Private Equity
PE Majors In Race For Stake In Usher Agro - Blackstone, TPG, Blue River Capital, Actis and New Silk Route are eyeing a stake of more than 40% agri-processing firm Usher Agro. The frims had said that it is planning to raise upto Rs 250 crore and will issue new securities to PE funds, as per this report. The deal would involve one of these funds getting a management control.
BTS To Launch $200 Million Third Fund - BTS Investment Advisors is planning toraise its third fund of $200 million by mid-2009. The firms first two funds were at $22 million and $80 million. BTS has already invested around 60% of the second fund and is finalizing three-four more deals.
Future Ventures To Pick Stake In Turtle - Kishore Biyani-owned Future Group’s arm is close to picking up a substantial stake in Turtle. The Kolkata –based apparel maker clocked revenues of Rs 46.4 crore last year. As per this report, the deal with Future Ventures would involve infuse funds and creation of a create a captive clientele in Future’s retail outlets.
Mergers & Acquisitions
BASF To Acquire Ciba - Chemical giant BASF SE has made a $5.5 billion cash offer to buy Swiss specialty chemical maker Ciba Holding AG. Both the companies have listed entities in the Indian market. The transaction is expected to be finalized in 2009 and BASF is paying 60% premium to the 30-days average stock price of Ciba Holding.
Two More banks To Be Merged With SBI – The government will soon initiate the merger of State Bank of Indore and State Bank of Patiala (SBP) with State Bank of India. This follows the merger of SBS with SBI. Others expected to be in line include State Bank of Hyderabad (SBH).
TBWA Worldwide Buys Out Indian Arm - TBWA has bought out the Indian shareholders at TBWA India which include George John, the largest of the three local shareholders, Kurien Mathews and N Krishnan. These shareholders controlled 49% stake and now TBWA together with Omnicom will now own 100% of TBWA India.
Corporate
Morgan Stanley Starts Wealth Management Biz – Even as reports are coming that Morgan Stanley is the next after Lehman, the firm has started private wealth management services in four Indian metros. Morgan Stanley is targeting an asset-base of around $5 billion in the medium-term and $10 billion over the next few years.
Hugo Boss Looks For India Partner – PE giant Permira controlled Hugo Boss is looking to expand its India presence with partnership. The firm has shortlisted AV Birla Group company Madura Garments and real-estate giant DLF.
