|
|
Mukesh Ambani-spearheaded Reliance Industries, on Thursday said that its growth plans included greenfield investments and acquisitions besides adding 9 lakh tonnes per annum to its polypropylene capacity at its Jamnagar refinery. We will consolidate our position by pursuing greenfield investments and acquisitions in the entire value chain, RIL`s chairman and managing director, Mukesh Ambani, told shareholders at the company`s annual general meet here. The company will commission a 9,00,000-tonne per annum polypropylene facility this year at its new refinery in Jamnagar, making it the world`s third-largest producer. The company`s new 2.5 million tonne per year paraxylene manufacturing facility in Jamnagar would provide a platform for growth in the polyester business in India and overseas, he said. “The second potential avenue for growth and transformation is in alternative energy,” RIL chairman Mukesh Ambani said during the company`s annual general meeting here. “This is a natural extension of our conventional energy portfolio.” […]
Telekom Malaysia (TM) will pay Rs 150 per share for a less than 15% stake in Idea Celluar, valuing the AV Birla Group company at Rs 40,000 crore or $9.3 billion. Idea will then buy out the Modis’ 40.8% stake in Spice Communications, and TM will have 20% equity in the entity formed after merging Spice and Idea. “TM will invest around $2.2 billion in Idea and get shares in the merged company,” sources close to the development told ET. Since TM’s stake will increase through a merger, an open offer will not be required. “While TM will buy less than 15% through preferential offer, it will get a little over 5% through merger. The preferential offer for TM was a pre-condition for Spice-Idea merger as TM is keen on a bigger India play. This was the only way Idea could have got Spice, which it has been eyeing for over an year now,” said sources. With this, TM’s three-year old dream of partnering Idea Cellular will come true. Way back in June 2005, TM, in a consortium with Singapore Technologies Telemedia, wanted to acquire 47.7% stake in Idea Cellular. They wanted to buy out the stake of US telecom giant AT&T — now Cingular Wireless — for about $390 million. However, the Department of Telecom (DoT) raised objections to the deal and TM’s ambitions could not be fulfilled. […]
IDFC PE-II, a venture fund of Infrastructure Development Finance Corporation, has picked up 22% stake in the Seaways Shipping, for Rs 1.20 billion, reports Business Line. Seaways Shipping is one the leading maritime operators in the country, providing a range of shipping and logistics services. It is learnt that IDFC and JP Morgan had been in discussion for funding Seaways for some time, but the deal was finalized only about a week ago. The investment was made out of IDFC`s second fund, which has a corpus of USD 440 million. Seaways is the second investment out of the fund in the current financial year. IDFC is now looking to raise a third fund, with a corpus of around USD 700 million.(My Iris) […]
Reports suggest that the West Asian company, Al Rostamani may buy a 25% stake in Gujarat Heavy Chemicals Ltd, or GHCL for USD 200 million. Nikhil Sen, Head of International Strategy said that the West Asia initiative is an integral part of their strategy. However, he clarified that he cannot comment on the report of West Asian company's buying stake. Soda-ash is a very strong area of business for the company, he said. Sen added that the company is looking at bolstering both its soda ash and retail business in West Asia. The company is also in talks with some domestic and international companies regarding few verticals within India, he said. They may announce a deal in a few days, he said. (Money Control) […]
Gammon India Ltd. said it has acquired a 75.1 percent stake in steam turbine maker, Franco Tosi Meccanica Spa. for 40 million euros. In a regulatory filing, the company also said it has bought 50 percent in power sector services firm, Sadelmi Spa., for 7.5 million euros. SCI shares closed up 3.12 percent at 390 rupees on the Bombay Stock Exchange, and the benchmark Sensex closed up 1.99 percent at 15,185.32 points. (Forbes) […]
The AV Birla group flagship Grasim Industries on Tuesday said it has sold its sponge iron business — Vikram Ispat — to Welspun Power and Steel for Rs 1,030 crore. Grasim, in a statement issued here, said the company would transfer its Vikram Ispat undertaking into a new special purpose vehicle (SPV), to be formed as a subsidiary company of Grasim. The SPV would be funded by Welspun Power and Steel through equity investment and induction of debt to acquire the SPV and sponge iron business. The SPV would use the funds inducted by Welspun to make the payment to Grasim. The transaction is expected to be completed within the next six months, the statement added. Ravi Kastia, group executive president and business head, Grasim, told ET that the company would plough back the money into its core businesses of viscose-staple fibre and cement. […]
Mobile payments solutions provider PayMate Inda has raised $9 million (Rs 38.57 crore) in the second round of funding from three PE funds, led by Mayfield Fund and existing investors Kleiner Perkins Caufield & Buyers and Sherpalo Ventures, for an undisclosed stake in the firm, PayMate said in a statement. “Mobile electronic payments are the way of the future in India. PayMate has figured out how to unleash the potential of the phone as the primary transaction terminal for the over 260 million mobile users in India,” said Nikhil Khattau, MD, Mayfield Advisors, who also join the PayMate board. PayMate works with service providers like airlines and banks to enable transactions on mobile phones and wireless devices. Customers can buy an air ticket by sending an SMS and pay by credit card through a secure IVRS call-back service. […]
In one of the biggest buy outs of any Indian company by an MNC, Japanese major Daiichi Sankyo has picked up the promoters – Malvinder Singh and Shivinder Singh's – 34.8% stake at Rs 737 per share in drugmaker Ranbaxy Labarotaries. This means complete exit of Ranbaxy promoters from the company. However, the senior Singh (Mr Malvinder Singh) is expected to continue to head the management for sometime. The story was first broken by ET. As ET reported earlier, the Japanese company may buy the promoters' stake at Rs 737 per share or around 30% premium over Ranbaxy's share price of Rs 560.75 on Tuesday. At this share price, the company is valued at around Rs 27,492 crore while the promoters will get around Rs 9,573 crore. The Japanese major will also make a mandatory open offer, as per the Indian laws, to buy an additional 20% stake in the company. The source added that Daiichi Sankyo plans to hold a controlling 51% stake in the Indian company. […]
Investors may be worried that big buyout firms are changing their investing style, but it’s not stopping them from turning over more money to the asset class. With credit markets at a standstill and the pace of private equity deal-making having slowed dramatically, almost three-quarters of institutional investors worry that private equity firms will stray into less familiar strategies or geographies in the quest to find a home for all of the capital raised in recent years, according to Coller Capital’s just-released Global Private Equity Barometer, a semi-annual survey of institutional investors. The survey included 103 institutional investors from North America, Europe and Asia. They have good reason to worry about this so-called “style drift”; many of the biggest private-equity firms are already getting creative with their investment strategies. Some are taking minority stakes in public companies, such as TPG Capital’s recent investments in Washington Mutual and UK-based lender Bradford & Bingley. Others are pumping money abroad, particularly into emerging markets such as China, India or even Africa. […]
Indian firms are increasingly warming up to the idea of tapping global private equity (PE) funds. Going beyond just raising capital, they are increasingly utilising the PE firm to develop a global edge, to gain inroads into international markets and develop strategic tie-ups with foreign partners. Noida-based Phoenix Lamps Ltd, in which UK-based Actis bought a controlling stake last year, is cashing in on a slew of global tie-ups with international lighting firms, aggressive forays into international markets including Europe and West Asia, and rapid ramping up of capacity. Aurangabad-based Endurance Technologies, in which Standard Chartered Private Equity Fund picked up stake a couple of years ago, has been on a roll since, acquiring three European firms and opening a Detroit office. Gokaldas Exports, India’s largest garment exporter, decided to sell out to Blackstone Group for $165 million in August last year to leverage Blackstone’s financial muscle and contacts in the key US market. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|