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News Roundup: Quatrro BPO Raises $13M In Series B Round

15 April, 2010

Quatrro BPO Raises $13M In Series B Round – Quatrro BPO Solutions Pvt Ltd, a global services company led by Raman Roy and offering business and knowledge processing services to organizations, has raised $13 million from Walden International, Olympus Capital and other individual investors. The company has raised its series B round. It has earlier raised $90 million in the first round of funding in which Olympus has also participated. Quatrro has also acquired a few companies in BPO space earlier including Babel Media in UK. (ET)

Godrej To Merge Its African Buys – India’s FMCG major Godrej Consumer Products (GCPL), which has acquired three companies in Africa since 2006, is looking for consolidation. As part of the plan, Godrej, which has acquired companies like Rapidol, Kinky and Tura, is likely to merge Rapidol and Kinky. Tura, which has been acquired a couple of months back, is kept away from the consolidation plan for the time being as the company is still completing the formalities of the acquisition. It is believed that it will eventually consolidate the firm as well with the newly formed entity. The merger of Rapidol and Kinky is expected by 2010-11. (ToI)

Sudip Bandyopadhyay Quits Spice, Starts His Own Venture – Sudip Bandyopadhyay, the former managing director of Reliance Money who joined Spice group around five months back as the group president of its financial services arm, has quit to start his own venture. His new venture called Convexity Solutions is a financial services firm and would look at broking and portfolio management services. CX Partners, a $500 million private equity fund, is said to be backing the company which will be focused on offering sophisticated products such as derivatives to the institutional, corporate and retail segments. (DNA

Venugopal Dhoot Says No On Kings XI Buy – Venugopal Dhoot, the group chairman of consumer durables major Videocon, ruled out the possibility of buying a stake in Kings XI Punjab (KXIP). KXIP is led by bollywood actress Preity Zinta and ended the two previous seasons of the Indian Premier League (IPL) tournament sitting almost at the bottom of points table. Venugopal says in his response that he is a businessman and it does not make sense for him to buy a stake in that team and as of today. Reportedly, the owners of KXIP are planning to exit together by selling their entire stake in the franchisee. (BS)

New Tax Norm Likely To Hit PE Play – With the budget session of the parliament reconvening today after a month’s recess, the corporates are expecting a new tax reform which is going to hit the private equity and venture capital deals in India. Finance minister Pranab Mukherjee in his February budget had proposed that a firm which buys shares at a price lower than the fair market value of such shares will have to pay tax on the difference between the two. The impact of this proposal will be seen once a Central Board of Direct Taxes (CBDT) formula to determine the fair market value of shares for calculating tax comes into effect after the finance bill is passed in parliament. (Mint)

Nitin Fire Ups Stake In Dubai’s New Age Company – Nitin Fire Protection Industries Ltd, one of India’s leading players in the fire protection, safety, security and intelligent building management systems space, has acquired additional 9% stake in a Dubai-based fire protection company called New Age Company LLC for an undisclosed sum. With this, Nitin Fire’s stake in the company has gone up to 49%. Nitin Fire has bought the stake through its wholly owned subsidiary Nitin Venture FZE, UAE. (Equity Bulls)

GE, Triveni In Steam Turbine JV – GE Oil & Gas, a unit of General Electric Co, and Triveni Engineering & Industries have formed a joint venture to manufacture steam turbines in India. The partnership between the diversified Indian firm and GE will design advanced technology steam turbines in the 30 to 100 MW range, and sell to Indian customers as well as export to global markets under the GE brand name. The JV company is named as GE Triveni Ltd, and will be headquartered in Bangalore. The financial terms of the venture were not disclosed. (Reuters)

PE-backed Anupam Industries In JV With Mitsubishi – Anupam Industries Ltd (AIL), a Gujarat-based overhead crane builder backed by private equity firm Aditya Birla Private Equity, has signed an agreement with heavy machinery manufacturer Mitsubishi Heavy Industries Ltd (MHI) for a proposed joint venture company. MHI is a Japanese port and container crane & material handling equipment builder. The joint venture should be operational in six months. The JV company is targeting a turnover of $1 billion in 5-6 years. (Team VCC)

JP Morgan Arm To Buy 49% In Viceroy Hotels Unit – Global financial major JP Morgan is acquiring 49% stake in the subsidiary of Viceroy Hotels Ltd for a consideration of Rs 74 crore. The subsidiary is located at Bangalore. The investment will be made through JP Morgan India Property Mauritius company – II. Equirus Capital Pvt Ltd has acted as advisory for the transaction. (Team VCC)


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News Roundup: Quatrro BPO Raises $13M In Series B Round

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