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A leading English football club are looking to buy a stake in one of two new cricket teams that will compete in next year’s Indian Premier League (IPL), according to the tournament’s ringmaster. Lalit Modi, the IPL commissioner and the driving force behind cricket’s wealthiest competition, said that he is also holding discussions with MCC about it becoming involved with one of the new IPL franchises. “There is a football club, a very famous football club in the UK, very interested in bidding,” Modi told The Times yesterday in an interview at his office in Mumbai. […]
Big-ticket private equity investments are set to see a revival in 2010, driven by an improved business environment and increased investor confidence. In fact, the trend seems to have already begun, if one looks at the deals closed in the first couple of months of the year. In mid-January 2010, a consortium of private equity firms, including Baring, Sequoia Capital, Fidelity and Deutsche Bank, acquired a 16% stake in infrastructure-EPC company Coastal Projects for $54.8 million. Early February saw the largest investment of the year so far, with Quadrangle Capital and a few others pumping $300 million into Towervision India. And that’s not all —the market is abuzz with more such deals that are in the final stages of negotiations and are expected to be closed in the coming months. […]
Multiplex chain operator PVR Ltd has terminated its agreement to acquire the cinema exhibition business of DT Cinemas Ltd, a DLF Group company. PVR, in a statement to the BSE, said that both parties mutually agreed not to extend the period for completion of the pact. PVR said the agreement was cancelled as the “condition for acquisition” has not been met by DT Cinemas. Both PVR and DLF officials remained tight-lipped on the specific conditions that were not met. […]
Life Insurance Corp of India (LIC) won't be allowed to increase its stake to more than 10 percent in Indian firms, but will be allowed to retain the stake in companies where it already holds more than 10 percent, a finance ministry official said on Tuesday. Sector regulator Insurance Regulatory and Development Authority (IRDA) does not allow insurers to hold more than 10 percent stake in any firm, leading to market speculations that the state-run insurer might be asked to pare its existing stakes. “The IRDA has not asked them (LIC) to pare it down. But they may do it for commercial reasons,” the official, who declined to be named told Reuters. […]
State Bank of India (SBI) may pick up a 49% stake in Tata Motors Finance Ltd (TMFL), the vehicle financing unit of Tata Motors Ltd, according to two persons familiar with the development. The deal will allow the country’s largest commercial bank by assets to expand into loans for trucks and buses. The persons familiar declined to be identified as the deal hasn’t been finalized. Shyam Mani, managing director, TMFL, the country’s largest non-banking finance company, declined to comment. “Only Tata Motors shall be able to comment on the matter,” he said. The parent company didn’t confirm or deny the news. […]
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