News Roundup: NEA, Providence in fray for FIITJEE stake

NEA, Providence in fray for FIITJEE stake - Global private equity majors NEA and Providence Equity Partners are understood to have evinced keen interest to pick up stake in FIITJEE, which is looking to raise Rs 200 crore from its third round of private equity funding. The round comes close on the heels of a round in which QInvest, an investment bank based in Qatar picked up stake in the company. FIITJEE had during July 2009 raised Rs 100 crore from Matrix Partners. FIITJEE reported a PAT of close to Rs 42 crore may be valued at around Rs 2500 crore for the fund raising. (Business Standard)

India Equity Partners to buy Innovative Foods - New York-based India Equity Partners is set to acquire a majority stake in Tata Group company Innovative Foods for Rs 75 crore. Innovative Foods, the makers of Sumeru frozen food, is a part of the Tata group-led Indian Hotels Company Ltd with revenues of nearly Rs 50 crore. IEP has earmarked funds up to USD 100 million for acquisitions in the fast-growing food sector. Indian Equity Partners recently brought on board Arvind Nair, former CEO of Domino