The Banking and Strategy Initiative

Temasek and KKR join with GTV, Coffee Day

In November, KKR and Blackrock picked up portfolios in China

AXA had earlier been trying to sell its Taikang stake because China ruled in favor of not allowing multiple life insurance holdings for overseas players.

Blackrock, Temasek and KKR eventually picked it up after some bickering for $1 billion

Then, Temasek invested in India again

As reported by the new launched India WSJ and carried here for its PE India impact

And the duo are together now for the paucity of investment targets

KKR and Temasek continue the good work even as recalcitrant investors and half-baked support for new institutions like Advantage and VCCircle causes the Indian PE Ship to dip in 2010. Sanjay Nayar’s KKR and the local Temasek office bandobast have put their eggs in the baskets we have championed here

Well the new deals in the basket are:

1. Coffee Day, where the calculation can easily be based on Rs 1 million for 1000 existing cafes and proposed expansion can well be rolled except that current profitability on a monthly basis is not that great for the no. of stores it runs. Coffee Day Holding hopes to fund its infrastructure Parks against the 24% stake. The project plans Rs 1500 Crores while the Coy. valuation comes to Rs 25000 crores($500mn) by the company’s sources in livemint

2. Shriram Transport Finance, its existing CV leasing book fueled by GE Transport Fin’s move in for Rs. 1200 crores in Christmas parleys. KKR and Temasek can add muscle to the deal without getting GE anything extra in valuation that it may not ‘deserve’.. Other deal Candidates also below from the VCC round-up.

Of course, Buyer beware and added to that VCC beware, Firstsource is still going around and KKR hasn’t got off Aricent yet.

The last VCCircle deal summary here from Dec 24th, (Holidays, and FT plunger)

GTL Infra Bags Aircel Tower Biz – GTL Infrastructure is buying Aircel’s telecom tower business for Rs 4,000 crore in an all-cash deal, outbidding players like Tata-Quippo. The deal to buy Aircel’s 17,500 towers will take its total portfolio to 33,000, making it the largest independent tower player.  The deal may have a debt component of another Rs 4,500 crore and the deal may be funded out of internal accruals of the GTL group. The deal may be signed by January. (Economic Times)

Citibank Exits Bharti Infratel – Citibank’s Special Situations Group has sold its holding in the telecom tower arm of Bharti Airtel to JPMorgan. The deal values Bharti Infratel at a little over $10 billion  and Citibank has reportedly exited without any gain from the two-year old investment of $50 million. Other PE investors in Bharti Infratel include Temasek, KKR and India Equity Partners. (ET)

Shriram Transport To Buy GE Unit – Shriram Transport Finance Company (STFC) is buying the transport finance business of General Electric. STFC has acquired has acquired the assets of GE Transportation Financial Services for Rs 1,200 crore. The deal would give STFC a new set of customers. Deal involves a payment of Rs 1,000 crore for the assets of the commercial vehicle business and Rs 200 crore for those used in construction. (ET)

ICICI Bank Sells Card Payment Terminals – ICICI Bank has hived off and sold its electronic point of sales (PoS) terminals network to First Data Corporation (FDC). The network has over 1.5 lakh electronic swipe machines that accept credit and debit card payments The new company will be called ICICI Merchant Services in which First Data has bought an 81% stake. (ET)

ICICI Bank May Sell 3i Info Stake To US PE Firm – ICICI Bank Ltd’s plans to sell its 30% stake in 3i Infotech Ltd for a likely price range of Rs 110-120 a share. The bank has sold 5.7 million shares which amounted to 3% of its stake in early October. PE firms such as Carlyle Group, Apax Partners, and Kohlberg, Kravis & Roberts are in the fray to acquire ICICI’s stake in the company. (Business Standard)

RCom To Raise Rs 6,300 Cr For Expansion – The Anil Ambani-controlled Reliance Communications (RCom) plans to scale up its wireless and enterprise business with an investment of over Rs 6,300 crore. RCom will raise a short-term debt of Rs 3,500 crore by issuing commercial papers (CPs) and non-convertible debentures (NCDs). Its subsidiary, MacroNet Mercantile Pvt Ltd, will raise Rs 1,500 crore to finance imports of telecom equipment, modems, handsets, data cards, DTH and IPTV set-top boxes. (BS)

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