Deals buzz: CVC Capital Partners scouts for top talent for proposed India operations

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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

CVC Capital Partners scouts for top talent to helm proposed India office

Global private equity (PE) firm CVC Capital Partners is looking to mark its presence in India and is in the process of hiring senior executives for the same, two people aware of the development told Mint.

“They are looking to establish their presence in India and are in the process of hiring a senior person to head the India operations. They are in discussions with a select set of private equity professionals for the same. The hiring is expected to close soon,” said one of the two people cited above, requesting anonymity as the talks are private.

Apart from hiring an India head, the PE firm is also looking to hire one or two more people, he added.

CVC Capital, which raised its CVC Fund I in 1996, has since raised commitments of more than $85 billion for various PE equity and credit funds, according to the firm’s website.Read more

E-pharmacy 1mg Technologies buys MediAngels

Online pharmacy 1mg Technologies Pvt. Ltd has acquired Mumbai-based MediAngels (Angels Health Pvt. Ltd) for an undisclosed amount in cash and stocks to enter specialty doctor consultations, corporate health services and insurance partnerships.

“Our consumers can now access a deep network of over 450 super specialists across India and the world, and we also get an entry into the corporate health space through this platform,” 1mg’s co-founder Prashant Tandon said in a statement on Wednesday.

Founded in 2011 by Arbinder Singhal and Debraj Shome, MediAngels is a platform for patients to seek online consultations for specialized medical cases in cardiology, cancer, neurosurgery, orthopedics and pediatrics, among other areas, from its network of doctors covering 93 specialties.

In 2014, Mint reported that MediAngels had raised $1 million from Ventureast Tenet Fund and the government of India’s technology development board. Read more

ECL Finance invests Rs300 crore in realty firm Rohan Lifescapes

ECL Finance Ltd, the non-banking financial company (NBFC) of financial services firm Edelweiss Group, has invested Rs300 crore in a bouquet of residential projects of Mumbai-based realty developer Rohan Lifescapes.

The debt transaction is structured in such a way that ECL Finance has taken control of a part of the inventory in four south Mumbai projects of the developer, which the investor will sell at a discounted price. The capital has been given to Rohan Lifescapes to construct and complete ongoing projects.

“The idea is to provide solutions-centric investment to mid-sized and small developers to help them pace up sales velocity and project delivery in the current scenario. This is a capital plus value add route of investing,” said Ramashrya Yadav, chief executive, real estate practice, ECL Finance.

ECL Finance has done similarly structured transactions earlier, but they were smaller-sized deals. Read more

Gitanjali Gems says Nakshatra World unit planning Rs650 crore IPO

Jewellery firm Gitanjali Gems Ltd said that its unit Nakshatra World Ltd will raise funds through an initial public offering (IPO).

Nakshatra World, earlier known as Gitanjali Brands Ltd, plans to raise as much as Rs650 crore through the IPO, Gitanjali Gems told the stock exchanges on Wednesday.

The proposed IPO is subject to requisite approvals, market conditions and other relevant considerations, the company said.

Gitanjali Gems did not say when it would file the draft red herring prospectus with markets regulator Securities and Exchange Board of India. The IPO plan comes at a time when the Indian primary market has seen robust activity over the past 12-24 months.

As of 30 November, 25 companies had raised Rs25,163.3 crore through the IPO route, while 21 companies raised around Rs13,614 crore in the previous year, according to data compiled by Prime Database, a primary market tracker. Read more

Wipro splits its India-Middle East business in two

Wipro Ltd has split its India and Middle East business, which accounts for 10% of its revenue, into two separate divisions under new heads and merged one of the divisions focussed on automation platforms with the larger technology unit, as chief executive Abidali Neemuchwala looks to put the company back on the growth path.

President of the India and Middle East region, Soumitro Ghosh, has sought retirement and starting April next year, Sreenath A.V. will lead the India business while Pandurang Desai will head the Middle East region, a company spokesman said.

Wipro’s business in India and the Middle East geographies has declined since the beginning of the current financial year. Read more