ICICI Venture informed Subhiksha on January 8, 2009, about the withdrawal of its nominee directors and asked the company to make the requisite filing with the RoC, Chennai. However, when ICICI Venture did not receive any copies of the filing till January 19, it informed the RoC of the resignations.
ICICI Venture denied the allegations, noting it had extended the lifespan of the Dynamic India Fund III by three years
ICICI venture firm, RFCL Ltd acquired Alved Pharma and Foods. RFCL aims at banking on Alved's southern market in animal healthcare business.
Almost a year after launching its Rs 1,000-crore (Rs 10-billion) domestic fund, ICICI Venture, one of the largest private equity firms in the country, raised Rs 200 crore (Rs 2 billion) last week, according to sources privy to the development.
The first private equity deal in the Indian health insurance sector is set to be sealed soon.
Ranbaxy Laboratories Ltd on Friday said ICICI Venture Funds Pvt Ltd would acquire the company's fine chemicals, animal health care and part of the diagnostics business.
Renuka Ramnath is credited with raising the India Advantage Fund Series II, the country's largest private equity fund till date with a corpus of $810 million.
In the changed scenario of Indian private equity, where institutions and individuals are busy with fund raising, the fund houses are exploring untapped markets.
Private equity firm, ICICI Venture, on Thursday said that it plans to invest Rs 120 crore (Rs 1.2 billion) in Star Health and Allied Insurance Company, marking the first private equity deal in the Indian health insurance sector.
Mulye banks on domestic investors to raise money before approaching international markets.
Rules out involvement of nominee and independent directors.
ICICI Ventures Funds Management Company Ltd has acquired Tata group's 50% stake in Tata Infomedia Ltd for Rs 176 per share, totalling Rs 100.7 crore in a cash deal, and will make an open offer to acquire 20% publicly-held shares of the company.
The fund, which will be launched next month, will have a tenure of ten years and the money will be invested in projects within three years. The fund from the country's largest private equity fund (it manages assets of over $2.5 billion in a diversified portfolio) comes just 18 months after it launched a real estate fund of $500 million. Of this, it has already invested 70 per cent in various projects.
After months of negotiations, an entity owned by Pune-based property developer Panchshil Realty and US-based private equity (PE) company Blackstone has bought a majority stake in Express Towers.
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While private equity giant Blackstone and Pune-based realtor Panchshil Realty had offered Rs 800 crore for the building at Nariman Point, the building's owners -- Viveck Goenka, chairman and managing director of the Indian Express Group, and private equity firm ICICI Venture (which has 49 per cent stake in the property) -- expected the sale to fetch Rs 900 crore, said the executive.
Subhiksha's founder and Managing Director R Subramanian, while refuting the allegations of ICICI Venture, said his company hasn't received any resignations from the nominees of ICICI even though the private equity firm claimed it had withdrawn its nominees.
In the largest private equity deal in the country ICICI Venture Funds Management Co has concluded a $800 million (Rs 3,200 crore) deal to buy a minority stake in Delhi-based Jaypee Infratech, a subsidiary of the infrastructure-to-hotels Jaypee Group.
'Bottomline, hairline and waistline -- you have to watch them always.'
In what is amongst the first focused fund in the space, India Media Entertainment Fund (IMEF) is raising Rs 500 crore, which will provide both equity as well as instruments like non-convertible debentures (NCD) to companies in the content, distribution platform and services areas. The private equity fund has appointed a high-profile advisory body which includes ad guru Prahlad Kakkar, managing director of Red Chillies Entertainment and cricket team KKR Sports, actress and entrepreneur Raadhika Sarathkumar, who has starred in Malayalam, Hindi and Kannada films and runs Radaan Mediaworks. It also includes Ramnath Pradeep, former chairman and managing director of Corporation Bank, and Rajesh Gupta, senior partner of law firm SNG Partners.
India is still a capital-starved economy where long-term capital can be put to work to create valuable enterprises and successful entrepreneurs, says Renuka Ramnath.
Sources said that this is a contingency plan, in the event of an exit of the present heads of its two subsidiaries ICICI Prudential and ICICI Ventures. At present, Shikha Sharma is managing director & chief executive officer (CEO) of ICICI Prudential Life Insurance, while Renuka Ramanathan is managing director and CEO of ICICI Ventures.
Investors ICICI Venture and PremjiInvest as well as a lender of Subhiksha Trading Services have objected to the cash-strapped retailer's merger plan with Chennai-based Blue Green Constructions and Investments, in which it acquired a 40 per cent stake in June last year.
Two Indians -- HDFC's Renu Sud Karnad and ICICI Venture's Renuka Ramnath -- have been named in the global list of top 25 Nonbank Women in Finance, compiled by American magazine USBanker.
ICICI Venture, which owns a 23 per cent stake in the beleaguered Subhiksha Trading Services, said its hands "are tied'' as the majority owner and founder of the retail chain, R Subramanian, kept all investors in the dark on the troubles of the company and failed to submit audited financial details.
ICICI Venture has tied up with a global healthcare investor to put in funds in India's healthcare sector.
The Express group is expected to get around Rs 500 crore (Rs 5 billion) from the deal.
Tata Communications has elected the private equity (PE) veteran as a successor to Subodh Bhargava.
More and more PE players are willing to test the waters now, just in case they become early entrants in a future booming business.
Air India's plans to lease its headquarters in Nariman Point has been hit.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
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