India-focused investment firm ChrysCapital has invested INR700 million (approximately US$12 million) to increase its stake in India-based drug maker Torrent Pharmaceuticals from 1.9 percent to 2.6 percent. Torrent Pharmaceuticals, which is a subsidiary of diversified industrial conglomerate Torrent Group, recently received regulatory approval to acquire the domestic formulation business of Elder Pharmaceuticals for INR20 billion (approximately US$330 million). ChrysCapital first invested in Torrent in late 2013.
Asia-focused private equity firm RRJ Capital and Singapore-based investment manager SeaTown Holdings International have agreed to invest US$250 million in Shanghai Yupei Group, a China-based logistics warehouse developer. This investment follows a US$200 million financing round for Yupei completed last year by global private investment firm The Carlyle Group and real estate investment management firm The Townsend Group. The combined investments will support Yupei’s national expansion plans.
TPG Growth, the middle market and growth equity platform of global private investment firm TPG, has invested US$40 million in Apollo Towers Myanmar, a Myanmar-focused telecommunications venture led by Sanjiv Ahuja, the former CEO of LightSquared. The investment will support Apollo’s plans to build and manage approximately 1,000 mobile communications towers across Myanmar this year. In December 2013, Norwegian telecommunications firm Telenor, holder of a nationwide telecommunications license through its Myanmar-focused subsidiary, selected Apollo as an official vendor to build and manage telecom towers in the country.
India-based Ratnakar Bank has raised INR3.3 billion (approximately US$55 million) from new and existing investors including development finance institutions CDC Group and International Finance Corporation, investment and advisory firm Asia Capital & Advisors and private equity firm Gaja Capital. CDC Group invested US$28 million for a 4.8 percent equity stake in the company. Ratnakar Bank operates a network of 160 branches and 350 ATMs across 12 states in India. The funding will be used to expand the company’s branch network in semi-urban and rural areas of the country.
China-focused private equity firm Vision Knight Capital has closed Vision Knight Capital China Fund II at its hard cap with US$550 million in capital commitments. The fund, which will make investments in China’s retail, consumer internet and e-commerce sectors, received commitments from a mix of global institutional investors, including sovereign wealth funds, pension plans, endowments, foundations, diversified financial institutions and family offices. Hong Kong-focused telecommunications services company PCCW committed US$5 million to the fund.
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