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Standard Chartered Plc said on Thursday its private equity arm would invest $50 million in an Indian power generating equipment maker, which has potential in electricity deficient India. The investment will give it a 10-15 percent holding in Powerica Ltd, Nainesh Jaisingh, managing director of Standard Chartered Private Equity, said. Powerica Managing Director Naresh Oberoi said the cash would be used to build an integrated generating set making facility near Mumbai and for upgrading existing facilities. (Reuters) […]
Reliance Power, a unit of the Anil Dhirubhai Ambani Group (ADAG), will offer 5% to an overseas power utility or a private equity (PE) fund on top of the 10% it is selling to the public, a person familiar with the development said. Group officials are in talks with some Asian and Middle-East power utilities and global private equity funds. The transaction is likely to be concluded soon, the person added. The sale would be on top of the 10% that Reliance Power is selling to the public and the new investor may also get an option to increase his stake later. The sale is being structured on the lines of the sale of equity to US giant Chevron Corp last year by Reliance Petroleum (RPL). In that transaction, Reliance Petroleum had sold 5% to Chevron just before its Rs 8,100-crore IPO. Chevron also got an option to increase its stake to about 29% some time before the commissioning of RPL’s 5,80,000 barrels per day refinery in Jamnagar. The sale was done at Rs 60 per share, the same as the IPO price. […]
i-flex Solutions has acquired 100% stake in Castek Software. According to a release issued by i-flex to the BSE today, i-flex board today approved the acquisition and the transaction is expected to close by March 2008. Headquartered in Toronto, Canada, Castek is a provider of core insurance-business processing systems for large- and mid-sized Property and Casualty (P&C) insurers. In August 2005, i-flex had entered into an equity financing arrangement with Castek, that allowed i-flex to become its largest shareholder. Since then, i-flex held 59.9% of Castek's shares on a fully diluted basis. On completion of the latest transaction, i-flex will own all the outstanding shares of Castek and it will become a wholly-owned subsidiary of i-flex.( Business Standard) […]
The hunger for a piece of the hospitality pie in the country seems to be growing by the day. Kotak India Real Estate Fund has just acquired around 11.11% stake in Mumbai-based The Pride Group of Hotels at a cost of Rs 45 crore. Earlier this year, in May, Temasek Holdings had acquired a 21.74% stake in GL Hotels, also based in Mumbai, for Rs 125 crore. DNA Money had, in June, reported a possible stake acquisition in the Pride Hotel chain to the tune of Rs 50 crore. S P Jain, chairman, had then said that the management was talking to a very prominent company for the equity investment. The group, which currently operates four five-star hotels, has chalked out a Rs 350 crore expansion-cum-renovation plan. The expansion plan includes setting up new five-star hotels in Mumbai, Goa, Bangalore and Hyderabad in addition to a resort hotel-cum-spa at Alibaug. At its three existing properties in Pune, Ahmedabad and Nagpur, on the other hand, the hotel chain is adding room inventory. Each hotel will see an addition of around 50 rooms. […]
The company is going to raise Rs 2,000 cr via PE funding. They are in talks with ML, Carlyle, JP Morgan, Crown for fund raising. The company has board meet on Oct 11 to consider for fund raising. (Money Control) […]
Mahindra International Ltd is eyeing a stake in Eicher Motors Ltd, the Business Standard said on Friday, citing sources close to the development. An alliance with Mahindra International — a venture of India's Mahindra & Mahindra Ltd and Navistar's International Truck and Engine Corp — would give Eicher expertise in engines and high-capacity trucks, it said. A spokesman for Mahindra declined comment. On Thursday, another newspaper had said Volvo was in advanced negotiations to buy a majority stake in Eicher, and that its offer of 675 rupees ($17) per share had topped an offer of 500 rupees a share from DaimlerChrysler. A spokesman for Volvo on Friday said he would not comment on speculation, and reiterated the company's stated interest in a partnership with a local Indian firm. […]
HSBC, Europe's biggest bank, plans to raise $500-600 million for an India-focused real estate fund, the Economic Times newspaper reported on Friday, citing sources close to the development. A spokeswoman for the bank in Mumbai could not comment immediately on the report. The newspaper quoted an industry source as saying that the bank was keen to get a slice of the real estate market in India although the fund would also make small investments in other sectors. India's property sector has been buzzing since early 2005, when rules on inbound investment in the construction industry were eased, prompting an influx of private equity funds such as those run by Morgan Stanley and Citigroup. Last month, the Carlyle Group said it hoped to seal its first property deal in India this year. In June, real estate developer DLF Ltd raised $2.3 billion from India's biggest-ever IPO, while Emaar MGF Land, in which Dubai's Emaar Properties holds about 40 percent, is awaiting the Indian market regulator's nod for its IPO, which may raise up to $1.5 billion. ( Reuters) […]
Delhi-based real estate developer Parsvnath Developers (PDL) is learnt to be in talks with US-based global financial investors Lehman Brothers and Morgan Stanley for divesting equity in the company’s Special Economic Zones (SEZ) projects. Lehman Brothers declined to comment and an e-mail sent to Morgan Stanley did not elicit a reply. PDL chairman Pradeep Jain also declined to comment. Two of PDL’s SEZ projects in Indore and Gurgaon have already been notified. Sources say the company is looking to divest about 30-40% equity stake in both the SEZ projects to financial institutions. The deal size is expected to be in the excess of Rs 2,000 crore for both the SEZ projects put together. […]
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