US private equity firm I Squared Capital is dropping out of the race to buy India's second-largest state oil firm, Bharat Petroleum Corporation Ltd (BPCL) owing to a complex deal structure and lack of financial backers for the transaction, sources said. I Squared Capital through its Indian arm, Think Gas was among the three suitors that had evinced interest in buying the government's near 53 per cent shareholding in BPCL. "The company has made a decision not to participate in the financial bidding," a source with direct knowledge of the development said.
On the directions of the Supreme Court, the special crime unit of the central agency registered the cases late Tuesday evening.
Amid the perception of gloom and doom in the Indian property market, here's something to cheer about. The real estate industry has given 1.21 times, or 20 per cent, average returns to private equity (PE) investors in the past four years, compared to the global average of 0.8 times.
Private equity (PE) players and investment bankers are divided over the timing of the BT Group's reported move to exit Tech Mahindra. BT owns about 30 per cent in TechM.
Private equity (PE) investors are now diverting their attention to sectors such as energy, telecom, infrastructure, education, media and entertainment. Reason: these sectors are largely dependent on the domestic market and not foreign countries, especially the US market.
Approaches Morgan Stanley, GIC and Blackstone
Among its suggestions to the finance ministry, RBI has also said the government should classify private equity under a separate category of foreign investment, or create sub-limits within foreign direct investment or investments by foreign institutional investors.
Three marquee exits accounted for nearly 60 per cent of the total exit value -- BillDesk's acquisition by PayU for $4.7 billion, Paytm's $2.5 billion initial public offering (IPO), and Zomato's public market debut of $1.3 billion.
The Tatas are not alone in the race to take over British car makers Land Rover and Jaguar. Apart from the Tatas, three private equity funds and two other trading companies are expected to join the race for the British luxury car makers.
Citigroup's former chief executive officer, Vikram Pandit, might be joining the race to become a co-applicant for a banking licence in India.
The Supreme Court on Thursday transferred to the Central Bureau of Investigation the probe into multiple cases against former Mumbai police commissioner Param Bir Singh over allegations of misconduct and corruption.
It says 30 PE firms have divested stakes worth $1.46 billion during April-June this year against 29 PE firms that disinvested $820 million in the same period last year.
The finance ministers of the European Union reached an agreement to introduce more stringent control over hedge funds and private equity firms as part of a major effort to regulate financial markets.
India-located funds have already raised $3.9 billion so far this year.
But, will help Indian funds get more deals
Bulk of the medicine sales in the $22-24 billion domestic pharma market happens through offline retail chemists. With the entry of online pharmacies, this space has started to witness a shake-up. Sample this: Dawaa Dost, a Rajasthan based digital health start-up, generates medicine orders from 'kirana' stores and women self-help groups (SHGs) that operate in villages, and then service these orders through its affiliated network of pharmacies. Biddano, another health-tech start-up, has a platform that acts as an aggregator for neighbourhood chemist shops.
Foreign private equity funds are likely to exit completely or partially the financial services space in the near-term as part of profit-booking, but will stay invested to cash in from the long-term growth story.
Meanwhile, 117 Pan-Asian private equity players - with India as focus -- aim to raise funds worth $59 billion, says UK-based Preqin, an alternative assets research and consultancy group. On a global platform, he said, majority of investors remain positive towards private equity. Aditya Birla Private Equity is an example.
President & CEO of IDFC Private Equity Group, Luis Miranda, spoke on various issues relating to private equity in an exclusive interview with Rajesh Bhayani.
A total of 93 funds reached a final close in 2009, receiving commitments of $40.5 billion. In 2008, 228 funds raised an aggregate $134.3 billion, according to global research firm Preqin.
The mega deals in the Internet sector ensured IT and ITeS companies grabbed 57 per cent of the PE investment by value.
AC Milan and Inter Milan will play their first-ever virtual derby on Saturday after joining forces with digital sports broadcaster DAZN, the clubs said in a statement on Thursday. At the control will be Milan's Portuguese forward Rafael Leao and Inter's striker Sebastiano Esposito, selected for their self-confessed expertise on video games.
The drop was the result of the change in FDI rules, which was amplified by the border standoff between India and China.
Record equity divestment by the Reliance Group in its telecom and retail businesses garnering around $23 billion revved up the deal street in 2020, which otherwise would have gone down as one of the dullest on record, and dealmakers are seeing sunnier days in 2021 given the large scope for consolidation in a slew of sectors ravaged by the pandemic. With Jio Platforms alone garnering over $16 billion (Rs 1,18,318 crore) by selling 25.24 per cent stake and Reliance Retail notching up $6.4 billion (Rs 47,265 crore) by divesting around 9 per cent shareholding, the deal street signed off with $85 billion in the deal kitty across 1,270 transactions. This is higher by about 10 per cent over 2019. What is significant is that over a third of the total deal value came from Reliance transactions, say investment bankers.
Fresh capital raised by companies by way of initial public offerings (IPOs) is set to hit a 14-year high, thanks mainly to Zomato's maiden offering. India Inc has raised about Rs 19,300 crore in fresh capital by maiden offerings, including the Rs 9,000 crore the food delivery company will raise this week, so far in 2021. The best year in terms of fresh fund-raise was 2007, when companies had raised Rs 32,102 crore. With Paytm planning to issue fresh shares worth Rs 12,000 crore, the domestic market looks set to surpass that tally this year.
Even as the gaming industry battles multiple regulations in different Indian states, it has received more than double the amount of investment this year compared to 2020. Industry watchers attribute this to the growing popularity of gaming, spurred by the pandemic, and the innovative business models gaming firms have built. According to data from industry tracker Venture Intelligence, investment in India's gaming sector in 2021 has more than doubled to $794 million, as against a total investment of $339 million last year. In 2019, this number was $176 million. Marquee investors such as Tiger Global (Dream11), Sequoia Capital India (Mobile Premier League), WinZO (Griffin Capital Partners), Tencent (Dream11) and Matrix Partners (Zupee) have pumped money into the sector.
Mukesh Ambani-owned RIL's JioMart is set to launch a slew of new products including financial services, electronics to airline tickets to take on the competition from upcoming rivals like the Tata Super app and other established players including PayTM, Amazon and Flipkart. This comes at a time when RIL's e-commerce revenues are set to grow by 35 per cent to $15 billion within four years and its core retail revenue is expected to grow at the same pace to $44 billion, as per a forecast by Goldman Sachs. "The Tata vs JioMart war will be the next big corporate battle to watch. "While Tata has an upper hand like in-house products and brands, RIL has the backing of global biggies like Google, Facebook and Microsoft," said head of a rating firm asking not to be quoted.
After suffering from severe exposure to endosulfan for decades, the villagers of Kasargod are finally moving on. But the scars remain, T E Narasimhan finds out.
Insecurity has increased in the minority Sikh community of Peshawar city in northwest Pakistan after the kidnapping of a Sikh man and the killing of another, a media report said Monday.
The Chinese government is imposing severe restrictions on their tech companies - whether it is on data security, marketing practices or floating an IPO. Should this be music to the ears of Indian start-ups and home-grown private equity (PE) funds? Ask Indian start-ups and the answer is a resounding "yes".
Several PE investors have appealed to the ministry to bring them at par with the foreign institutional investors as far as tax treatment is concerned.
Till the second quarter of 2011, the food sector has attracted more than $100 million investments through PEs," according to the 'Food Franchising Report 2011' brought out by Franchise India and Ficci.
Indian real estate saw 14 such private equity (PE) exits, worth $457 million (around Rs 2,285 crore) in 2011. Of these, promoters bought out existing PEs or other financial sponsors in eight deals, according VCCEdge, the research platform of VCCircle.
Allotment could be low, and expected listing-day gains can quickly morph into losses if sentiment takes a turn for the worse
A fundamental analyst pegs a PE as "high", "low", or "fair-value", depending on EPS projections. Fair-value is a subjective calculation, based on earnings expectations and interest rates (the benchmark of risk-free returns). The theory is that PE will correct from the high or low end to fair-value.
Make sure you don't react impulsively and beware of some of common pitfalls while investing in the stock market.
News of all that's transpired on and off the football field
Goldman-HDFC JV and OYO Hotels & Homes are betting big on student housing, says Raghavendra Kamath.
The average deal size has gone up from $7 million in 2009 to $12 million this year.
Investment by PEs into HLS sector dropped to $203 million in 2008-09 from $836 million in 2007-08, while the number of deals dropped 51 per cent to 21 from 43 deals. Similarly, VC investments also declined to $48 million from $80 million. In terms of deals, they dropped to 11 from 14.
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