on various options even though a formal sale process has not yet kicked off. (Times of India)

PTC India To Float Two PE Funds – Leading power trading solutions provider, PTC India, is mulling floating two private equity funds as part of efforts to strengthen its financing capabilities. One fund would be for general purposes and the other focused on renewable energy sector. The private equity fund focused on renewable energy would be floated by PTC India Financial Services while the other one would be done by PTC India. In May, 2010, PTC India had launched an infrastructure fund in a joint venture with specialist emerging markets asset manager Ashmore. (Economic Times)

Indiaplaza Raises $5M From Indo-US Ventures – Indiaplaza.in, among the top e-commerce retailers in India, has raised venture capital funding from NEA-IndoUS, a India-focussed venture capital fund. The company, in which The Indigo Monsoon Group is a majority investor, is understood to have raised $5 million in this round of funding through a fresh issue of equity. (Business Standard)

Core Projects Buys Rs 350Cr Property – Mumbai-based education company, Core Projects and Technologies, is in talks with the leading plastic goods maker Supreme Industries to buy out the office property developed by the latter in the Andheri area of Mumbai. The deal could be worth Rs 350 crore in value. The deal is expected to get closed within a month. The property is located off Veera Desai Road in Andheri West. (Business Standard)

GMR Mulls IPO For Power, Airport Units – GMR Infrastructure is planning Initial Public Offerings (IPO) for the holding companies of its energy and airport businesses, with the primary objective of providing an exit to private equity investors. The energy business holding company will go public in fiscal 2014, while the airport business will go public in fiscal 2016. Several private equity players have invested in the company’s businesses, including Temasek, IDFC, Argonaut Ventures, Macquarie SBI Infrastructure, Standard Chartered and JM Financial. (DNA)

ONGC Videsh Eyes Assets Worth $4-6B – ONGC Videsh Ltd, the wholly-owned subsidiary of ONGC, will focus more on acquiring larger oil and gas properties valuing $4-6 billion. Currently, the company has acquired assets up to $2 billion. OVL has been asked by the Government to focus more on acquiring big properties ($4-6 billion) instead of looking for a couple of smaller properties. (Business Line)

Danone Merges Distributions Ops – France’s Groupe Danone is merging its distribution operations in India with its probiotic drinks joint venture Yakult Danone India for better synergies, a year after it split with the Wadia Group. The joint distribution structure is expected to result in cost savings through shared cold-chain infrastructure and manpower efficiency. (Economic Times)


Leave Your Comment
Providence Investment In Aditya Birla Telecom Scaled Down

Providence Investment In Aditya Birla Telecom Scaled Down

Pallavi S 9 years ago
US-based private equity major Providence Equity Partners $640 million (Rs 2,560 crore as per the old exchange rate of Rs 40 to $1) deal to...
How much return did Providence make from Idea Cellular exit?

How much return did Providence make from Idea Cellular exit?

TEAM VCC 6 months ago
Global private equity firm Providence Equity Partners LLC has exited its debut investment in India by selling the final tranche of its stake in Idea...
Providence part exits Idea Cellular for $234M

Providence part exits Idea Cellular for $234M

Shruti Ambavat 3 years ago
Private equity firm Providence has struck its debut exit from an India portfolio by partially exiting its eight-year-old investment in Aditya Birla Group-promoted telecom service...
No Comments

News Roundup: Providence PE Eyes Exit From Idea

Powered by WordPress.com VIP