Indiareit Fund Advisors Ltd, the real estate venture capital fund promoted by Piramal Enterprises, is partnering with Skyline Constructions and Holdings Ltd to jointly develop 16 housing projects in this IT hub and one in Mysore at an estimated cost of Rs.7 billion. The 2,300-odd residential units, spread over 3.5-million square feet, will be located across the city in upmarket areas such as Whitefield, Kanakapura Road, Bannerghatta and Old Madras Road. 'The multi-sectoral economy, cosmopolitan lifestyle and a booming knowledge sector have made Bangalore a veritable investment destination for real estate development. The growing demand for housing will enable us to hedge risks in funding the projects,' Indiareit chief executive officer Ramesh Jogani told reporters here Wednesday. The venture fund also plans to invest Rs.2.25 billion in similar Skyline projects in Mangalore, Chennai and Kochi at a later date. […]
Shiva Cement Ltd on Wednesday said it will allot 10 lakh equity shares to IFCI Ltd on preferential basis.
The Board of Directors at its meeting approved the proposal to issue the shares to IFCI, the Orissa-based company said in a filing to the Bombay Stock Exchange.
Earlier in July, the shareholders passed the resolution for the allotment of the shares to IFCI Ltd.
The company further informed that Santosh Kumar […]
UK-based Prudential PLC may be exploring opportunities to sell its business process outsourcing unit in India. The captive — Prudential Process Management Services (PPMS) — is located in Mumbai and has an employee strength of 1,800 people. Sources in the industry say, the company is in initial discussions with investment bankers for a possible deal. “The company is looking to sell its BPO operations in India and has already started talks with bankers. The deal is, however, yet to be struck as discussions are initial,” said an industry source. The exact size of the transaction is not known. When contacted by ET, a Prudential spokesperson said, ”We don’t comment on market speculation. All that I can say is that we are undertaking a review of the work that has been done by the team in Mumbai but this was mentioned in our last results event.” PPMS services not just the operations of its parent in UK but is also supporting operations in Prudential Asia. The company is setting up an additional 300 member facility in Mumbai where actuarial and market analysis will be done, in addition to back office work of insurance policies that is currently being done. The company’s spokesperson added that nearly one third of the company’s customer services are done out of its India captive. PPMS is the back office of Prudential PLC — an international retail financial services group which provides annuities, corporate pensions, with-profits and unit-linked bonds, savings and investments products, protection policies, equity release and health insurance products. It is present in India through its joint venture with ICICI— ICICI Prudential Life Insurance Company for providing life insurance. […]
Morgan Stanley has picked up 5 per cent preferential equity in Ess Dee Aluminium for Rs 575/share, in a transaction totalling Rs 81 crore.
Ess Dee Aluminium told BSE that its board decided to issue 1.41 million equity shares on a preferential allotment basis to Morgan Stanley. Earlier, foreign fund Fidelity had picked up 5 per cent stake in the company.
The Morgan Stanley move comes close after the company said it is in talks to buy out […]
US billionaire George Soros and six other investors have picked up a 5 per cent stake in Reliance Telecom Infrastructure Ltd, a subsidiary of Reliance Communications (R-Com), for Rs 1,400 crore.
Besides George Soros’s Quantum Fund, other investors who picked up stakes in the R-Com arm are Fortress Capital, HSBC Principal Investments, Galleon Group, New Silk Route, GLG Partners and DA Capital.
The proceeds from the transaction have been received in full, and capital gains […]