ICICI Venture, Indivision pick up 20% in Tops for Rs 175 cr

ICICI Venture Funds Management, a leading private equity player, and Future group’s private equity arm — Indivision, have together picked up around 20% stake in Tops Security, the flagship of the Tops Group, for Rs 175 crore. ICICI Venture has invested Rs 110 crore while Indivision invested Rs 65 crore in the Mumbai-based security service provider.

The deal is the first-ever private equity investment in the company, majority of which is owned by the initial promoters, the Nanda family. Rakesh Jhunjhunwala, a leading investor holds 16% stake in the company.

When contacted by ET, senior Tops Group officials declined to comment on the deal. With a turnover in excess of Rs 260 crore, Tops Group is one of the leading brand in the Indian security industry, and is growing at CAGR of about 50%, compared to the average growth rate of 21% in the domestic security market.

Tops Group’s activities span across manned guarding, investigations, cash management services, special security squads for executive protection, event security management, copyright protection, facility management, advanced training, security audits, integration of security equipment and emergency response.

(Source: Economic Times)

ICICI Venture sells 5% in Subhiksha to ICICI Pru MF

ICICI Venture, which holds 30% stake in discount retail chain Subhiksha, has offloaded 5% to ICICI Prudential Mutual Fund for an estimated Rs 75 crore

This brings ICICI Venture’s shareholding in the company to 25%. When contacted, Subhikhsha managing director R Subramaniam confirmed the change in equity stakes, reports Benny Antony in Mumbai.

ICICI Venture had initially taken a 10% stake in the company in July 2000. It had increased its stake in the retail outlet with another round of funding worth Rs 25 crore in late 2004. Started in March 1997 in Chennai, the retail chain, which operates in four verticals namely fruits and vegetables, pharmaceuticals, FMCG and telecom, currently has 800 stores. The company was recently in the news following speculations that it might be acquired by Reliance Retail.

The company had, however, denied any such development. It is planning to increase retail presence across the country to 1,000 outlets by the year-end. The company, which had clocked revenues of around Rs 800 crore during FY07, is also looking to tap the capital market after reaching the 1,000-store mark.Subhiksha had raised Rs 80 crore through a rights issue recently and is planning to achieve a turnover of around Rs 3,500 crore by the year-end.

(Source: Economic Times)

Tishman, ICICI Vent JV to raise 2nd realty fund

TSI Ventures, a Tishman Speyer and ICICI Ventures joint venture, may look at raising resources from the overseas markets for setting up a second realty development fund for building office and residential space in India.

On its own part, ICICI Ventures may be looking at raising up to $5 billion from global markets by 2012. TSI Ventures’ mandate is to develop properties with cumulative asset value of over $2 billion over the next five years.

(Source:Economic Times)

ICICI Venture buys out US pharma R&D firm

In what is arguably the first buyout led by an Indian private equity firm in the international market, ICICI Venture — the private equity arm of ICICI Bank— has acquired majority control in US-based clinical research company Radiant Research

ICICI Venture, one of the most active private equity funds in India managing funds in excess of $2 billion, has multiple exposure in the life sciences business. Its investment portfolio includes Arch Pharmalabs, Malladi Drugs, Bharat Biotech, I-Ven Pharma, RFCL, Metropolis, Perlecan, Avesthagen, Biocon, Medicorp and Intas Pharma.

source: economic times