Malaysia’s Astro to invest $166 mn in Sun TV for 20% stake

The Economic Times reports that Malaysian direct-to-home (DTH) service provider Astro will invest $166 mn (€124.1 mn) for a 20% stake in Sun Direct TV, promoted by the Sun TV Network, one of India’s largest television station operators. The new venture aims to provide direct-to-home satellite TV services in India. It expects the new company to incur losses for the first five years, but aims to capitalize on India’s satellite TV market which is expected to add another 150 mn households in the next decade.

BE Billimoria & Co. receives funding from Indivision

Indivision, the private equity fund promoted by Future Capital, has acquired a 26% stake in Mumbai-based contract construction company BE Billimoria & Co. for an estimated Rs. 75 crores. This is the $425 mn-fund’s first investment in the real estate sector and Future Capital has announced plans to enter the hospitality sector. The management of BE Billimoria estimates turnover for this year to be around Rs. 200 crores and is looking at trebling this figure in the next five years through a pan-India presence. The company is also considering a possible IPO in a year.

Currently, the promoters, Kaiyoze Billimoria and Digant Kapadia, each hold 16.5% stake in the company, while the rest is held by Merrill Lynch Capital Markets (4%), Indivision (26%) and other equity investors.

BE Billimoria has worked on residential and commercial projects with different partners. Some of the major projects that that the company has completed are IDBI Towers, Imax Theatre, Hotel Leela, Hotel Hyatt Regency and Reserve Bank of India among others, in the commercial space and Cadbury House, Hinduja Plaza and Palm Beach are some of the company’s projects in the residential space. The company has partnered with HDFC, Sun Group, IDFC and other real estate funds for various projects. This is the first time they have received private equity funding. The real estate sector, valued at $12 bn, is growing at 35-40% per annum. The sector has seen some large equity deals in the last few months with nearly $350 mn in investments flowing into the sector.

Read the article from The Economic Times.

BE Billimoria & Co. receives funding from Indivision

Indivision, the private equity fund promoted by Future Capital, has acquired a 26% stake in Mumbai-based contract construction company BE Billimoria & Co. for an estimated Rs. 75 crores. This is the $425 mn-fund’s first investment in the real estate sector and Future Capital has announced plans to enter the hospitality sector. The management of BE Billimoria estimates turnover for this year to be around Rs. 200 crores and is looking at trebling this figure in the next five years through a pan-India presence. The company is also considering a possible IPO in a year.

Currently, the promoters, Kaiyoze Billimoria and Digant Kapadia, each hold 16.5% stake in the company, while the rest is held by Merrill Lynch Capital Markets (4%), Indivision (26%) and other equity investors.

BE Billimoria has worked on residential and commercial projects with different partners. Some of the major projects that that the company has completed are IDBI Towers, Imax Theatre, Hotel Leela, Hotel Hyatt Regency and Reserve Bank of India among others, in the commercial space and Cadbury House, Hinduja Plaza and Palm Beach are some of the company’s projects in the residential space. The company has partnered with HDFC, Sun Group, IDFC and other real estate funds for various projects. This is the first time they have received private equity funding. The real estate sector, valued at $12 bn, is growing at 35-40% per annum. The sector has seen some large equity deals in the last few months with nearly $350 mn in investments flowing into the sector.

Read the article from The Economic Times.