News Roundup: Xander may acquire stake in Bangalore mall project for $73M
Advertisement

News Roundup: Xander may acquire stake in Bangalore mall project for $73M

By TEAM VCC

  • 02 Jan 2014

Xander Group, the US-based private equity major with multi-billion dollar assets under management, is understood to be close to clinching a deal with a Bangalore-based developer for acquiring a significant stake in a commercial retail space being developed on the Bannerghatta Road for close to Rs 450 crore ($73 million). The investor is in advanced stages of discussions with the promoters of the Blue Horizon Hotels who are developing 0.42 million square feet of retail space under the brand Vega Mall. his move by Xander has been triggered after promoters of the project were not able to meet their debt obligations towards the State Bank of India to the tune of close to Rs 350 crore that they took as construction finance. (Business Standard) 

SriCity eyes $30-mn PE funding: SriCity, an integrated business park which recently signed memoranda of understanding (MoUs) with Pepsi, Isuzu, Cadbury and others, is planning to raise $30 million (Rs 1,847 crore) from PE investors. SriCity invested Rs 1,000 crore to set up infrastructure and to acquire land and plans to invest Rs 250-300 crore every year on infrastructure development. To support these investments, the company plans to raise money from private equity (PE) investors, said Ravindra Sannareddy, managing director, Sri City. (Business Standard) 

Advent International in talks to buy stake in Laurus Labs: US-based private equity major Advent International is in talks with Hyderabad-based Laurus Labs Private Limited (Laurus) to buy a stake in it. The discussion is for raising funds to the tune of Rs 300 crore ($49 million). The PE investor is likely to pick a 10-1% stake in Laurus. The proposed capital will be used for Laurus’ capacity expansion. In February 2012, Fidelity Growth Partners India had invested Rs 200 crore in Laurus, acquiring a minority stake in it. Along with Fidelity, Chava Satyanarayana had also participated in the first round of financing. (Business Standard)

Advertisement

Online drug store drugneed.com plans to raise $3-4 mn from Private Equity Funds: Ahmedabad-based online pharmacy store drugneed.com that sells over the counter (OTC) products, is aiming to raise close to $3-4 million (around Rs 18 crore) from private equity funds in order to fund its future expansion plans. The e-commerce portal was launched in 2012 with an initial investment of around Rs 50 lakh and has already broken even. The company is in talks with a handful of PE firms and hopes to finalize the deal within the next six months. () 

ADB plans to fund Delhi discom’s capital expenditure: Offering a breather to Anil Ambani-owned BSES Rajdhani Power Ltd (BRPL), the Asian Development Bank’s Private Sector Operations Department (PSOD) plans to extend a loan of $80 million (Rs 493 crore) to the company. The loan will be used to fund BRPL’s capital investments, which had been impacted after domestic financial institutions expressed their reluctance to increase exposure to the utility. Also, the loan will help in the financing of BRPL’s capital expenditure over the next two years. (Live Mint) 

Courtesy: VCCEdge

Advertisement

Share article on

Advertisement
Advertisement
Google News Icon

Google News

Follow VCCircle on Google News for the latest updates on Business and Startup News