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Tanti group venture buys Chinese wind energy firm

Tanti group of companies, the promoters of Suzlon Energy Ltd, jointly with Bahrain-based Arcapita Bank, has acquired Honiton Energy Holdings, a Chinese wind energy firm. The company has not disclosed the value of the deal. The joint venture partners will invest $2 billion by 2012 to develop a 1,650-MW portfolio of wind farms in the Inner Mongolia region of China. The acquisition is being channelled through Colossus Holdings, a Singapore-based holding company of the Tanti group. The group directly and indirectly owns 66 per cent of Suzlon Energy, the world’s fifth leading supplier of wind turbines with a 10.5 per cent global market share. […]

WL Ross to buy fresh SpiceJet equity

Budget airline SpiceJet seems to have made some headway in its talks with the American turnaround investor Wilbur L Ross for infusion of capital in the form of equity. A source close to the development said the budget airline is considering issuing fresh equity in the name of the billionaire’s company —- WL Ross & Co. The source said that the airline board will meet on Wednesday to clear the proposal. “They (SpiceJet) are looking at issuing preferential shares to Ross & Co. The board will be meeting on Wednesday (to clear the proposal),” said the source. The price of the preferential share will be worked out on the basis of the Securities and Exchange Board of India (Sebi) formula —- 26 weeks average share price or the average share price over the last 14 days, whichever is higher, the source said. […]

Japan's Nomura to pick up stake in LIC's AMC unit

Japanese fund manager Nomura Asset Management is set to pick up a stake in LIC MF Asset Management Company which manages LIC Mutual Fund. In a statement issued in Japan, Nomura Asset Management Company, the fund management unit of Nomura Holdings, said it has agreed to invest in an asset management unit of Life Insurance Corporation of India. Agency reports quoted Riyo Azechi, a spokeswoman for Nomura Asset stating that the Japanese fund manager will work together in India with LIC Mutual Fund Asset Management Company on the asset management business. Speaking to ET, LIC MF chief executive Sushobhan Sarker said that a memorandum of understanding has been signed with Nomura whereby both companies would look at ways of working together. He said that the outcome of these explorations would decide whether Nomura would pick up a stake in LIC MF or not. A team comprising of officials on both sides would be constituted to take the partnership forward. […]

Citi may sell $2b stake in HDFC Bank

World's biggest lender Citigroup may sell its stake worth $2 billion in the country's leading mortgage lender HDFC, a media report said. “The bank's German operation has already been put up for sale… and it is understood Citi may also sell its $2 billion stake in Indian bank HDFC,” the report said. Battered by billions of dollars of losses from the sub-prime crisis, Citi has embarked on a major restructuring drive led by its India-born chief executive Vikram Pandit. Recently, various reports said the world's biggest bank is gearing up for an aggressive round of layoffs, with plans to cut 6,500 jobs from its investment banking business. […]