Triangle Real Estate To Raise $200M Second Fund – Triangle Real Estate India Fund, co-promoted by ICS Realty Group and South Africa-based Old Mutual Investment Group Property Investments, is looking to raise $200 million in the next few months through its second India retail-centric real estate fund. It will be a close ended fund with a tenure of eight years and will be raised in offshore markets. Triangle Real Estate will target at least 25% return on its each investment from the second fund. Out of its first India-focused realty fund worth $115 million, Triangle has already invested about $68 million. (Economic Times)
Travelex In Talks For Thomas Cook India’s Forex Biz – Travel and tour operator Thomas Cook India (TCIL) has begun talks with British foreign exchange and financial services company Travelex to sell its foreign exchange business in India. Travelex is now conducting a due diligence on TCIL’s financial services business. The financial services business contributed 17.1% or Rs 20.73 crore to TCIL’s Rs 119.02 crore net profit in 2010-11. It contributed 12.75% or Rs 34.10 crore to the company’s total sales. (Financial Express)
SS Dhillon Takes Over As Bharti Group CFO – Bharti Enterprises would have a new group chief financial officer from January 1, 2012. The telecom-to-agriculture conglomerate said on Wednesday that company’s old hand, Sarvjit Singh Dhillon, will succeed Manik Jhangiani. Jhangiani was Bharti Enterprises’ group CFO since May 2009, and his contract expires in January next year. He will pursue opportunities outside of Bharti. As Group CFO, Dhillon would work closely with chief executives and chief financial officers of various business and corporate functional heads across the group. He will report to Bharti chairman and group chief executive officer Sunil Bharti Mittal. (Economic Times)
CSS IPO In Next Two Years – Chennai-based IT company CSS Corp, whose previous CEOs quit owing to differences with its influential private equity investors, plans to list its shares in the stock exchanges in two years. The idea is to provide liquidity for investors and employees who hold its stock. The immediate goal is to clock revenues of $170 million in 2012, from $130 million last year. (Economic Times)
Viva Infoventures In JV With Qatar Firm – Mumbai-based Viva Infoventures has signed an agreement with Qatar’s Al Majed Technologies (AMT) to explore opportunities in the knowledge-driven education, technology and media sectors in the Gulf state.AMT, one of the leading business houses in Qatar, is a member of the Al Majed Group and has been present in the market for over six decades now. (Business Standard)
ICRA Slashes Lilliput Rating – The stand-off between Lilliput Kidswear and its private equity investors over alleged doctoring of accounts has led to a default on payments to lenders. Banks have suspended a term loan to the retailer, resulting in Lilliput defaulting on Rs 35-crore short-term payouts that were due this week. Following the default in making payments on money market instruments to Bank of India and Tata Capital, rating agency Icra downgraded Lilliput’s Rs 100-crore long-term bank funds to the high-risk ‘C’, down from the stable rating assigned in August last year. (Financial Express)
GVK Buys Additional BIAL Shares – GVK Power and Infrastructure Ltd on Wednesday increased its stake in Bangalore International Airport Ltd to 43% from 29% by buying 53.8 million equity shares from Siemens Project Ventures GmbH for Rs.613.82 crore. The infrastructure firm on Tuesday acquired a majority stake (50.5%) in Mumbai International Airport Pvt. Ltd (Mial) by buying a 13.5% equity stake from Bid Services Division (Mauritius) Ltd for $231 million. The acquisition of an additional 14% stake in Bangalore’s airport operator helps the company to further consolidate its position and will help in the next phase of the airport’s growth.