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News Roundup: Three PE Firms Eye Genpact Exit

21 December, 2009

Three PE Firms Eye Genpact Exit – Private equity partners such as General Atlantic, Oak Hill and GE are all looking to exit their stake in Genpact, India’s largest BPO firm. Cognizant, a US-based IT and BPO services provider has apparently emerged as a possible frontrunner for picking up a majority stake in Genpact. Currently, General Atlantic and Oak Hill holds 24.5% stake each in Genpact, whereas GE holds 18%, Wachovia holds 6.7% and the balance is listed on the New York Stock Exchange. (Money Control.cm)

Aegis Logistics Acquire Shell Gas’ Indian Arm – Aegis Logistics Ltd, a Gujarat-based logistic company, has said its board has approved the acquisition of Shell Gas (LPG) India Pvt. Ltd, which has a gas infrastructure facility at Pipavav Port and an LPG filling plant in Gujarat. Shell Gas (LPG) India carries out import and marketing of wholesale LPG. The value of the deal was not disclosed. The completion of the acquisition is subject to necessary approvals, Aegis said, in its filing with the BSE. The net sales and net profit of Aegis Logistics Ltd in FY 2008-09 were Rs 386.91 crore and Rs 27.39 crore respectively. After the announcement, Aegis Logistics shares gained Rs 1.2, or 0.65%, to settle at Rs 185.35. (Team VCC)

Bharati Plans Second Offer For Great Offshore Stake – Bharati Shipyard has planned to make second offer for Great Offshore (GOL). Bharati Shipyard, which is close to success in the battle to wrest control of GOL, is considering another open offer to acquire management control of the company, as its ongoing bid to buy a 20% stake is under a section of the takeover rules which does not automatically confer the status of a promoter on the acquirer. The fresh offer to acquire an additional 20% in GOL will be at Rs 590 per share. (ET)

Haldia Coke To Raise Rs 125Cr PE – Haldia Coke and Chemicals Ltd, a group company of Chennai-based Ennore Coke, is planning to raise Rs 125 crore through private equity for acquisition and expansion of its facilities. The company is doing due diligence for acquiring a 90% stake in Australian mining firm Broughton at an estimated cost of around $15 million. The company expects to complete the deal by mid-June 2010. (BS)

SoftPro Plans Two Buyouts In US, UK – Hyderabad-based software provider, SoftPro Systems Ltd, is looking at acquiring two companies by the end of the next financial year. The move is aimed at strengthening its position in the governance, risk and compliance (GRC) solutions space through both organic and inorganic growth. The company will actively pursue the buyouts from the second quarter of 2010-11 for acquiring complementary technologies like business intelligence, gaining market access and getting new customers into its fold. It sets $10-million revenue target by end of FY10. (BS)

Etisalat Buys Majority Stake In India JV – UAE-based Emirates Telecommunications (Etisalat) has acquired a majority stake in its Indian venture Etisalat DB Telecom by buying a 5.27% stake from Chennai-based Genex Exim Ventures for about Rs 380 crore. Reportedly, the Gulf telco’s stake in the Indian company, held through Mauritius-based investment arm Etisalat Mauritius, will be more than 50% after the transaction. Etisalat, which bought 45% stake in Swan Telecom in September 2008 at Rs 9,400 crore valuation, has bought the Genex stake at a company valuation of just more than Rs 7,000 crore. (ET)

Fraport Eyes Indian Greenfield Airports – German airport company Fraport AG is keen to bid for at least three greenfield airports in India. It already owns about 10% stake in the Delhi International Airport (DIAL) through a consortium, and performs certain airport specific consulting responsibilities regarding modernisation, development and operation of the airport. It now plans to bid for major greenfield airport projects such as Navi Mumbai, Pune (Chakan) and Goa (Mopa) as part of a consortium. (DNA)

Birlas To Infuse Funds To Revive BPO Biz – The $30-billion Aditya Birla Group plans to revive its back office business Aditya Birla Minacs (ABM) by infusing fresh capital. Also, the company is planning cost-cutting initiatives, apart from winning new projects both from within and outside the group, to get profitable. During the year ended March 2009, Minacs reported revenues of Rs 1,687 crore and a net loss of Rs 121 crore. (ET)

Ex-UB Honcho To Develop Wine Value Chain – Vallee de Vin, a Nashik-based maker of the premium Zampa brand of wines, is looking at investing upto Rs 35 crore on expansion as well as verticalisation by offering a range of services centred around the core business of wine manufacturing. However, the company is yet to decide the routes of fund raising. It targets investments of upto Rs 30 crore for growth and Rs 3-5 crore more on equipment. (BS)

Hiranandani To Raise Rs 800Cr PE – Hiranandani Upscale, a subsidiary of Mumbai-based real estate developer Hiranandani Group, is planning to raise around Rs 800 crore by selling project-level stake to private equity firms in the next two years. The company would use the funds to acquire land plots and would develop residential projects in NCR, Chennai, Hyderabad, Pune and Kolkata. (DNA)

DB Hospitality To Raise PE – DB Hospitality, part of the Mumbai-based real estate developer DB Group, is planning to raise funds through private equity investment. The company is already in talks with few private equity firms. The funds would be used to part-fund its expansion plans. DB Hospitality has tied-up with Hyatt International to set up five hotels, Park Hyatt in Mumbai, Grand Hyatt in Goa and Pune, Hyatt Place in Hinjewadi, Pune and Hyatt Place in Mundra, Gujarat. (ET)

Welspun To Merge Investment Firms – Welspun Group, a steel pipe and home textile furnishings maker, is planning to merge three promoter-owned investment companies such as Welspun Trading Ltd, Welspun Finance Ltd and Krishiraj Trading Ltd in to Welspun Investments Ltd. The move is part of company’s plan to unlock value and help raise funds. The company would raise the funds through debt or equity to meet future cash requirements. (Mint)

Hindustan Copper To Dilute 20% Stake – Hindustan Copper is planning to raise funds by diluting 20% stake in the company through a follow-on public offer (FPO). The board of directors of the company had sent the proposal to the ministries of mines, disinvestment and finance. Government currently owns 99.59% stake in the company. Hindustan Copper Ltd is engaged primarily in the manufacturing and sale of copper products in India. (News Center)

 


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News Roundup: Three PE Firms Eye Genpact Exit

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