Former SARE Group Execs To Launch Realty Fund - Two senior executives of South Asian Real Estate Group, or SARE Group, an investment and development company, resigned recently to form their own real estate investment fund. Arvind Pahwa, former chief executive of SARE, and Mehul Gala, former vice-president in the company, are setting up Lavi Real Estate Advisors Pvt. Ltd to invest largely in urban residential projects. Laviâs first fund will raise more than $50 million (Rs.265 crore) and has already got commitments for a bulk of this from family offices and other investors.
Mahindra Partners Looks For New Partners - Mahindra Partners, the in-house private equity arm of the Mahindra & Mahindra group responsible for incubating new businesses for the jeep-to-real estate group, is looking to divest stakes in firms that it manages. These include the groupâs retail and logistics ventures. The aim is to rope in partners with expertise, who can provide strategic value to these ventures. Mahindra Partners is a diversified division that oversees new businesses in the group such as steel trading, logistics, retail, solar energy and conveyor systems. (Financial Chronicle)
Munesh Khanna Joins Grant Thornton As Senior Partner - Consultancy firm Grant Thornton India has hired Centrum Capitalâs Munesh Khanna as its new senior partner in an effort to ramp up its mergers & acquisitions (M&A) and private equity (PE) advisory businesses. Khanna had joined Centrum in March 2009 as managing director-investment banking after quitting private equity firm Halcyon Resources & Management. Before that, he worked with DSP Merrill Lynch, Enam Financial Consultants and NM Rothschild & Sons. (Economic Times)
Midea, Carrier Form JV - Chinese home appliance maker Midea and US-based Carrier have agreed to set up a new joint venture in India, pooling their businesses and strengths in the country to take well-entrenched Korean and Japanese rivals in the fast-growing market for air conditioners. Midea will own 60% of the venture, with Carrier owning the rest. The venture has plans to invest up to 500 crore over the next five to six years. (Economic TImes)
Patni Shareholders Approve Delisting - IT firm Patni Computer Systems today said it has received shareholders' approval for delisting the company from the Indian bourses and the New York Stock Exchange. In a regulatory filing, US-based iGate acquired Patni Computer Systems last year and intends to delist the domestic company from the Indian bourses and New York Stock Exchange by mid-2012. iGate had acquired a majority stake in Patni in January this year for $1.2 billion in one of the largest deals in the Indian IT sector. (Business Standard)
FINO Gets IFC Funding - Financial inclusion facilitator Fino on Monday said it has received assistance from development finance institution IFC for scaling up its low-income group remittance, deposit and insurance business, shortly after garnering funds from private equity firm Blackstone. Details of the deal, like the amount invested, are not immediately available. (Business Standard)
http://