November 2009
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NDTV sells majority stake in lifestyle arm to US firm

Scripps Networks picks up 69%, to launch more channels. US-based media company Scripps Networks Interactive has acquired a 69 per cent stake in NDTV Group’s programming subsidiary, NDTV Lifestyle. The latter operates NDTV Good Times, a lifestyle channel. The deal is for $55 million (around Rs 260 crore) and is expected to be completed by the end of the first quarter of 2010. NDTV Group would retain a 31 per cent stake in the joint venture, a company statement said. This comes within a fortnight of Scripps Network picking up a majority stake in Travel Channel, the leading international lifestyle television property, for over $1 billion. [...]

Hospitality revival spurs PE interest

Global private equity and real estate funds are looking to check into mid-market hotels with occupancy and room rates in major markets picking up in recent months. A slew of funds including Duet, Starwood Capital, Pacifica, Sun Apollo, Xander and Och-Ziff have renewed discussions with hospitality companies such as Red Fox and Lemon Tree; Roots Corporation, a wholly-owned subsidiary of The Indian Hotels Company that promotes its budget brand Ginger; and Berggruen Hotels, promoters of Keys, industry officials said. Industry watchers say hotel projects and low-income group housing projects are areas where many international asset class funds are looking to invest. [...]

Suzlon sells 35% stake in Hansen

Will raise Rs 1,729 crore through sale in Belgian arm to reduce debt burden. Suzlon Energy today sold a 35.22 per cent stake in Hansen Transmission, its Belgium-based subsidiary, through a secondary placement of depository interest for $370 million (Rs 1,729 crore), as part of its efforts to retire mounting debt. AE-Rotor Holding BV (AERH), a wholly-owned indirect subsidiary of Suzlon Energy, which bought Hansen three years earlier, has completed a secondary placement of about 236 million of depository interest at 95 pence each, Suzlon said in a statement. With the sale, Suzlon’s holding in Hansen has declined to 26.06 per cent from over 61 per cent. The sale would not result in changes in the composition of the board in Hansen. [...]

Petronet may acquire up to 10 pct stake in OPaL

Petronet LNG Ltd is keen to acquire up to 10 per cent stake in ONGC Petro-additions Ltd which is setting up a cracker complex in Gujarat. Mr A K Balyan director (Human Resources and Business Development) of ONGC told reporters that “Petronet LNG has shown interest to acquire up to 10% stake in OPaL. The board will take a decision on the matter.” He said that the company is also looking to hit the capital market in the next year but has yet to decide on the amount of stake to be made public. [...]