ICICI Venture buys 14% stake in Rubamin

PRIVATE EQUITY WATCH

ICICI Venture, the country's largest private equity fund, has picked up 14 per cent stake in Rubamin for Rs 70 crore, putting the valuation of the Vadodara-based company at Rs 500 crore, equal to its turnover. Yes Bank was the exclusive advisor to Rubamin.

Atul Dalmia and Anil Patel, promoters of the closely company, said that the investment was of great value for Rubamin. "ICICI Venture will add significantly to the strategic and financial strength of Rubamin," they said.

Sources said the ICICI Venture's investment would provide further impetus to Rubamin, which plans to emerge as a fully integrated mining and metallurgy player by 2010, when it commercially exploits its mining areas.

The Rs 500-crore Rubamin has been registering a CAGR of 80 per cent in sales and 120 per cent in profits over the last few years.

Rubamin, through its subsidiary Rubaco SPRL, was an early entrant in copper mining in the Democratic Republic of Congo, and enjoys the first mover advantage. Rubaco SPRL has substantial mining areas, totaling nearly 4000 sq kms in Congo.

It runs a leased copper blister manufacturing plant in Congo and is in the process of setting-up a large greenfield pyro-metallurgy plant for the manufacture of copper blister on 60 hectares of land at Likasi, which is in the middle of the copper and cobalt rich Katanga province. This will be commissioned by December 2007. 
 

M&A DEALS FROM JULY 7 TO JULY 13
Bidder	Target	Sector	Value (in$mn)	Stake (%)	Type
Orange Business  Services	GTL	Computer  Software	62.5	NA	Strategic/ inbound
Baring Private Equity  Partners India	Infrasoft Technologies	Computer  Software	25	NA	PE/VC
Megasoft	Boston Communications Group Inc.	Computer Software	65	NA	Strategic/ outbound
Rolta India	Orion  Technology	Computer  Software	NA	NA	Strategic/ outbound
Wipro	Unza   Holdings	Consumer  Goods	246*	100	Strategic/ outbound
Dubai International Capital LLC	ICICI Bank	Financial Services	741.5	2.87	PE/VC
Saraswat Co-operative Bank	Kolhapur Maratha  Co-operative Bank	Financial  Services	NA	NA	Strategic/ domestic
JM Financial India Fund	Spandana Sphoorty  Innovative Fin	Financial  Services	10	23-30	PE/VC
Lok Capital	Spandana Sphoorty Innovative Fin	Financial  Services	2.25	NA	PE/VC
V N Enterprises	ACC Nihon Castings	Industrial  Products	7.5	NA	Strategic/ domestic
Carlson Wagonlit  Travel Inc	CWT India	Transportation	NA	NA	Strategic/ inbound
Eros International	Ayngaran  International	Media	NA	51	Strategic/ domestic
Interpublic Group  Of Companies	FCB Ulka	Media	30-50	51	Strategic/ inbound
MIH India	ACL Wireless	Telecom	12.3	30	Strategic/ inbound
Wolfensohn and  Company, LLC	Fabindia	Consumer  Goods	11	6	PE/VC
VSoft	Coopman  Consultancy	Software  Solutions	NA	NA	Strategic/ domestic
Sequoia Capital	Pangea 3	ITES	7	NA	PE/VC
UMW India Ventures	United Seamless  Tubular Private	Manufacturing	19	51	Strategic/ inbound
Dishman Pharmaceuticals and Chemicals	Solvay  Pharmaceuticals	Pharmaceuticals	NA	NA	Strategic/ outbound
Not: NA= not available; *= approximately Source: Public information and PricewaterhouseCoopers analyses

There are also plans for hydro-metallurgy-based projects to be set up in the same site.

Canaan appoints Mittal as MD

Canaan Partners, a $2.4 billion global venture capital firm, today announced that Alok Mittal has become the managing director.

Mittal joined Canaan in March 2006 to launch the firm's Indian office in New Delhi. The firm invests in innovative digital media, wireless, software and services companies.

Mittal was instrumental in Canaan's investments in BharatMatrimony, the leading marriage matchmaking site in the world, and iYogi, which leverages the power of the Internet to offer high-quality, low-cost tech support to global consumers.