Mint August 28, 2007 page 18
Puchase of 50.1% + 20% open offer can be counted as the 10th buyout deal by PE firms in India.
The article quotes ICICI Venture Funds Management Co.'s buyout of Tata Infomedia, Actis Capital Llp's buyout of ICI India Ltd.s nitrocellulose manufacturing unit. The article mentioned that ACTis did 3 more deals. ICICI Venture went on to do first successful LBO deal, ACE Refractories Ltd. in 2005, which was sold this month for Rs.550 cr against an investment of Rs. 100 cr. Blackstone backed a management buyout of Mumbai based Intelenet Global Services Pvt. Ltd.
Banks which lend to LBO investors abroad are not yet comfortable doing the same in India.
author: Snigdha Sengupta, Mints resident expert on PE and VC. Comments and questions are welcome at venturematters@livemint.com
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