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Time of India
an hour ago
- Business
- Time of India
Advent, TPG among funds in race to buy into Hero group's chip arm
Mumbai: A clutch of prominent private equity (PE) players, including Advent International , TPG Growth , Kedaara Capital, Goldman Sachs, and ChrysCapital, are in discussions to acquire a significant minority stake in Tessolve , the semiconductor design and engineering company owned by Hero Electronix , multiple sources told ET. Hero Electronix, backed by Suman Kant Munjal of the Hero Group, is looking to divest a 30% stake in the Bengaluru-based company, valuing Tessolve at around $450 million (₹4,000 crore), according to people familiar with the matter. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence CXO Public Policy MCA Data Analytics Others others Finance Data Science healthcare Data Science Digital Marketing PGDM Leadership Degree Product Management Healthcare Technology Project Management Management MBA Design Thinking Operations Management Cybersecurity Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details The process has reached the due diligence stage, with binding bids expected within a month, the sources said. Jefferies is advising the promoters on the stake sale. The PE funds cited above have been shortlisted following the submission of non-binding bids. Founded in 2004, Tessolve is a full-stack semiconductor solutions provider. Its services span chip design, testing, production support, and embedded software. The company works with 80% of the world's top 20 semiconductor firms and employs over 3,000 people across 10 countries, including the US, UK, Germany, Canada, Japan, Taiwan, Philippines, Malaysia, and Singapore. Hero Electronix has been working on a partial exit and is in the process of formalising a mandate with an investment bank for the transaction, ET first reported in November last year. Live Events Currently, Hero Electronix holds a 58% stake in Tessolve. Novo Tellus Capital Partners, a Singapore-based PE firm, owns 32%, while the remaining shares are held by co-founder Raja Manickam, Qualcomm Ventures, individual investors including Mike Bartley, and employees via stock options. Hero Electronix had acquired Tessolve from Manickam in 2016. Tessolve and Goldman Sachs spokespersons declined to comment, while queries sent to Advent, TPG, Kedaara, and ChrysCapital remained unanswered. When Novo Tellus bought a minority stake in 2021, the company was valued at $100 million. With FY25 EBITDA projected at $20 million, the current fundraising round pegs the valuation at 20x forward EBITDA, sources said. The company has actively expanded its global footprint through acquisitions. In November 2023, Tessolve acquired Dream Chip Technologies for ₹400 crore, bolstering its capabilities in turnkey solutions for high-performance chips.
Al Etihad
5 hours ago
- Business
- Al Etihad
Quest Global joins UAE's NextGen FDI initiative to support local engineering research, development
16 July 2025 18:37 ABU DHABI (WAM) The UAE Ministry of Foreign Trade has announced that Quest Global, a Singapore-based engineering research and development services company, will establish a presence in the UAE through the NextGen FDI initiative – a pioneering programme that seeks to attract high-impact companies from around the world through a suite of market-entry fundamentals such as rapid incorporation and fast-track Global will now open a number of client-centric, high-value engineering centres (HVECs) throughout the UAE, which will offer support to businesses in sectors such as energy, defence, and advanced Global's engineering expertise, coupled with AI and digital technologies, will help transform companies by enhancing operations, fostering innovation and optimising supply Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, welcomed Quest Global's entry into the UAE market, which he says underlines the country's status as a platform for growth. 'The NextGen FDI initiative was created to attract forward-thinking, ambitious enterprises such as Quest Global to the UAE. By enhancing our engineering ecosystem and offering bespoke services to manufacturing companies, their cutting-edge research centres will support our industrial transformation goals, improve productivity, and develop national talent. Quest Global's participation in the initiative also helps reinforce the UAE's status as an economic hub that facilitates expansion into regional and global markets.'Executive President Quest Global, Robert Vatter, says that the NextGen FDI initiative opens up important opportunities for the company, 'Quest Global serves as a strategic ER&D partner to large global companies across energy, aerospace and defence, and other industries. By facilitating the establishment of high-value engineering centres in the UAE, the NextGen FDI Initiative will enable us to extend this support to companies based in the UAE and the wider GCC – helping them realise their business ambitions, develop their talent and accelerate their contribution to the development of a knowledge economy.'Since its launch in 2022, the NextGen FDI Initiative has enabled a range of pioneering companies to establish a footprint in the UAE, helping to develop clusters of excellence in future-focused sectors such as artificial intelligence, robotics, alternative energy and storage, hybrid aviation, and precision fermentation. Together, they are supporting the UAE's transition to a knowledge- and innovation-based economy.
Nikkei Asia
7 hours ago
- Business
- Nikkei Asia
Nikkei Asia journalist wins Singapore Press Club award
Nikkei Asia's scoop on a family office scandal "created ripples across the global wealth management industry," the Singapore Press Club says. Nikkei staff writers TOKYO -- Singapore-based Nikkei Asia reporter Dylan Loh has won a financial journalism award from the Singapore Press Club for his scoop on a family office scandal in the city-state, the organization announced on Wednesday. "Singapore family office of rich Chinese hit by $55m fraud scandal," published on March 18, reported that a wealthy Chinese businessman had accused the staff of his Singapore-based family office of misappropriating tens of millions of dollars.
Business Times
8 hours ago
- Business
- Business Times
Singapore tourism receipts edge down 0.1% in Q1
[SINGAPORE] The city-state's tourism receipts (TR) marginally fell 0.1 per cent in the first quarter of 2025 to S$8.07 billion, from S$8.08 billion in the year-ago period. This came as international visitor arrivals rose 0.1 per cent year on year (yoy) to 4.31 million, just a touch above 4.30 million in Q1 2024, Singapore Tourism Board (STB) figures showed on Wednesday (Jul 16). On a quarterly basis, visitor spending grew 9.4 per cent, from S$7.4 billion in the final quarter of 2024. 'Singapore's tourism sector continues to perform steadily,' said an STB spokesperson. Major components mixed The largely consistent TR performance in Q1 2025 came as major components made mixed showings compared with the same quarter in the preceding year. Expenditure on food and beverages (F&B) increased the most yoy, up 14.1 per cent to S$1.3 billion. This was followed by accommodation, where TR rose 6.5 per cent to S$1.4 billion. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The 'other components' segment – which includes spending on airfares on Singapore-based carriers, port taxes, local transportation, business, medical, education and transit visitors – was also up 4.1 per cent to S$2.5 billion. In contrast, shopping TR slowed 2.5 per cent to S$1.3 billion; and the sightseeing, entertainment and gaming (SEG) component moderated 16 per cent compared with the corresponding 2024 period. But STB noted that the first quarter of last year 'featured an exceptional line-up of events', including the Singapore Airshow 2024 and Taylor Swift's The Eras Tour concerts. Singapore hotels' average room rates, revenues, and occupancy for Q1 2025 similarly fell on a yearly basis. Quarter on quarter, the higher TR was due to growth in spending across all major components except shopping, where TR declined marginally. F&B expenditure picked up most on a quarterly basis, at 16.9 per cent. China drives receipts By market, Mainland China remained the top TR generator for Singapore tourism in the Q1 2025, contributing S$1.3 billion in revenue, excluding the SEG segment. This was up 9.3 per cent from its S$1.2 billion contribution to TR in Q1 2024. 'Mainland China's top TR-contributing market position is consistent with its strong IVA (international visitor arrival) performance in Q1 2025, boosted by the 30-day mutual visa exemption and the Chinese New Year peak travel season,' said the STB spokesperson. China was the source of 831,472 tourists to Singapore in the quarter. In Q1 2025, Indonesia (S$719.8 million) and Australia (S$538 million) were the second and third-largest contributors to TR respectively. The US (S$474.6 million) and India (S$342.9 million) rounded out the list of Singapore's top five TR-generating markets. Indonesia was the origin of 640,259 visitors; 312,218 came from Malaysia; 308,124 arrived from Australia; and 261,456 hailed from India. Among these key markets, Australia and the US both recorded strong TR growth of nearly 15 per cent yoy, which the STB spokesperson attributed to robust spending on accommodation and F&B. The spokesperson also pointed to F&B as a strong growth driver in general, with eight of the top 10 markets recording yearly growth in this segment in Q1 2025. This growth, they said, reflects 'Singapore's growing appeal as (a) culinary destination, and follows STB's launch of a marketing campaign in October 2024 to position Singapore as a culinary capital, showcasing the city's vibrant, diverse and innovative food scene to a global audience'.
India.com
8 hours ago
- Entertainment
- India.com
Yellow Claw Calls Upon Tamil Rap Star Yung Raja for ‘Killing It'
New Delhi: Famous Dutch DJ and record production duo from Amsterdam - Yellow Claw has announced collaboration with Singapore-based Tamil rapper Yung Raja for the release of their next high-octane single titled 'Killing It'. The track which was essentially made for festivals is already making waves globally. 'Killing It' is an interesting mix of 808s, synths, and a cross cultural flare like no other. With a particular resonance among audiences in India, Malaysia, and the broader South Asian diaspora, Yellow Claw are only getting started. Yellow Claw hogged attention first in 2010 and are famous for their genre-blending approach—integrating elements of trap, bass, and hip-hop. The duo has built an international fanbase, performing at prestigious music festivals including Tomorrowland, Coachella, and Ultra Music Festival. Meanwhile, Yung Raja rose to prominence in 2018 with his breakthrough single 'Mustafa'. Celebrated for his seamless integration of Tamil and English lyrics, he has quickly become a cultural icon among South Asian youth globally. His artistic identity is rooted in representing his heritage with authenticity and pride - as his bilingual rap is a big hit. Yellow Claw and Yung Raja's collaboration for 'Killing It' song highlights the increasing global appetite for culturally inclusive music and reflects a growing trend of Indian and South Asian influences in mainstream global music. Available now on all major streaming platforms, 'Killing It' is poised to become a festival favourite and a staple on playlists across India. Stream the impactful collaboration across platforms here. Disclaimer: This article is from the Brand Desk. User discretion is advised.
