Tesco Entry Into India May Take 2-5 Years Unless FDI Policy Changes

June 23, 2007 | by Sahad P V

UK-based grocery chain Tesco is not in a hurry to enter India. Media reports suggest, quoting a senior Tesco official, that the retail chain is not looking at entering India unless foreign direct investment is allowed in the front end retail chains.

“We do expect to be there (India) but subject to changes in the laws. It takes years of patient work. We think this is not just a flash in the pan, we are talking two to five years,” Tesco finance and strategy director Andrew Higginson has reportedly told a consumer and retail summit in London.

Tesco was in talks with Bharti Group sometime last year for an India entry, however it lost out to US retail chain Wal-Mart in striking the JV. Subsequently, the company was reportedly in talks with other Indian business groups like Hero Honda’s Munjals and the Tatas. It looks like Tesco is not interested in picking up stake in a cash and carry business the way Wal-Mart has done with Bharti.

Like Tesco, French retail chain Carrefour is also going slow on their India entry. One reason may be that the current UPA government in India is not forthcoming on the retail FDI policy. Even though the commerce and industry minister Kamal Nath is in favour of opening up the sector, UPA chairperson Sonia Gandhi is worried about the impact of such a policy on the kirana stores (and how that will impact the future of the Congress party in electoral politics).

Currently a 51 per cent foreign investment is allowed in single-brand retail, while foreign multiple-brand retailers in India are limited to cash-and-carry and franchise or licence operations.

Some Investing Lessons From Yahoo’s Rivals.com Buy

June 23, 2007 | by Sahad P V

Yahoo recently bought sports content website Rivals.com for $100 million. What is interesting is, in 2001, Yahoo had offered to buy the then-loss making Rivals for $25 million (via Bill Burnham). The company was on its last legs. The deal fell through as Yahoo insisted on “a incredibly complex structure” in order to keep the losses low on books. VCs liquidated their holdings. The founder bought out all the assets and rejuvenated the company with a “non-bubble cost and mentality”. Six years hence, the site was sold for $100 million to Yahoo only. (Yahoo ended up paying $75 million more, even though they knew Rivals was a good product a few years ago).

Burnham draws a few investing lessons from this:

1) Even if good products are damaged by bad business decisions, they are still good products.

2) The time to buy is when everyone else is selling.

3) You can always reduce expense more.

For entrepreneur:

1) Don’t give up on a good product too soon.

2) If your product is good, and if you are passionate about it, that will pay off finally

I am sure these lessons work in Indian context too.

Amitabh Bachchan Eyes AIM Listing To Raise $200 Million

June 22, 2007 | by Sahad P V

London Stock Exchange’s Alternative Investment Market seems to be the easiest capital raising option for Indian bollywood content and distribution companies. The latest is Amitabh Bachchan is looking to raise $200 million from AIM. His company AB Corp — what was earlier called ABCL which went bankrupt - may look at AIM to raise capital, reports The Economic Times. What may help Bachchan is that several Indian companies like Eros International ($41 million), The Indian Film Company of TV-18 ($110 million) and UTV Motion Pictures ($70 million) have raised capital from AIM very recently. This shows that AIM has tremendous appetite for investing in Indian entertainment companies.

AB Corp is believed to be talking to an unnamed London based investment bank for AIM listing. UK-based Elara Capital had advised TV-18 in listing their film company in which entertainment giant Viacom also holds a small stake. Elara also recently opened their Mumbai office.

The Bachchans are in great shape currently to sell the company to investors now than ever before. The family has highly bankable stars like Abhishek Bachchan, his wife and superstar actress Aishwarya Rai, besides senior Bachchan himself. But the key lies in derisking from the overdependence on the family. The business model may have to have elements like film production, distribution and exhibition and not just acting fee. (Amitabh Bachchan in his latest film Jhoom Barabar Jhoom.)

The Newsletter Service Is Back

June 22, 2007 | by Sahad P V

Update II: The newsletter service is back. So we will be sending out the daily email updates. More importantly, now please go ahead and sign up for the Daily Email Update on the right if you are a new user. It helps you track the important developments in the deal world without much efforts - the stuff comes straight to your inbox.

If you are facing any technical difficulty, please email me on sahad@vccircle.com.

Update I: The service seems to be up, although there are still some technical glitches. If you are not able to register for Daily Email Update, please come back and check again.

(June 21, 2007): The newsletter management company Feedblitz’s servers are down. The servers are being fixed. So you will not be able to register for the daily update if you are a new user. We will also not be able to send the newsletter till the servers are fixed.

Apologies for the inconvenience. Hopefully it should be up soon, after which you can sign up for the update as well as continue receiving the newsletters. Thank you.

More Suitors For Brics Securities: Fortis, Nikko Cordial, Fortress, Lehman

June 22, 2007 | by Sahad P V

There are more suitors for the Mumbai-based institutional broking house Brics Securities. Belgian-Dutch financial group Fortis, Japanese brokerage Nikko Cordial Securities and a leading alternative asset management company Fortress Investment Group are the potential buyers for Brics, according to a report in The Economic Times. An official at Brics Securities has admitted that the brokerage has received offers from global firms.

Earlier reports suggested that Lehman Brothers was in talks with Brics for acquiring the institutional equity business of Brics.

Brics has annual sales of Rs 85 crore, of which the institutional broking business constitutes Rs 50 crore. The company is not apparently keen on selling the institutional business alone since that may end up destroying the value of the company as a whole.

Brics offers services such as equity, debt and commodity broking, portfolio management, distribution of third-party products and depository facilities. It also has an Non Banking Financial Companies (NBFC) licence.

Brics is a part of the JV Gokal Group —an international conglomerate with over 50 years of experience in tea and commodities trading. It came into being in October 2003 following the acquisition and rechristening of Birla Sun Life Securities—a joint venture between the Aditya Birla Group and the Sunlife Group of Canada.

The firm has a network of 13 offices in 8 cities across India.

Prudential Built A

June 21, 2007 | by Sahad P V

UK financial giant Prudential has made a killing out of India - at least in terms of valuation of the businesses it’s in. ICICI Bank’s follow-on public issue documents have some details about the valuation of the assets owned by Prudential in India. The Telegraph of UK reports that they are as much as $3 billion or

Srini Vudayagiri Leaves Thomas Weisel; Anand Sunderji To Take His Place

June 21, 2007 | by Sahad P V

Exclusive: Sreenivasulu “Srini” Vudayagiri, a top executive of private equity funds of funds Thomas Weisel International (TWI) has left the organisation, VC Circle has learnt. Vudayagiri was a Director and Head of Asset Management at TWI, a wholly owned subsidiary of Thomas Weisel Partners. He was leading TWI’s India-focused fund of funds.

According to sources in the know, the parting was not on amicable terms. The exact reasons could not be ascertained. Both TWI and Vudayagiri could not be contacted for comments.

Industry sources say that Vudayagiri may be probably headed to Lightspeed Venture Partners, although this could not be confirmed. In December 2006, Lightspeed debuted in India with $7 million investment in TutorVista.com. Lightspeed does not have an India office yet, though.

Prior to joining TWI in February 2006, Vudayagiri spent close to six years as associate director (South Asia) of Intel Capital based out of Bangalore. Before Intel, he was part of founding team of CDC Capital Partners (now called Actis) in India for four years. Vudayagiri is an alumnus of IIM Ahmedabad.

Update: VC Circle learns that Anand Sunderji (right), who was a VP with Swiss-based $3.3-billion fund of funds Adveq Management, is moving to Thomas Weisel in the place of Srini Vudayagiri. He will be joining in July as Director of Asset Management, and will be heading up the fund of funds.

Before Adveq, Sunderji was the Head of the Investors community (private equity and hedge funds) at the World Economic Forum in Geneva and New York. Previously, he worked at INVESCO Asset Management in London, in capacities such as Senior European Equity and Derivative Portfolio Manager, Fund of Funds Investment Manager and Performance and Risk Analyst.

TWI has so far announced the first close ($65 million) of its targeted $250 million fund of funds. TWI has invested in three funds - IDFC Private Equity, NEA-IndoUS Ventures and iLabs - about $15 million or thereabout in each of them. The full close of the fund is expected this year.

Max India Plans Two Acquisitions In CRO Space; Healthcare IPO In 2 Years

June 21, 2007 | by Sahad P V

Max India Ltd, armed with a $325 million war chest, is looking at acquisitions in clinical research business in the US, media reports suggest. The company had recently raised $250 million via QIP and another $75 million from IFC, the private equity arm of the World Bank.

Analjit Singh-owned Max India runs an hospital chain, Max Healthcare, a life insurance business JV, Max New York Life, and a clinical research company, Neeman Medical International. The Delhi-based firm may buy two clinical research companies (CROs) either in the US or Europe to expand Neeman’s operations. The deal size could be in the range of $30-50 million, Mint newspaper and The Economic Times report, quoting B. Anantharaman, joint managing director, Max India.

Max Healthcare IPO In Two Years

The hospital chain Max Healthcare is planning an IPO in the next two years. Its rival Fortis Healthcare (owned by Max owner Analjit Singh’s nephews Malvinder and Shivinder Singh) had recently listed, and their shares are trading below the listing price.

IFC recently picked up 3.4 per cent in Max Healthcare for Rs 50 crore, valuing the company at Rs 1,470 crore ($367.5 million). The rest Rs 250 crore will be raised through a preferential issue.

Max Healthcare currently operates five hospitals primarily in the National Capital Region of Delhi. It plans to add about 452 beds to its existing 742 beds capacity - essentially about 1200 beds by 2010 to meet the growing demand for quality healthcare in the region.

The parent company Max India owns 70 per cent of Max Healthcare and private equity fund Warburg Pincus 23 per cent. Chairman and founder, Analjit Singh, along with other promoters, owns 41 per cent of Max India, while the remaining are owned by foreign institutional/other investors.


Max India Raises $250 Million From 24 Investors Via QIP

BPO Valuations Softening?

June 20, 2007 | by Sahad P V

Where are the BPO valuations heading? Downwards? The Economic Times reports, quoting industry sources, that there has been a correction in multiples BPO firms have been enjoying till recently. For instance in the case of WNS (listed in NYSE), the shares are currently trading 20 per cent below the peak price. ET report says WNS is currently valued at 44 times its earnings, down from 63 times it commanded six months ago. The Nasdaq-listed EXL Services has also seen a drop in earnings multiples from 36 to 30 times.

This will have an impact on the ongoing M&A and PE deals in Indian BPO sector. ET quotes Salil Parekh, executive chairman of Capgemini India, as saying: “Compared to the first quarter (January-March) of the year, valuations have come down. So in a relative sense they have become more attractive. This will also spur more international players to come out and look for acquisitions.” Please note that Capgemini is looking for a major BPO buyout in India.

Rajesh Jain of KPMG, which was advisor to the Intelenet management buyout of Blackstone, says that current valuations are between 2.5 - 4.5 times the sales multiple and 15-20 times the EBDITA depending on the size, margins and growth prospects. Although Intelenet, which got bought for $200 million, would have got less than 2 times multiple.

So what are the factors that have led to the softening of valuations? The appreciation of the rupee, rising attrition, and the general inability to meet the high growth expectations could be some of them.

Citigroup is looking to sell its captive BPO Citigroup Global Services. The asking price is rumoured to be in the range of $1-1.5 billion for a business that has revenues of about $300-400 million. It remains to be seen how buyers will value a captive firm which also faces the uncertainty of losing a part of the captive business once the contract lapses.

Max India Raises $250 Million From 24 Investors Via QIP

June 20, 2007 | by Sahad P V

Max India, the Delhi-based company which owns a health care chain and a life insurance company, has raised Rs. 1,000 crore ($250 million) via a qualified institutional placement. The QIP issue was subscribed 2.3 times by investors from across the globe. CLSA acted as the sole book runner and global coordinator for the issue.

The QIP will raise foreign institutional holding holding in the company to 39 per cent from around 26 per cent earlier. Max India has an investment limit of 49 per cent for FIIs.

The company issued 41,666,660 new shares at a price of Rs. 240 a share (of face value Rs 2), which constituted 18.8 per cent of the fully diluted equity base of the company. About 40 per cent of the allocation went to US based investors while the remainder was split evenly between Asia and Europe based investors. The funds will be used to further grow each of its existing businesses, while a portion of the proceeds is also expected to be used for acquisitions and investments in new ventures.

As per SEBI regulations governing QIPs, the shares can be placed with only 49 investor accounts (including any sub-account). The final allocation of shares was made by Max India to a group of 24 investors represented by 42 investment accounts.

Analjit Singh-owned Max India is present in these business: healthcare (Max Healthcare), life insurance (Max New York Life Insurance), and clinical research (Neeman Medical International). Its other businesses are specialty plastic products for the packaging industry (Max Speciality Products) and healthcare staffing (Max HealthStaff).

Carlyle Invests In IT Security And Telecom Billing Software Firm Elitecore

June 20, 2007 | by Sahad P V

The Carlyle Group has made a $10.3 million investment in Elitecore Technologies Ltd, an Ahmedabad-based IT company focused on the internet security and the telecom billing solutions markets. The stake diluted is undisclosed. The funds will be used for Elitecore’s ongoing product development, R&D, working capital, new products and infrastructure build-up, a release said.

The investment will go from Carlyle Asia Growth Capital Partners, a $680 million fund that invests in high growth companies in China, India, Japan and Korea.

Elitecore’s Cyberoam product provides firewall, VPN, gateway antivirus, gateway anti-spam, intrusion detection and prevention, content filtering and bandwidth management solutions. It also offers a convergent billing solutions - sold by the name Crestel - such as billing, customer care, mediation for managing data and voice on wireline and wireless networks.

Shankar Narayanan, Managing Director and Head of Carlyle’s Growth Capital team in India, said in a statement, “Elitecore…has successfully leveraged the low cost, highly skilled Indian talent to develop a superior quality product that allows them to compete with players from the developed world.” The company was founded by Hemal Patel in 1999.

Subex Azure is a pioneer in telecom billing and security solutions. The company had revenues of Rs 340 crore ($85 million) and profits of Rs 67 crore (16.7 million) in 2006-07. Elitecore could probably go the Subex way.

Manthan Systems Gets $2 Million From DFJ ePlanet Ventures

June 20, 2007 | by Sahad P V

Manthan Systems, a Bangalore-based company dealing with business intelligence and analytical solutions for the retail and consumer packaged goods industries, has received $2 million funding from venture capital firm DFJ ePlanet Ventures. Ayaz ul Haque, Director, DFJ ePlanet, has joined Manthan’s board of directors.

Manthan had announced a $2 million investment from IDG Ventures India in March 2007. IDG Venture’s Sudhir Sethi is on the board of Manthan.

Manthan is founded by Atul Jalan, who is the CEO. The company develops and markets a suite of software products and services to retailers. The company essentially helps companies take business decisions in a data rich environment.

Founded in 1999, DFJ ePlanet Ventures is probably the first fund which followed a global model with offices in Asia, Europe and the US. The fund has made successful exits including Chinese search engine Baidu (Nasdaq listing), the VoIP company Skype (www.skype.com) (acquired by eBay in 2005 for $4.1 billion), Focus Media (the Chinese flat-screen delivery commercial advertiser that successfully exited on Nasdaq in 2005), among others.


IDG Ventures India Debuts With $2 Million Investment In Manthan Systems

Tata Floats Tata Capital For Merchant Banking, Private Equity

June 20, 2007 | by Sahad P V

The Tatas didn’t have a good experience with Tata Finance, where its former chief Dilip Pendse was caught violating SEBI guidelines and was ousted from the job. The Tatas later merged the entity with Tata Motors. But that hasn’t stopped India’s best known business house from venturing into another one. Tata Sons, the holding company of the Tata group, has floated a financial subsidiary - Tata Capital. This entity will undertake a host of financial activities like capital market services, merchant banking, housing finance, private equity, and vehicle and retail finance. That covers virtually everything in the financial domain.

The company hasn’t got a head yet. Business Standard reports that the names of key Tata execs rumoured are Praveen P Kadle, executive director (finance and corporate affairs) of Tata Motors, and Kishore Chaukar, managing director of Tata Industries. Chaukar is also a director of Tata Sons and has experience in the financial services business.

Tata Capital will be independent of other Tata Group companies like Tata AIG Insurance, Tata Asset Management Co and Tata Investment Corporation, which would remain separate entities. (Tata Sons Chairman Ratan Tata in the pic).

Another business house, Anil Ambani’s Reliance Capital, also plans to enter investment banking and related activities.

Fund News: Will GMR Group Become An LP? LIC Housing And Realty Funding; Future Capital’s $500-MM Logistics Fund

June 20, 2007 | by Sahad P V

GMR Group, the company that is undertaking the modernisation of Delhi airport, may look at investing in infrastructure-focused private equity funds. The $750-million Hyderabad-based company has received investment proposals from PE funds, however, the company is yet to take a call on whether it should invest in funds, reports Business Standard.

BS quotes a GMR executive as saying: “We haven’t decided on any funds. We are mulling over various funds and if we find them attractive, we may consider them. The current focus of the company, however, is to complete the projects in hand such as revamping the Delhi Airport and completing the greenfield Hyderabad international airport.” GMR Infrastructure has cash reserves of around Rs 1,200 crore with only Rs 120 crore in debt.

LIC Housing Finance Ltd, the mortgage lending arm of India’s largest life insurer LIC, is also getting into funding of real estate projects. Mint reports that LICHFL has invested Rs 50 crore ($12.5 million) in Kotak Realty Fund and Rs 10 crore ($2.5 million) in CIG Realty Fund. The company is now evaluating if it should launch a fund of its own based on the performance of these funds. S.K.Mitter, CEO of LIC Housing, told Mint: “Based upon the positive outcome, we may float our own venture fund sometime next year. A decision on this would be firmed up in the next couple of months.” If it happens, the fund can have a size of Rs 500 crore ($125 million).

Future Group (better known as Pantaloon Group) is planning to set up a $500 million logistics fund, reports Business Standard. The offshore fund will invest in large warehouses in major cities across the country and the centres will cater to dry and cold warehousing needs of retail and FMCG businesses, the report says. These centres will be independent owner and provider of logistics facilities, and not just limited to the use of the Future Group.

ICICI Bank Follow On Issue Sold Out; Temasek, GIC Set To Grab Big Chunk

June 20, 2007 | by Sahad P V

ICICI Bank’s follow on public issue to raise Rs 8750 crore ($2.13 billion) from the domestic capital markets got sold out in 20 minutes flat. The issue, which opened on Tuesday for subscription, was oversubscribed 2.74 times on day one, which shows the India’s largest private bank is still a darling with investors despite the bank’s regular stake dilution.

The bank had fixed the price band at Rs 885 and Rs 950. Most of the bids have come in at the lower end of the price band. Retail investors will get the shares at Rs 50 discount to the final price that will be fixed after the issue closes.

The Economic Times reports that Temasek Holdings and Government of Singapore Investment Corporation (GIC) are looking to grab at least 40 per cent of the ICICI Bank’s follow on issue, which is raising a total of $5 billion from both overseas and domestic capital markets. Temasek has put in an application for Rs 8,300 crore ($2 billion), which is the permissible limit for a foreign entity.

Besides Temasek, Goldman Sachs, Warburg Pincus, State Bank of India, Life Insurance Corporation of India and other domestic financial institutions have also put in large bids. SBI and LIC have put in bids worth Rs 4,000 each ($1 billion), while Goldman Sachs and Warburg Pincus have put in Rs 2,000 crore ($500 million) each.

GIC and the similar investment companies of Gulf countries like Qatar, Dubai, Abu Dhabi and Kuwait are also interested in picking up stakes in ICICI. Temasek currently owns 7.37 per cent in ICICI, while GIC holds 2.24 per cent. India’s Reserve Bank has allowed both entities to hold 10 per cent each in ICICI Bank as a special case. There is a rule in India that a single foreign entity cannot hold more than 10 per cent in a bank. Temasek and GIC are two separate entities, but owned by the Singapore government. (ICICI Bank CEO K V Kamath in the pic above)

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