EXL Service Investors In Talks With L&T Infotech - Investors in back office firm EXL Service are in talks with mid-sized L&T Infotech to sell their stake in the Nasdaq-listed company. Institutional shareholders such as Aviva Investors Global Services, Blackcock Advisors LLC, TimesSquare Capital Management, Wellington Management, with at least 12 other investors hold around 53% in the company. About 24% in the BPO firm is held by Mutual Funds. EXL's enterprise valuation is about $533 million while its market cap at Monday's closing is about $637 million. (Economic Times)
Jindal Stainless To Buy Shah Alloys - Ratan Jindal-owned Jindal Stainless is in talks to buy Ahmedabad-based Shah Alloys as part of a lenders-initiated exercise to revive the ailing steelmaker. Shah Alloys was declared a sick company in Sept 2010 and lenders are now preparing a revival package. JSL which is also under CDR will have to take approval from its lenders for the deal. (Economic Times)
Peppermint Hotels To Raise Funding - Hospitality start-up Peppermint Hotels is in talks with a slew of investors for expansion capital as more private equity funds chase deals in a sector that is rising on the back of a booming economy. The trendy hotel chain set up by Arjun Baljee , whose family earlier launched the Royal Orchid Group , expects to add seven new properties by September this year. (Economic Times)
SIDBI To Launch Rs 1,000 Cr Venture Fund - Small Industries Development Bank of India (SIDBI) will launch a venture capital fund of Rs.1,000 crore ($220 million) to provide loans to small and medium enterprises (SME) sector. The asset size of SIDBI, which was Rs.37,000 crore last fiscal, was expected to be about Rs.41,000 crore in the current financial year. (Deccan Herald)
Blackstone Execs Join Gokaldas Management - Blackstone Group LP, the world’s biggest private equity firm, has started playing a more active role in running Gokaldas Exports Ltd, three years after it purchased a controlling stake in the Indian garment exporter. Gautam Chakravarti, an executive director at Blackstone, has been appointed on the board of Gokaldas as additional director in the slot left vacant by its former executive chairman Madanlal Hinduja. Chakravarti will head its sales and marketing division and drive its overseas business while another Blackstone executive director, Amit Dalmia, will handle finances. (Mint)
Reliance PE Nears Closing Three Deals Worth Rs 400Cr- Reliance Equity Advisors, the private equity (PE) arm of Anil Ambani-owned Reliance Capital, is all set to close three deals in infrastructure, consumer space and media & entertainment sectors worth Rs 350-400 crore. Reliance Equity Advisors manages Reliance Alternative Investments Fund – Private Equity Scheme 1. The fund has raised Rs 1,200 crore from the domestic market so far. In a portfolio of 12-15 companies, the ticket size of each investment is around Rs 100-125 crore. (Business Standard)
MetLife India To Sell Stake To PSBs - Private insurer MetLife India has begun talks with at least three public sector banks (PSBs) for sale of up to 10% stake and bringing in a new distributor partner.
MetLife was in talks with Corporation Bank, Vijaya Bank and UCO Bank, among others, to join it as a distributor partner and had also offered them 5-10% stake, either through purchase of shares from existing shareholders or infusion of fresh capital. The move was part of MetLife’s plans to expand business through a stronger distributor network and further equity infusion. (Business Standard)
Fortis, Cauvery Hospitals Form JV - Fortis Healthcare today said that it will set up a cardiac centre in Mysore through a joint venture with the Karnataka-based Cauvery Hospital. The joint venture will be between its wholly-owned subsidiary — Fortis Hospitals and Cauvery Hospital, with Fortis owning a majority stake. The cardiac centre, to be located at Cauvery Hospital’s Mysore facility, will be set up at an investment of Rs 12 crore. (BusinessLine)
