India-listed financial institution Housing Development Finance Corporation (HDFC) has agreed to issue 64 million shares at a price of INR1,726.05 (approximately US$27.18) per share for a total of INR111 billion (approximately US$1.75 billion) to a group of investors. Global asset manager KKR will acquire 9.3 million shares, sovereign wealth fund… Read More
CITIC Capital Partners, the private equity arm of CITIC Capital, has invested CNY1.5 billion (approximately US$231 million) to increase its stake in China-based Harbin Pharmaceutical Group from 45 percent to 60.86 percent. CITIC originally invested in Harbin, which produces antibiotics, modern Chinese medicines and animal vaccines, in 2005 and 2017. Read More
India-focused venture capital firm SAIF Partners has led an INR3.22 billion (approximately US$50.6 million) Series D round for India-based logistics services provider Rivigo Services. Global private equity firm Warburg Pincus also participated in the round. SAIF and Warburg originally invested in Rivigo in 2015 and 2016, respectively. Read More
Global private equity fund manager Warburg Pincus and China-focused fund manager Genesis Capital have invested US$120 million in a Series D round for China-based online tutoring company Zhangmen. The company offers personalized, one-on-one tutoring sessions to more than one million registered students across 600 cities in China. Separately, Warburg, along… Read More
By Ganesh Rao, Partner and Pallabi Ghosal, Senior Associate, with assistance provided by Nayan Banerjee, Associate, AZB & Partners As India’s economy has grown, so has its stressed assets. Stressed assets, which comprise non-performing assets (NPAs), restructured loans, and written off assets, account for about 16.6% of total loans, which… Read More
By Olivier De Moor and Brett Fieldston, Akin Gump Strauss Hauer & Feld LLP Introduction The typical private equity model seeks to return capital and profits to investors with little to no entity or investment level taxation, leaving potential tax drag, if any, at the investor level. In practice… Read More
The EMPEA Fall Bulletin focuses on various topics including complex tax efficiency considerations for U.S. taxable and tax-exempt investors considering investment in India, challenges resulting from a decision to invest in Indian distressed debt, optimal investment structures following recent changes in the Indian Insolvency and Bankruptcy Code and an… Read More
By Ann Marie Plubell, Vice President, Regulatory Affairs, EMPEA Introduction The complexity of tax considerations on the strategic decision to select and enter an emerging market cannot be denied. The value of early tax analysis from multiple perspectives for both the funds (here termed “GPs”) and the investors in… Read More
By Ann Marie Plubell and Siyao Liu, EMPEA Regulatory Affairs In September 2013 China’s President Xi Jinping announced the “One Belt One Road Initiative” (OBOR). Under OBOR in 2014 the Silk Road Fund was established followed in 2015 by the Asian Infrastructure Investment Bank (AIIB). Both are intended to… Read More
By Ashwin Bishnoi, Khaitan & Co LLP The Indian Insolvency & Bankruptcy Code 2016 (Code) was enacted in 2016 and the corporate resolution process has been operationalised. The Code has received a big boost with the Reserve Bank of India (RBI, India’s federal reserve) recently requiring India banks to… Read More
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