Deal Makers

• SREI Infrastructure Finance Ltd. has acquired 76 percent stake in Hyderabad Information Technology Venture Enterprises Ltd (HITVEL), a venture capital fund. HITVEL was set up in 2000 by the Andhra Pradesh Development Corporation, the Andhra Pradesh Industrial Infrastructure Corporation and the Small Industries Development Bank of India. HITVEL has made 7 investments from its first fund of INR 150 mn. SREI will reinforce the management team of HITVEL with its years of investment expertise.

SREI was the first Non Banking Financial Institution in the country to get listed on London Stock Exchange. It is a leading National Infrastructure Equipment Finance and Infrastructure Project Finance Company. Source: The Hindu Business Line

• Secunderabd based logistics company Gati Ltd. is expanding its operations through acquisitions. It has acquired approx 53 percent stake in Delhi based Kausar India Ltd. Kausar specializes in transportation of temperature sensitive products including pharmaceuticals, meat and dairy products. Source: VCcircle.com

• Mauritius-based fund Helix Investments has acquired 30 percent equity stake in MT Educare Pvt Ltd. by infusing USD 12 million. MT Educare is the holding company of Mumbai-based Mahesh Tutorials, having more than 100 tuition centres. The funds will be used to expand their operations across India and global centres. The first international center has been started at Al Karama in Dubai. The company also proposes to deliver online educational solutions.

Helix has earlier invested in Goodlife Integrated Fitness Solutions, an India-based healthy prepared food delivery company and in OSi, a medical transcription outsourcing company. Source: Business Standard

• Dubai Ventures has acquired 40 percent stake in ‘Time Broadband Services Pvt. Ltd’, the Indian IPTV company. Time Broadband, headquartered in Mumbai, was promoted in January, 2005 by "TIME" Group of Promoters. Amit Dev – CTO, Sujata Dev – MD and Tushar Shah – CFO are the co-promoters of Time Broadband. Earlier the promoters had diluted their equity by bringing in Dubai based Clarion Group. Post Dubai Ventures investment the 60 percent equity is collectively held by promoters and Clarion Group while the balance 40 percent is with Dubai Ventures. Source: contentSutra

• Greylock Venture Partners, the US-based venture capital firm has made its first investment in India in TechProcess (formerly BillJunction) from its USD 500 million global fund. TechProcess received initial funding from ICICI Ventures in 2000. Source: Business Standard

• Canaan Partners has announced series A investment in Cellcast Asia Holdings. Cellcast India was founded in 2005 as a wholly owned subsidiary of Cellcast Plc. Headquartered at London, Cellcast Plc is an international provider of participation television applications and interactive mobile content in the fast-growing multi-platform digital entertainment sector. Cellcast Plc has injected 100 percent of its shares in Cellcast India and 50 percent of its holding in its SE Asian based Joint Venture.

Cellcast has conditionally agreed to issue USD 5.25 mn of Series A Preferred Stock to Canaan, valuing the enlarged share capital of Cellcast Asia at USD 13.5 mn. Cellcast will hold a 37.5 percent stake in Cellcast Asia, worth USD 5.1 mn, while Canaan will hold 38.9 percent. Source: Forbes.com/Press Release

• Proteans Software Solutions, the outsourcing company focused on software product development and business application development on Microsoft Technology Platform, has been acquired by Camo ASA, the USD 21 mn Norwegian statistical software and IT consulting firm, for USD 6 mn. Proteans was founded in 2003 by four IIT graduates having product development background at Oracle and IBM.

Camo will be shifting its product development work to India from Norway. The company serves to over 3,000 customers including areas of banking and finance, pharma, food and beverages. Camo is also in the process of acquiring a company in the IT services space in the range of USD 2 mn. Source: Business Standard

• Jerry Rao, co-founder of Mphasis, has made angel investment in a Bangalore based company “JuriMatrix”. It is a legal processing firm providing high-end professional support services that are outsourced and off-shored to India Source: Business Standard

• Mumbai Angels, the Angel Investors’ group in Mumbai have invested in a travel portal which will be converting into an online ticketing company selling distressed inventory. The name of the travel company is undisclosed. Source: VCcircle.com