Medical devices maker Trivitron Healthcare Pvt. Ltd is raising nearly RS 150 crore ($24 million) from private equity firm India Value Fund Advisors in lieu of a minority stake, said two people familiar with the development. The deal is expected to be signed in 10 days, they said. In October last year, Fidelity Growth Partners India invested Rs.400 crore for a 20-23% stake in Chennai-based Trivitron, acquiring the shares from PE investors ePlanet Ventures and Headland Capital. Last November, Trivitron acquired Finnish diagnostics technology firm Ani Labsystems for Euro 15.8 million. Chennai-based investment bank Veda Corporate Advisors Pvt. Ltd is running the mandate for the latest transaction. (Live Mint)
Vijay Mahtaney plans to sell Park Hyatt hotel: Entrepreneur Vijay Mahtaney, owner of Chennai’s Park Hyatt hotel, one of the many recent additions to the luxury hospitality skyline of the city, is looking to sell the property and expects to realize about RS 400 crore ($64 million) from it, two people knowledge said. The move comes at a time when the hotel industry, especially in Chennai, is reeling under pressure from over-capacity and lower occupancy. Ambattur Developers tied up with Hyatt Hotels to build the 201-room Park Hyatt in proximity to Chennai’s airport and the industrial corridor. Owned by Mahtaney and managed by Hyatt, the hotel was opened a year back. (The Economic Times)
US apparel retailer Gap in joint venture talks with Arvind Brands: Gap Inc, the largest casual wear retailer in the US, looks set to enter the Indian market next year though a joint venture with Arvind Brands, two people familiar with the development said. The San Francisco-based clothing giant has signed a letter of intent with Arvind Ltd’s retail arm to form a JV in India, they said. The development comes close on the heels of Gap’s global rival Hennes & Mauritz AB getting approval from the Foreign Investment Promotion Board earlier this month for a wholly owned subsidiary in the country that will run its H&M stores. The two companies already have a longstanding relationship, the US retailer has been buying denim from Arvind Ltd for several years. (The Economic Times)
Heidelberg Cement India plans to raise RS 370-cr through NCDs: Heidelberg Cement India is planning to raise RS 370 crore ($59 million) by issuing non-convertible debentures on private placement basis. The company is looking to offer and issue Indian rupee denominated, rated, listed, unsecured, redeemable, non-convertible debentures on private placement basis, to its non-resident parent or group companies which qualify as qualified foreign investors. Heidelberg Cement India had appointed India Ratings and Research, a Fitch group company, as the credit rating agency for the purpose of obtaining credit rating in view of the proposed issue of debentures. India Ratings and Research has assigned long-term issuer rating “Ind AA-” to the company with stable outlook. (The Economic Times)
HUDCO plans to raise RS 2,439 crore via tax-free bonds: State-owned Housing and Urban Development Corporation (HUDCO) plans to raise RS 2,439 crore ($391 million) from an issue of tax-free bonds starting on December 2, its second tranche of such securities in this financial year. The company had raised RS 2,370 crore ($380 million) in the first tranche of tax-free bonds launched in September. The Finance Ministry has allowed HUDCO to raise Rs 5,000 crore through bonds in 2013-14. The company raised RS 190.8 crore in August through a private placement with institutional investors. The issue would open for subscription on December 2, 2013, and is scheduled to close on January 10, 2014. (The Economic Times)
Milestone Capital plans to raise RS 500 crore real estate fund in January: Private equity firm Milestone Capital Advisors is planning to raise a RS 500-crore ($80 million) real estate fund, which will be launched in January and will have a greenshoe option of additional RS 250 crore ($40 million). The fund, with a total tenure of 6 years including two extensions, will be Milestone’s eighth real estate fund and first since last two years following the sudden death of its founder and CEO Ved Prakash Arya. The firm concluded its last fund-raising effort with a RS 410-crore domestic offering in 2011. From the 2011 fund, Milestone Domestic Scheme III, it has already deployed RS 260 crore across seven investments. (The Economic Times)
Naturals plans to sell upto 20% to PEs to fund tuck-in acquisitions: Chennai-based Naturals, which runs 300 salons in India, is planning to raise about Rs 50 crore from external investors, including private equity, for less than 20% stake to fund tuck-in acquisitions over the next one year. The company has identified some region-specific salons with 10-15 outlets in each region and hopes to finalise plans by April next year, and the fund raising is likely to be completed by September next year. In 2012, it had offered about 25% stake, but a deal could not be sealed. The company’s advisor Ernst & Young had that time held talks with private equity investors like Carlyle Group, Sequoia Capital, Motilal Oswal Private Equity Advisors and TVS Capital, according to media reports in July 2012. Naturals is 95% owned by Kumaravel and his wife. CK Rangathan, who is the managing director of FMCG company CavinKare Pvt Ltd, has about five% stake in Naturals. (Business Standard)
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