Corporate Valuaions:Information Cafe:News

News


 

Valutions News

  
  
  
  
  
  
  
  



Date :19 Jan 2017

Warburg Pincus picks up 14 per cent in PVR for Rs 820 crore

Warburg Pincus, the global private equity firm that is focused on growth investing, has acquired 14 per cent in India s largest multiplex company, PVR, for Rs 820 crore. PVR promoter Ajay Bijli sold 5 per cent stake and former ICICI Venture head Renuka Ramnath-promoted Multiples Alternate Asset Management (Multiples) parted with 9 per cent equity. After the sale, Bijli and his family will retain control as the largest shareholder with 20 per cent while both Multiples and Warburg Pincus will hold 14 per cent each. Other investors hold the rest in minor percentages. Bijli said the company is well poised to grow organically. So far, it has been adding 50-60 screens per year. "There is nothing out there for inorganic expansion and the way multiplex industry is growing, adding 80-100 screens organically is unrealistic. Even then, we will not need more than Rs250 crore, which our EBITDA itself will take care of," Bijli said.

Date :19 Jan 2017

RMZ to buy remaining 50% stake in Essar Group s Equinox Business Park in Mumbai

In one of the largest real estate transactions of this year, RMZ will acquire the remaining 50 per cent stake in Essar Group s commercial project Equinox Business Park in Bandra-Kurka Complex, Mumbai, by the end of this year. The company will pay Rs 2,400 crore for the complete buyout, which will be funded by Qatar Investment Authority (QIA) and some other sovereign funds, RMZ has 20-million sq ft of core assets, valued at $4 billion, under management. It is rapidly marching towards achieving a five-year growth plan of 80 million square feet, which will be anchored by Qatar Investment Authority.

Date :18 Jan 2017

Flipkart valuation trimmed to $9.9Bn by investor T Rowe Price

Mutual fund investor T Rowe Price has cut the valuation of India s largest online retailer Flipkart marginally by another 4% to about $9.9 billion.The move comes after the other major mutual fund shareholder, Morgan Stanley , slashed valuation more aggressively by 38% to $5.6 billion in November indicating how differently investors are valuing their Flipkart stake. The latest move pegs Flipkart s valuation per share at $93.15 at the end of December quarter, from $96.29 during the September quarter. Flip kart was valued at $15.2 billion in 2015, when it had raised funding at $142.24 per share.

Date :18 Jan 2017

Cadila set to buy US firm for $171 million

Cadila Healthcare is set to acquire Californiabased speciality pharma company Sentynl Therapeutics for $171 million as the company looks for alternative ways to build its US business that has been held back by regulatory inspections.The overall market size of opioid based pain killer is an estimated $24 billion, though the sales of Abstral is to the tune of $10 million, with per month cost of treatment to the patient of $1500. For FY16, sources said, Sentinyl s EBIDTA was $35 million and Cadila valued the firm for just a little less than five times EV EBIDTA multiple.

Date :17 Jan 2017

Milk Mantra raises funds from Neev Fund, existing investors

Milk Mantra Dairy Pvt. Ltd, an east India-focused dairy company, has raised series-D funding led by Neev Fund, along with co-investment from existing investors Eight Roads Ventures and Aavishkaar.In 2014, Milk Mantra raised series-C funding of Rs80 crore, led by Fidelity Growth Partners India and Aavishkaar India II Co. Ltd. The transaction provided an exit to angel investors and Aavishkaar India Micro Venture Capital Fund.

Date :16 Jan 2017

Four global private equity funds bid for tower vision

Global private equity funds Apax Partners, Blackstone, Brookfield and Carlyle have placed bids to acquire a controlling stake in telecom tower operator Tower Vision. The company, which is being valued at $200-250 million (about Rs 1,363-1,704 crore), joins the club of tower operators that are looking to exit the business in India after Tata-owned Viom Networks and Reliance Infra sold tower businesses. The last time Tower Vision was benchmarking the value of the deal it was thinking of the Rs 8,062 crore Aircel-GTL deal of 2010, but the business case and revenue potential of tower operators has taken a significant hit since then.Until 2013, Tower Vision was pegging the value of each of its 8,400 towers at Rs 40 lakh.Last year, Reliance Infratel said in a statement that Canadian asset manager Brookfield may buy 51 per cent in the company, with 100 per cent voting right, for Rs 11,000 crore and America Tower Corporation bought majority in Viom Networks at an enterprise value of Rs 21,000 crore for 42,000 towers at a sharing factor of 1.9 times.

Date :16 Jan 2017

Business Travel Startup Upside Raises $50 Million at $200 Million Valuation

One of the pioneers of online travel booking is back with a new startup that seeks to bring a bit more competitive pressure to the industry dominated by Priceline Group Inc. and Expedia Inc. Jay Walker, one of the founders of Priceline.com, has raised $50 million for Upside.com, a website that tries to find discounts for small business travelers by suggesting alternative travel routes and accommodation and bundling flights and hotels together. The financing values Upside at more than $200 million and includes investments from marketing tech company Red Ventures and investment firm Leucadia National Corp.

Date :13 Jan 2017

CPPIB to acquire 48% stake in GlobalLogic

Canada Pension Plan Investment Board (CPPIB) will acquire 48 percent stake in IT consultancy GlobalLogic from private equity firm Apax Funds. No financial details of the deal were disclosed. Apax had acquired GlobalLogic in 2013 for USD 420 million from a group of financial investors, including a PE fund managed by Goldman Sachs, Westbridge, New Atlantic Ventures and Sequoia. "In the past three years with Apax, we ve enjoyed a 20 percent plus compound annual growth rate (CAGR), consistently outperforming the broader product engineering services (PES) market," said Shashank Samant, CEO, GlobalLogic.

Date :13 Jan 2017

Unacademy content with Rs 30 crore in Series A funding

Online learning platform Unacademy has raised $4.5 million (around Rs 30 crore) in a Series A funding led by Nexus Venture Partners and existing investor Blume Ventures. Girish Mathrubootham, CEO of Freshdesk, and Ananth Narayanan, CEO of Myntra, along with Stanford Angels also participated in the fund-raising round. The money will be used to expand the content portfolio, onboard educators on the platform, hire talent, and improve user experience. "We will invest in technology and how to scale through technology. Secondly, we want to get the best educators. In the near future, we aim to have one million active users on the site every month and reach to at least 20,000 lessons on the platform," said Gaurav Munjal, CEO, Unacademy. The platform currently has more than 500,000 registered users with over 200,000 active users.

Date :12 Jan 2017

Japan s Takeda to acquire US cancer drugmaker for over $ 5 bn

Japan s Takeda Pharmaceutical Co flagged its appetite for fresh acquisitions to bolster its drug portfolio after agreeing on Monday to acquire cancer drug maker Ariad Pharmaceuticals in a $5.20 billion deal. Takeda will pay $24 in cash for each Ariad share, a premium of nearly 75 percent to the stock s $13.74 closing price.Takeda predicts annual sales from Brigatinib (Ariad pharma), which the US Food and Drug Administration is expected to decide on by April, could exceed $1 billion. At the end of its last business year that ended on March 31, Takeda had 438 billion yen ($3.79 billion) in cash and cash equivalents.

Date :11 Jan 2017

ICICI Pru, ICICI Lombard buy 12% in Fino Paytech for Rs 150 crore

ICICI Prudential Life Insurance and general insurer ICICI Lombard have bought a 12% stake in fledgling payments bank Fino Paytech for Rs 150 crore valuing the company at Rs 1,200 crore The deal would lead to twin benefit of Fino Paytech moving towards meeting regulatory orders on foreign holding in the company, start payments bank licence and help the two insurers to sell their products in remote villages.The company, a few months ago, sold a 21% stake to oil marketing company Bharat PetroleumBSE 0.69 % for Rs 251 crore, which would make it offer services at more than 12,000 petrol pumps across the country

Date :11 Jan 2017

Housing.com and PropTiger merge in an all-stock deal, raise $55 million in fresh capital

Rreal estate website PropTiger has merged with Housing.com in an all-stock deal, bringing to an end the contentious saga of the Mumbai startup and creating one of the country s largest digital platforms for property listings. As part of the deal, the combined entity will raise $50 million from News Corp-owned online real estate advertising company REA Group and another $5 million from Japan s SoftBank, the primary investor in Housing.com. The fundraising will be executed at a valuation of about $250 million for the merged company,Housing has been valued at about $70 million, unchanged from two months ago when it raised $5 million in bridge funding from Soft-Bank.PropTiger s other investors include SAIF Partners and Accel Partners. News Corp acquired a 25% stake in PropTiger s Singaporebased parent, Elara Technologies Pte, in November 2014 for $30 million and increased its stake to about 30% in June 2015.

Date :10 Jan 2017

McDonald s sells most of China, Hong Kong business to CITIC, Carlyle for $2.1 bn

McDonald s Corp has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, seeking to expand rapidly without using much of its own capital.Under the deal, Hong Kong-listed CITIC Ltd will own about 32 percent of the business, with CITIC Capital, an affiliate company that manages private equity funds and other alternative assets, holding another 20 percent. Carlyle will control 28 percent of the business, while McDonald s will retain a 20 percent stake, the companies said in a statement.McDonald s originally wanted to raise up to $3 billion from the sale of the business, but later decided to keep a minority stake to benefit from exposure to future growth in China,

Date :09 Jan 2017

Screwvala eyes growth in Lenskart, puts Rs 24 crore more

Unilazer Ventures founder Ronnie Screwvala has pumped in an additional Rs 24 crore in online eyewear solutions company Lenskart Solutions.The latest secondary transaction in Lenskart brings Unilazer s cumulative investment in the six-year-old company to about Rs 100 crore, and was closed at a valuation close to Rs 2,000 crore, the same pricing it received when PremjiInvest invested in the company last year. Unilazer, which now owns a 19% stake in Lenskart, purchased the additional stake from the company s cofounders, Peyush Bansal and Amit Chaudhary, who now hold about 20% of the venture.

Date :08 Jan 2017

Aurobindo Pharma to acquire Portugal’s Generis Farmaceutica SA for 135 million euros

Aurobindo Pharma has inked a binding agreement through its wholly-owned subsidiary Agile Pharma BV Netherlands to acquire Generis Farmaceutica for a total consideration of 135 million euros (around Rs 969 crore).Generis produces and sells pharma products in Portugal.The acquisition deal includes the Generis’s manufacturing facility in Amadora, Portugal which has a capacity to produce 1.2 billion tablets/capsules/sachets annually.Closing of the transaction, however, is conditional on obtaining necessary approvals from the Portuguese authorities.

Date :07 Jan 2017

Govt projects slower GDP growth in FY17

The Indian government projected slower economic growth for the year through March but didn’t take into account the impact of the banknote ban in November that has caused a cash crunch and hurt business activity.Gross domestic product is likely to expand 7.1% in 2016-17 from 7.6% in 2015-16, the Central Statistics Office said in its first advance estimates of economic expansion for the current financial year.The statistics office said also that growth in gross value added (GVA), a key input of GDP that the Reserve Bank of India tracks, is likely to drop to 7% from 7.2%, it said.Farm growth is projected to quicken to 4.1% from 1.2%. Growth in manufacturing is likely to fall to 7.4% from 9.3%. Expansion in electricity and other utilities is likely to be 6.5% from 6.6%, while mining output could shrink 1.8% compared with 7.4% growth in 2015-16. Growth in the construction, trade, hotels, transport, financial sectors and real estate is also likely to be slower this year.

Date :07 Jan 2017

Supply chain solutions firm LEAP India raises another $13 mn

LEAP India Pvt Ltd, a Mumbai-based supply chain solutions company, has raised Rs 88.34 crore ($13 million) in its Series B round of funding from a clutch of new and existing investors, The company will use the funds to hire more professionals and develop its asset-pooling service. LEAP India provides returnable packaging and pooling of equipment such as wooden pallets, metal wire mesh, boxes and plastic containers. The company offers its services to Indian companies and MNCs in areas such as FMCG, consumer durables, beverages and auto. The supply chain firm has raised $ 23 million in equity and debt funding so far. The largest transaction involved Singapore s distressed assets fund management firm SSG Capital Management Group investing Rs 580 crore ($87 million) to acquire a 40% stake in Future Supply Chain Solutions Ltd last year.

Date :06 Jan 2017

Apple to invest $1 bn in SoftBank Vision Fund

Apple Inc. is investing $1 billion in SoftBank Corp’s $100-billion tech fund, according to a report in a major international daily. SoftBank had launched the fund in October 2016, in strategic partnership with a sovereign wealth fund, Public Investment Fund of Saudi Arabia. While SoftBank would pool in $25 billion, the sovereign wealth fund was supposed to chip in with $45 billion. The rest was to be raised from other investors. The fund intends to make investments in the technology sector globally and aims to be one of the world’s largest of its kind.

Date :06 Jan 2017

Freshdesk buys data integration firm Pipemonk

Freshdesk, a cloud-based customer engagement software provider, has acquired Pipemonk, a data integration platform that allows companies to synchronise and move data among multiple cloud apps, for an undisclosed amount.The deal expected to help the company to create a system of linked Freshdesk and third-party products for businesses. The technology of Pipemonk integrates any two software as a service (SaaS) products. In the US such integration of data between apps would address this issue.

Date :05 Jan 2017

Hudco files for IPO; government to sell 10% stake

Housing and Urban Development Corporation Ltd (Hudco) has filed draft documents for an initial share sale, seeking to become the first state-run company to go public in nearly five years. The government will sell 200.2 million shares in Hudco through the IPO, according to the draft red herring prospectus filed with the capital markets regulator Securities and Exchange Board of India. The IPO is part of the central government’s disinvestment programme through which it aims to Rs 56,500 crore in the financial year ending in March. Of the total, the government was looking to fetch Rs 36,000 crore from minority stake sale and the balance amount from strategic sale in companies like Hindustan Zinc Ltd and Bharat Aluminium Co Ltd. The IPO is estimated to be worth Rs 1,000 crore, said two bankers involved in the sale. This will value the New Delhi-based company at Rs 10,000 crore. For the six months ended September 2016, Hudco reported a consolidated profit after tax of Rs 520.17 crore on consolidated revenue (operations) of Rs 1,700.14 crore. For 2015-16, Hudco reported consolidated revenue of Rs 3204.81 crore and profit after tax of Rs 1,076.86 crore.

Date :04 Jan 2017

Paytm gets RBI approval for payments bank

Paytm has received final approval of the Reserve Bank to formally launch its payments bank and it expects to start operations next month. Payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account. Vijay shekhar said, the aim is to build a new business model in banking industry, focussed on bringing financial services to hundreds of millions of unserved or underserved Indians.

Date :02 Jan 2017

Altico Capital deploys $59 mn across projects in Pune, Noida

Non-banking financial company (NBFC) Altico Capital has invested roughly Rs 400 crore across projects of Delhi-NCR-based Panchsheel Group and Pune-based Pharande Group, the lender said in a statement.


Date :19 Jan 2017

Warburg Pincus picks up 14 per cent in PVR for Rs 820 crore

Warburg Pincus, the global private equity firm that is focused on growth investing, has acquired 14 per cent in India s largest multiplex company, PVR, for Rs 820 crore. PVR promoter Ajay Bijli sold 5 per cent stake and former ICICI Venture head Renuka Ramnath-promoted Multiples Alternate Asset Management (Multiples) parted with 9 per cent equity. After the sale, Bijli and his family will retain control as the largest shareholder with 20 per cent while both Multiples and Warburg Pincus will hold 14 per cent each. Other investors hold the rest in minor percentages. Bijli said the company is well poised to grow organically. So far, it has been adding 50-60 screens per year. "There is nothing out there for inorganic expansion and the way multiplex industry is growing, adding 80-100 screens organically is unrealistic. Even then, we will not need more than Rs250 crore, which our EBITDA itself will take care of," Bijli said.

Date :19 Jan 2017

RMZ to buy remaining 50% stake in Essar Group s Equinox Business Park in Mumbai

In one of the largest real estate transactions of this year, RMZ will acquire the remaining 50 per cent stake in Essar Group s commercial project Equinox Business Park in Bandra-Kurka Complex, Mumbai, by the end of this year. The company will pay Rs 2,400 crore for the complete buyout, which will be funded by Qatar Investment Authority (QIA) and some other sovereign funds, RMZ has 20-million sq ft of core assets, valued at $4 billion, under management. It is rapidly marching towards achieving a five-year growth plan of 80 million square feet, which will be anchored by Qatar Investment Authority.

Date :18 Jan 2017

Flipkart valuation trimmed to $9.9Bn by investor T Rowe Price

Mutual fund investor T Rowe Price has cut the valuation of India s largest online retailer Flipkart marginally by another 4% to about $9.9 billion.The move comes after the other major mutual fund shareholder, Morgan Stanley , slashed valuation more aggressively by 38% to $5.6 billion in November indicating how differently investors are valuing their Flipkart stake. The latest move pegs Flipkart s valuation per share at $93.15 at the end of December quarter, from $96.29 during the September quarter. Flip kart was valued at $15.2 billion in 2015, when it had raised funding at $142.24 per share.

Date :18 Jan 2017

Cadila set to buy US firm for $171 million

Cadila Healthcare is set to acquire Californiabased speciality pharma company Sentynl Therapeutics for $171 million as the company looks for alternative ways to build its US business that has been held back by regulatory inspections.The overall market size of opioid based pain killer is an estimated $24 billion, though the sales of Abstral is to the tune of $10 million, with per month cost of treatment to the patient of $1500. For FY16, sources said, Sentinyl s EBIDTA was $35 million and Cadila valued the firm for just a little less than five times EV EBIDTA multiple.

Date :17 Jan 2017

Milk Mantra raises funds from Neev Fund, existing investors

Milk Mantra Dairy Pvt. Ltd, an east India-focused dairy company, has raised series-D funding led by Neev Fund, along with co-investment from existing investors Eight Roads Ventures and Aavishkaar.In 2014, Milk Mantra raised series-C funding of Rs80 crore, led by Fidelity Growth Partners India and Aavishkaar India II Co. Ltd. The transaction provided an exit to angel investors and Aavishkaar India Micro Venture Capital Fund.

Date :16 Jan 2017

Four global private equity funds bid for tower vision

Global private equity funds Apax Partners, Blackstone, Brookfield and Carlyle have placed bids to acquire a controlling stake in telecom tower operator Tower Vision. The company, which is being valued at $200-250 million (about Rs 1,363-1,704 crore), joins the club of tower operators that are looking to exit the business in India after Tata-owned Viom Networks and Reliance Infra sold tower businesses. The last time Tower Vision was benchmarking the value of the deal it was thinking of the Rs 8,062 crore Aircel-GTL deal of 2010, but the business case and revenue potential of tower operators has taken a significant hit since then.Until 2013, Tower Vision was pegging the value of each of its 8,400 towers at Rs 40 lakh.Last year, Reliance Infratel said in a statement that Canadian asset manager Brookfield may buy 51 per cent in the company, with 100 per cent voting right, for Rs 11,000 crore and America Tower Corporation bought majority in Viom Networks at an enterprise value of Rs 21,000 crore for 42,000 towers at a sharing factor of 1.9 times.

Date :16 Jan 2017

Business Travel Startup Upside Raises $50 Million at $200 Million Valuation

One of the pioneers of online travel booking is back with a new startup that seeks to bring a bit more competitive pressure to the industry dominated by Priceline Group Inc. and Expedia Inc. Jay Walker, one of the founders of Priceline.com, has raised $50 million for Upside.com, a website that tries to find discounts for small business travelers by suggesting alternative travel routes and accommodation and bundling flights and hotels together. The financing values Upside at more than $200 million and includes investments from marketing tech company Red Ventures and investment firm Leucadia National Corp.

Date :13 Jan 2017

CPPIB to acquire 48% stake in GlobalLogic

Canada Pension Plan Investment Board (CPPIB) will acquire 48 percent stake in IT consultancy GlobalLogic from private equity firm Apax Funds. No financial details of the deal were disclosed. Apax had acquired GlobalLogic in 2013 for USD 420 million from a group of financial investors, including a PE fund managed by Goldman Sachs, Westbridge, New Atlantic Ventures and Sequoia. "In the past three years with Apax, we ve enjoyed a 20 percent plus compound annual growth rate (CAGR), consistently outperforming the broader product engineering services (PES) market," said Shashank Samant, CEO, GlobalLogic.

Date :13 Jan 2017

Unacademy content with Rs 30 crore in Series A funding

Online learning platform Unacademy has raised $4.5 million (around Rs 30 crore) in a Series A funding led by Nexus Venture Partners and existing investor Blume Ventures. Girish Mathrubootham, CEO of Freshdesk, and Ananth Narayanan, CEO of Myntra, along with Stanford Angels also participated in the fund-raising round. The money will be used to expand the content portfolio, onboard educators on the platform, hire talent, and improve user experience. "We will invest in technology and how to scale through technology. Secondly, we want to get the best educators. In the near future, we aim to have one million active users on the site every month and reach to at least 20,000 lessons on the platform," said Gaurav Munjal, CEO, Unacademy. The platform currently has more than 500,000 registered users with over 200,000 active users.

Date :12 Jan 2017

Japan s Takeda to acquire US cancer drugmaker for over $ 5 bn

Japan s Takeda Pharmaceutical Co flagged its appetite for fresh acquisitions to bolster its drug portfolio after agreeing on Monday to acquire cancer drug maker Ariad Pharmaceuticals in a $5.20 billion deal. Takeda will pay $24 in cash for each Ariad share, a premium of nearly 75 percent to the stock s $13.74 closing price.Takeda predicts annual sales from Brigatinib (Ariad pharma), which the US Food and Drug Administration is expected to decide on by April, could exceed $1 billion. At the end of its last business year that ended on March 31, Takeda had 438 billion yen ($3.79 billion) in cash and cash equivalents.

Date :11 Jan 2017

ICICI Pru, ICICI Lombard buy 12% in Fino Paytech for Rs 150 crore

ICICI Prudential Life Insurance and general insurer ICICI Lombard have bought a 12% stake in fledgling payments bank Fino Paytech for Rs 150 crore valuing the company at Rs 1,200 crore The deal would lead to twin benefit of Fino Paytech moving towards meeting regulatory orders on foreign holding in the company, start payments bank licence and help the two insurers to sell their products in remote villages.The company, a few months ago, sold a 21% stake to oil marketing company Bharat PetroleumBSE 0.69 % for Rs 251 crore, which would make it offer services at more than 12,000 petrol pumps across the country

Date :11 Jan 2017

Housing.com and PropTiger merge in an all-stock deal, raise $55 million in fresh capital

Rreal estate website PropTiger has merged with Housing.com in an all-stock deal, bringing to an end the contentious saga of the Mumbai startup and creating one of the country s largest digital platforms for property listings. As part of the deal, the combined entity will raise $50 million from News Corp-owned online real estate advertising company REA Group and another $5 million from Japan s SoftBank, the primary investor in Housing.com. The fundraising will be executed at a valuation of about $250 million for the merged company,Housing has been valued at about $70 million, unchanged from two months ago when it raised $5 million in bridge funding from Soft-Bank.PropTiger s other investors include SAIF Partners and Accel Partners. News Corp acquired a 25% stake in PropTiger s Singaporebased parent, Elara Technologies Pte, in November 2014 for $30 million and increased its stake to about 30% in June 2015.

Date :10 Jan 2017

McDonald s sells most of China, Hong Kong business to CITIC, Carlyle for $2.1 bn

McDonald s Corp has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, seeking to expand rapidly without using much of its own capital.Under the deal, Hong Kong-listed CITIC Ltd will own about 32 percent of the business, with CITIC Capital, an affiliate company that manages private equity funds and other alternative assets, holding another 20 percent. Carlyle will control 28 percent of the business, while McDonald s will retain a 20 percent stake, the companies said in a statement.McDonald s originally wanted to raise up to $3 billion from the sale of the business, but later decided to keep a minority stake to benefit from exposure to future growth in China,

Date :09 Jan 2017

Screwvala eyes growth in Lenskart, puts Rs 24 crore more

Unilazer Ventures founder Ronnie Screwvala has pumped in an additional Rs 24 crore in online eyewear solutions company Lenskart Solutions.The latest secondary transaction in Lenskart brings Unilazer s cumulative investment in the six-year-old company to about Rs 100 crore, and was closed at a valuation close to Rs 2,000 crore, the same pricing it received when PremjiInvest invested in the company last year. Unilazer, which now owns a 19% stake in Lenskart, purchased the additional stake from the company s cofounders, Peyush Bansal and Amit Chaudhary, who now hold about 20% of the venture.

Date :08 Jan 2017

Aurobindo Pharma to acquire Portugal’s Generis Farmaceutica SA for 135 million euros

Aurobindo Pharma has inked a binding agreement through its wholly-owned subsidiary Agile Pharma BV Netherlands to acquire Generis Farmaceutica for a total consideration of 135 million euros (around Rs 969 crore).Generis produces and sells pharma products in Portugal.The acquisition deal includes the Generis’s manufacturing facility in Amadora, Portugal which has a capacity to produce 1.2 billion tablets/capsules/sachets annually.Closing of the transaction, however, is conditional on obtaining necessary approvals from the Portuguese authorities.

Date :07 Jan 2017

Govt projects slower GDP growth in FY17

The Indian government projected slower economic growth for the year through March but didn’t take into account the impact of the banknote ban in November that has caused a cash crunch and hurt business activity.Gross domestic product is likely to expand 7.1% in 2016-17 from 7.6% in 2015-16, the Central Statistics Office said in its first advance estimates of economic expansion for the current financial year.The statistics office said also that growth in gross value added (GVA), a key input of GDP that the Reserve Bank of India tracks, is likely to drop to 7% from 7.2%, it said.Farm growth is projected to quicken to 4.1% from 1.2%. Growth in manufacturing is likely to fall to 7.4% from 9.3%. Expansion in electricity and other utilities is likely to be 6.5% from 6.6%, while mining output could shrink 1.8% compared with 7.4% growth in 2015-16. Growth in the construction, trade, hotels, transport, financial sectors and real estate is also likely to be slower this year.

Date :07 Jan 2017

Supply chain solutions firm LEAP India raises another $13 mn

LEAP India Pvt Ltd, a Mumbai-based supply chain solutions company, has raised Rs 88.34 crore ($13 million) in its Series B round of funding from a clutch of new and existing investors, The company will use the funds to hire more professionals and develop its asset-pooling service. LEAP India provides returnable packaging and pooling of equipment such as wooden pallets, metal wire mesh, boxes and plastic containers. The company offers its services to Indian companies and MNCs in areas such as FMCG, consumer durables, beverages and auto. The supply chain firm has raised $ 23 million in equity and debt funding so far. The largest transaction involved Singapore s distressed assets fund management firm SSG Capital Management Group investing Rs 580 crore ($87 million) to acquire a 40% stake in Future Supply Chain Solutions Ltd last year.

Date :06 Jan 2017

Apple to invest $1 bn in SoftBank Vision Fund

Apple Inc. is investing $1 billion in SoftBank Corp’s $100-billion tech fund, according to a report in a major international daily. SoftBank had launched the fund in October 2016, in strategic partnership with a sovereign wealth fund, Public Investment Fund of Saudi Arabia. While SoftBank would pool in $25 billion, the sovereign wealth fund was supposed to chip in with $45 billion. The rest was to be raised from other investors. The fund intends to make investments in the technology sector globally and aims to be one of the world’s largest of its kind.

Date :06 Jan 2017

Freshdesk buys data integration firm Pipemonk

Freshdesk, a cloud-based customer engagement software provider, has acquired Pipemonk, a data integration platform that allows companies to synchronise and move data among multiple cloud apps, for an undisclosed amount.The deal expected to help the company to create a system of linked Freshdesk and third-party products for businesses. The technology of Pipemonk integrates any two software as a service (SaaS) products. In the US such integration of data between apps would address this issue.

Date :05 Jan 2017

Hudco files for IPO; government to sell 10% stake

Housing and Urban Development Corporation Ltd (Hudco) has filed draft documents for an initial share sale, seeking to become the first state-run company to go public in nearly five years. The government will sell 200.2 million shares in Hudco through the IPO, according to the draft red herring prospectus filed with the capital markets regulator Securities and Exchange Board of India. The IPO is part of the central government’s disinvestment programme through which it aims to Rs 56,500 crore in the financial year ending in March. Of the total, the government was looking to fetch Rs 36,000 crore from minority stake sale and the balance amount from strategic sale in companies like Hindustan Zinc Ltd and Bharat Aluminium Co Ltd. The IPO is estimated to be worth Rs 1,000 crore, said two bankers involved in the sale. This will value the New Delhi-based company at Rs 10,000 crore. For the six months ended September 2016, Hudco reported a consolidated profit after tax of Rs 520.17 crore on consolidated revenue (operations) of Rs 1,700.14 crore. For 2015-16, Hudco reported consolidated revenue of Rs 3204.81 crore and profit after tax of Rs 1,076.86 crore.

Date :04 Jan 2017

Paytm gets RBI approval for payments bank

Paytm has received final approval of the Reserve Bank to formally launch its payments bank and it expects to start operations next month. Payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account. Vijay shekhar said, the aim is to build a new business model in banking industry, focussed on bringing financial services to hundreds of millions of unserved or underserved Indians.

Date :02 Jan 2017

Altico Capital deploys $59 mn across projects in Pune, Noida

Non-banking financial company (NBFC) Altico Capital has invested roughly Rs 400 crore across projects of Delhi-NCR-based Panchsheel Group and Pune-based Pharande Group, the lender said in a statement.


Date :19 Jan 2017

Warburg Pincus picks up 14 per cent in PVR for Rs 820 crore

Warburg Pincus, the global private equity firm that is focused on growth investing, has acquired 14 per cent in India s largest multiplex company, PVR, for Rs 820 crore. PVR promoter Ajay Bijli sold 5 per cent stake and former ICICI Venture head Renuka Ramnath-promoted Multiples Alternate Asset Management (Multiples) parted with 9 per cent equity. After the sale, Bijli and his family will retain control as the largest shareholder with 20 per cent while both Multiples and Warburg Pincus will hold 14 per cent each. Other investors hold the rest in minor percentages. Bijli said the company is well poised to grow organically. So far, it has been adding 50-60 screens per year. "There is nothing out there for inorganic expansion and the way multiplex industry is growing, adding 80-100 screens organically is unrealistic. Even then, we will not need more than Rs250 crore, which our EBITDA itself will take care of," Bijli said.

Date :19 Jan 2017

RMZ to buy remaining 50% stake in Essar Group s Equinox Business Park in Mumbai

In one of the largest real estate transactions of this year, RMZ will acquire the remaining 50 per cent stake in Essar Group s commercial project Equinox Business Park in Bandra-Kurka Complex, Mumbai, by the end of this year. The company will pay Rs 2,400 crore for the complete buyout, which will be funded by Qatar Investment Authority (QIA) and some other sovereign funds, RMZ has 20-million sq ft of core assets, valued at $4 billion, under management. It is rapidly marching towards achieving a five-year growth plan of 80 million square feet, which will be anchored by Qatar Investment Authority.

Date :18 Jan 2017

Flipkart valuation trimmed to $9.9Bn by investor T Rowe Price

Mutual fund investor T Rowe Price has cut the valuation of India s largest online retailer Flipkart marginally by another 4% to about $9.9 billion.The move comes after the other major mutual fund shareholder, Morgan Stanley , slashed valuation more aggressively by 38% to $5.6 billion in November indicating how differently investors are valuing their Flipkart stake. The latest move pegs Flipkart s valuation per share at $93.15 at the end of December quarter, from $96.29 during the September quarter. Flip kart was valued at $15.2 billion in 2015, when it had raised funding at $142.24 per share.

Date :18 Jan 2017

Cadila set to buy US firm for $171 million

Cadila Healthcare is set to acquire Californiabased speciality pharma company Sentynl Therapeutics for $171 million as the company looks for alternative ways to build its US business that has been held back by regulatory inspections.The overall market size of opioid based pain killer is an estimated $24 billion, though the sales of Abstral is to the tune of $10 million, with per month cost of treatment to the patient of $1500. For FY16, sources said, Sentinyl s EBIDTA was $35 million and Cadila valued the firm for just a little less than five times EV EBIDTA multiple.

Date :17 Jan 2017