Dart Energy to shed India stake

Dart Energy have decided to sell part of its stake in its Indian subsidiary to raise funds to finance its ventures in India and the UK. The Australian firm specialises in exploration and the production of natural gas and is facing a funds crunch after it failed to raise enough through an initial public offering.

The company needs to sell 49% stake and has at least 50 coal bed methane and shale gas assets in India, Australia, China, Indonesia, the UK, Poland, Germany and Belgium.

It commenced operations in India in the year 2006 and currently owns 80% of a coal bed methane block in Satpura, Madhya Pradesh.

Fortis sells stake to UK's Bupa

Fortis Healthcare International are to sell a 64% stake in Dental Corporation Holdings to the UK's healthcare giant Bupa. The company are a subsidiary of India's Fortis Healthcare.

The deal should be completed in March and is estimated to be worth A$270 million. This decision will help the company consolidate its presence as one of the fastest growing healthcare companies in the region.

In a statement, the company said it had helped grow its dental practices from 140 to 190 in Australia and New Zealand. Fortis Healthcare's businesses span diagnostics, primary care, day-care speciality centres, and hospitals in Australia, Canada, the UAE and south east Asia.

3i Infrastructure to exit India

London-listed 3i Infrastructure are pulling out of India along with all of their portfolio companies. The fund is one of the largest India-focused concerns and the decision follows a period of poor returns and failure to meet investor expectations due to slowing growth.

The 3i Group launched a $1.2billion fund in India five years ago and its India Fund had invested around $875 million in seven firms. They now plan to focus on Europe, where they have reportedly earned strong returns.Its India holdings will be sold off gradually and the proceeds will not be reinvested back into the region.

While the firm claims to be upbeat about infrastructure development in the country, it believes that private infrastructure investment in India has faced more challenges than they had initially envisioned.

“Macroeconomic, market and regulatory conditions in India have been more challenging than initially expected when the company committed to the India Fund in 2007,” a 3i Infrastructure statement said.

“This investment has not, to date, delivered the premium risk adjusted returns that were expected and has brought unwelcome volatility to overall portfolio performance. On this basis, the board has decided that the company will make no further new investment in India or emerging markets, lowering overall portfolio return volatility.”

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