Warburg buys ICICI Ventures in Metropolis For 85 mn (24-Jun-2010)
Metropolis Healthcare stated that the private equity firm Warburg Pincus bought out the entire stake of ICICI Ventures.
It was bought for a consideration of $85-million.
According to the agreement, ICICI Ventures has totally divested its holding in the company that it had taken over in 2006.
Meanwhile, the deal involves a primary and secondary component.
It also includes additional capital that will be available to Metropolis in order to pursue acquisitions.
Moreover, the firm stated that it will carry on seeking striking acquisition opportunities while expanding its delivery network and deepening its presence in current locations.
Metropolis Chief Executive and Executive Director Ameera Patel said that their association with ICICI Ventures over the past years has been good.
He also said that they are delighted to welcome Warburg Pincus as their future partner.
ICICI Venture is the private equity arm ICICI Bank.
Earlier, it had hired Manikkan Sangameswaran who is the former chief of Babcock & Brown Infrastructure''s BBI.AX India unit.
He has been hired to head its infrastructure business.
Meanwhile, ICICI Venture Chief Executive Vishakha Mulye said that Sangameswaran will head the private equity arm''s soon-to-be-launched infrastructure fund.
ICICI Venture, however, also appointed Partha Dey, the head of ICICI Bank''s project finance business, to the fund.
Moreover, before his role in Babcock, Sangameswaran was the head of ABN Amro''s mergers and acquisition business in India.
He was also part of some of the largest M&As involving Indian companies including Tata Steel''s acquisition of Corus.
Meanwhile, in order to invest in infrastructure projects, ICICI Venture last month had said that it is eyeing to roll-out $500 mn infra fund by next month.
Ms. Vishakha Mulye, MD & CEO of ICICI Venture last month had said that it has already started putting together the team in place and is likely to approach the market very soon.
Ms. Mulye also had said that ICICI Venture eyes to cover both the domestic and international investors for this proposed fund, which will have an overallotment option of another $500 mn.
ICICI Venture is one of India''s largest private equity firms with about $2 bn in assets, also has plans to launch a $100 mn fund in India with an option to raise another $100 mn for investing in real estate companies.
Moreover, ICICI Venture in order to finance real estate residential projects in 6-7 cities plans to raise Rs. 1,000 crore within a month.
It was said that the fund would be raised from high net worth individuals and projects in the range of Rs. 50-70 crore would be financed.
This was said by ICICI Venture President Sanjeev Dasgupta earlier this month on the sidelines of a function to commission the first phase of WaveRock project developed by Tishman Speyer India Pvt. Ltd.
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