BackDeals Buzz: Tata Global Beverages may sell Chinese subsidiary
In other news, Brazil's skin care-focused pharma firm Theraskin attracts interest from Torrent Pharma and Lupin; Shubham Housing looking to raise $100 million
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Mistry hints at selling Tata Global Beverages’ China operations
Tata Group chairman Cyrus Mistry on Wednesday indicated that Tata Global Beverages might sell its loss-making Chinese subsidiary, reported Times of India. “For China, we are exploring different options which could be restructuring or a sale," Mistry said at TGBL’s annual shareholder meet in Kolkata on Wednesday. The Chinese subsidiary of TGBL, called Zhejiang Tata Tea Extraction Company, posted a loss of over ₹ 15 crore in the last fiscal. It has accumulated losses of over ₹ 100 crore, according to the balance sheet. TGBL holds 81% in the company. “We continue to have those challenges and will take a call on the business there in the coming year," he added. Read more
Brazil’s Theraskin attracts interest from Torrent Pharma and Lupin
India’s top pharmaceutical companies are set to embark on an acquisition spree to bulk up their overseas presence, reported The Economic Times. Lupin, Torrent, Zydus Cadila, Intas, Aurobindo, Dr Reddy’s and No.1 Sun Pharma are said to be examining proposals of varying sizes, cherry-picking those that can fill gaps in the product range. These companies are all looking at popular brands. The overseas companies on shopping lists include Brazil’s skin care-focused Theraskin, which has attracted interest from Torrent Pharma and Lupin. While Torrent is seen placing bids for a long list of assets to catch up with its home-grown peers, Lupin has shown an appetite for snapping up acquisitions that it finds a good fit. With an Ebitda (earnings before interest, taxes, depreciation, and amortisation) of $15 million, Theraskin could be valued at above $200 million. Read more
Shubham Housing looking to raise $100 million
Shubham Housing Development Finance Co. Pvt. Ltd is looking to raise around $100 million from private equity (PE) funds, as the company looks to increase its loan portfolio and expand its network nationally, reported Mint. Shubham Housing provides housing credit to people employed in the informal sector. According to the firm’s website, it is present in 12 states, with a portfolio of nearly ₹ 650 crore. The fund-raising process is at an initial stage right now. Formal talks with several PE funds is expected to start soon. This will be the company’s largest fund-raising till date. Read more
IFC to invest $125 million in renewable energy firm Hero Future Energies
International Finance Corp. (IFC), the private sector investment arm of the World Bank, said on Tuesday it will invest $125 million ( ₹ 840 crore) in Hero Future Energies Ltd, the renewable energy arm of the Hero Group, reported Mint. Established in 2012, Hero Future Energies is present in nearly 10 states of India. The company is currently developing 150 megawatts (MW) in wind power assets and about 90MW in solar power assets. It has a pipeline of 1.1 giga watt of wind projects till 2018-19 and expects to secure more than 500MW in solar projects under state and central bidding by 2015-16. In the rooftop solar segment, the company has plans to implement 100-200MW in projects by 2018-19. Read more
In April, Mint reported that Hero Future Energies was in talks with CDC Group Plc and International Finance Corp. (IFC) to raise up to $150 million (about ₹ 1,000 crore). Read more
Ford arm leads $24 million funding round in Zoomcar
Car rental start-up Zoomcar has raised $24 million in a Series B funding round led by Ford Smart Mobility Llc, a unit of Ford Motor Co., the firm said in a statement on Wednesday. Existing investors Sequoia Capital, Nokia Growth Partners and Empire Angels also participated in the round, reported Mint. The company had raised $21 million, in two tranches between October 2014 and July 2015, from Sequoia Capital, Empire Angels, T.V. Mohandas Pai (chairman of Manipal Global Education) and Abhay Jain (adviser at Manipal Group), among others, thus taking its war chest to $45 million. Zoomcar was founded in 2012 by chief executive Greg Moran and David Back. The latter quit the company in May last year and returned to the US, citing personal reasons. Read more
Dialysis focused healthcare chain NephroPlus raises Rs100 crore
NephroCare Health Services Pvt. Ltd, which runs a chain of dialysis centres under the NephroPlus brand, said on Wednesday that it has raised ₹ 100 crore in Series C funding led by SeaLink Capital Partners (SCP) and International Finance Corporation, an arm of the World Bank Group, reported Mint. “Over the next five years, NephroPlus aims to widen its network to 500 centres across India, provide over 4 million treatments per year and create around 5,000 skilled health service jobs in the country. We are also planning to open our first international facility in the next one year," said Vikram Vuppala, founder and chief executive officer of the company. NephroPlus currently has 75 operational centres—66 of them as tie-ups with hospitals and nine stand-alone centres. It also has 25 additional centres in the build-up phase that are at different stages of completion. Read more
Paragon Partners, others to invest Rs111 crore in Maini Precision
Private equity fund Paragon Partners, along with co-investors, is investing ₹ 111 crore in Maini Precision Products Ltd (MPPL) through a mix of primary and secondary transactions, reported Mint. MPPL is a Bengaluru-based manufacturer and supplier of high-precision engineering components and assemblies catering to the global automotive, industrial and aerospace sectors. Maini Precision was set up in 1973 by Sudarshan Maini and Chetan Maini. The duo set up Reva Electric Car Co. Pvt. Ltd, a joint venture with the US-based Amerigon Electric Vehicle Technologies Inc., which manufactured and launched Reva, India’s first commercial electric car. In 2010, they sold Reva Electric to Mahindra and Mahindra Ltd. Read more
On 1 August, Mint reported that Maini Precision was in talks to raise funds from private equity funds and that the company might postpone its plans to go public. Read more
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