Marigold Capital Set to Acquire The Leela in Chennai

Mumbai-based private equity fund Marigold Capital and Investments is set to acquire the Leela Group’s 326-room hotel in Chennai, India, for approximately $109 million. The fund specializes in buying debt-ridden hotels and commercial real estate properties and turning them around.

Mumbai-based JM Financial, an investment bank that is the advisor to the sale said, “The deal with Marigold is in the documentation stage where the final agreement will be drafted.”
The Economic Times reports that last year, the JM Asset Reconstruction Company sold the Leela Group’s hotel in Goa to a Malaysian conglomerate MetTube SD BHD for about $113 million.
The Leela Chennai

June 12, 2017   No Comments

Female Filmmakers From India Shine on Global Stage

Female filmmakers of Indian origin are making history by standing out as award winning directors including Mira Nair (2016’s Queen of Katwe) and Deepa Mehta (2012’s Midnight’s Children)

In 2015, Ruchika Oberoi won the FEDORA prize for best new director at the Venice Film Festival with her first feature, Island City. Konkona Sen Sharma’s directorial debut, A Death in the Gunj, won her a best female filmmaker award at the 2016 Mumbai festival.

At Cannes this year, the only Indian entry was from a female director, Payal Kapadia, a student at the Film and Television Institute of India. Her 13-minute short, Afternoon Clouds, is the first Indian film to be selected for the Cinefondation section, which chooses entries from film schools worldwide, says The Hollywood Reporter.

Historically, female representation behind the camera remains low, but this is now beginning to change in India with Amazon Prime Video and Netflix signing deals to acquire titles and produce originals across genres in indie and mainstream categories. Amazon has signed contracts for no less than 30 Indian originals. “Digital platforms have given a new lease on life to indie cinema,” says Shefali Bhushan, who made her feature debut with 2016’s Jugni.

Bollywood Posters

May 26, 2017   No Comments

KKR Invests $50 Million in India’s Walchand Nagar Industries

New York City-based private equity firm KKR & Co., will invest $50 million (Rs 300 crore) in Mumbai-based Walchand Nagar Industries, one of India’s oldest business groups.
KKR has so far deployed around $4 billion in structured financing to business groups in India over the past seven years, and has invested approximately $2.5 billion in 12 private equity transactions since 2006. The company’s India strategy has been predominantly into partnership deals and it has developed a niche structured-credit platform, in India.
KKR Logo

The deal will help Walchand retire some of its bank loans, besides providing capital to drive growth. The funds will also be used for expansion of its defense business, reports the Economic TimesWalchand Nagar Industries has a strong presence in India’s defense, aerospace, and nuclear industries, and, according to its website, it works closely with India’s Defense Research and Development Organization, and Space Research Organization.

May 22, 2017   No Comments

UberEats launches in Mumbai

San Francisco-based Uber launched its initial UberEats service in Mumbai, and by the end of this year the company plans to expand this service to six cities in India. The country’s online population is tipped to reach 450 million-465 million people by June 2017, according to a report co-authored by the Internet and Mobile Association of India, bringing with it the potential to connect people to taxis, cars, food and more.

“Mumbai is home to a booming food industry with a vibrant food culture offering both global and local cuisines. The introduction of UberEats in India, with Mumbai as the first city, is a major step in our global expansion and showcases our commitment to the region,” Bhavik Rathod, Head of UberEats India, said.

Uber Eats Food Service

TechCrunch says: Uber has thrown more focus on Eats lately, beyond its ongoing global expansion. Recent updates added tailored recommendations, customizable drop-off directions for drivers and new filtering options, while it also introduced a restaurant management service that helps restaurant partners get actionable insight through data.

 

 

May 15, 2017   No Comments

Print Media in India Booms

Even as the sales of newspapers and magazines decline globally, in India their circulation increased by more than 23 million copies a day between 2006 and 2016, according to a new report from India’s Mumbai-based Audit Bureau of Circulationan average growth of nearly 5% per year.

Newspapers

The bureau said, “India is one of the brightest spots [for] print media,” and cited growing literacy and education, India’s overachieving economy and more local content as reasons for the print boom, reports CNN.  India is also likely helped by the fact that it has more paid publications (7,871) than other countries and dozens of regional languages.

Indian print publications are forecast to bring in advertising revenue worth $4.5 billion by 2021, up from an estimated $3.1 billion in 2016. By then, India’s print media industry will be worth  $6.7 billion adds the bureau.

May 14, 2017   No Comments