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Parsvnath Developers Limited (PDL) picks up 38% equity stake in Nano City Haryana Limited to build an infrastructure project at an investment of Rs400 crore as equity and debt for the project valued at Rs50,000 crore. The project will be completed in 10 years with 5,000 acres being developed in the first phase. “India lacks large, planned commercial & residential districts with modern concepts and quality facilities. We will make Nano City a world-class destination.” The knowledge city will be spread over an area of 11,000 acres in Panchkula near Chandigarh and will be named as “Parsvnath Nano city”. A public-private partnership project, in which Haryana Government through HSIIDC will have 10% equity stake, while PDL will have 38% and the remaining 52% will be with the Sabeer Bhatia promoted group. […]
Hyderabad-based real estate firm SatyaVani Projects and Consultants is in talks with European real estate investment trusts to raise $150 million in private equity, which will form the bulk of the $190 million it plans to spend on projects in Hyderabad, Bangalore and Visakhapatnam. Besides private equity, SatyaVani Projects is looking at raising cash through a combination of internal accruals and private placement, company director P Surya Prakash said. He declined to name the potential investors. A 5 million sq ft medical tourism project in Hyderabad will be the biggest, costing $120 million and consisting of two hospitals, a health resort and service apartments. […]
South Africa's MTN Group said on Tuesday it had made no advances to talk to India's Bharti Airtel , but was still talking to Reliance Communications. “MTN has not made any advances to Bharti. Normally we don't comment on speculation, but this time we refute this (that MTN has made fresh advances to Bharti),” Nozipho January-Bardill, MTN's spokeswoman, told Reuters. Economic Times reported on Tuesday that MTN has sounded out Bharti Airtel for reviving merger talks if it fails to agree a deal with Reliance Communications. (Reuters) […]
The man who revolutionised aviation in India with his low-cost airline, Air Deccan, is set for a new beginning in the cargo and logistics space. Capt G R Gopinath is planning to raise $50 million through private equity to part-fund his $200 million cargo venture. Confirming the move, Gopinath told TOI that Mumbai-based investment banking firm Edelweiss Capital has been asked to seek investors. Gopinath owns 100% of the company, Deccan Cargo, which he plans to build as “an end-to end express logistics service provider delivering cargo to one's door step”. The business will include ground logistic services via road and rail similar to that of global giants FedEx and UPS. Earlier he had told TOI that he would also look at selling his stake in Deccan Aviation to fund the cargo business. Gopinath holds a little over 8% stake in Deccan Aviation, which after the merger with Vijay Mallya owned UB Group's Kingfisher Airlines would be called Kingfisher Airlines. […]
ONGC group, India's top oil & gas exploration firm, may have set off on a new oil chase. And this time the target seems to be Imperial Energy Corporation, a $20-million British company with oil-producing assets in the Tomsk region of western Siberia of Russia and north-central Kazakhstan. The LSE-listed oil and gas exploration and production company currently produces 10,000 barrels per day of oil. A source said ONGC is in talks with Imperial Energy to form an “alliance”, which could include the former buying an equity interest in the latter. A board member of ONGC Videsh, ONGC's foreign investment arm, said the company doesn't comment on market speculation. John Hamilton, Imperial Energy finance director, did not respond to emails and phone calls from TOI. Imperial Energy's stock on Friday closed at £ 772 on LSE. With skyrocketing global crude prices, oil companies' valuations have touched new highs and acquisition battles have got tougher. From $101 a barrel on April 1, oil prices crossed the $147-a-barrel mark on July 11. Imperial Energy has a market capitalization of £789.31 million. […]
South African telco MTN is learnt to have sent feelers to Bharti for reviving talks, if it fails to clinch a deal with Reliance Communications, according to a source linked with discussions between the two companies. MTN and Bharti Airtel, which were in merger talks in May, but the Indian telco had called off talks after both companies failed to agree on the corporate structure of the combined entity. The source close to deliberations between Bharti and MTN also added that “the Indian telco was very open to take the discussions with MTN forward if such possibilities existed.” When contacted, the Bharti spokesperson said the “company does not comment on market speculation.” Last week, MTN and India’s second-largest mobile operator Reliance Communications (RCOM) agreed to “extend their period of exclusivity for talks until July 21.” Therefore, a formal approach by MTN appears unlikely for the time being. […]
Radio frequency systems and solutions company Microqual Techno is close to sealing private equity funding of $20 million by August-end for expansion, a top company official said. “This is the second round of PE funding for us and we plan to raise USD 20 million by August-end from 3-4 leading PE players,” Microqual Techno's CEO Mahesh Choudhary said here. In mid-2007, the company had raised USD 10 million from three players– NEA-IndoUS Ventures, JAFCO Asia and BTS India Fund. The three existing investors will participate in this round of funding as well, apart from a couple of new investors, Choudhary said. Post the fund-infusion, the PE investors will hold a 48 per cent stake in Microqual Techno. […]
IT major, Idhasoft, is close to sealing two acquisitions worth Rs 200 crore in the US, a top company official said. “We are hopeful of completing the first acquisition by end-August and the second by September 30,” Idhasoft's Chief Executive Officer, Alok Pathak, said here. While Pathak would not divulge the identities of the two target companies, he said that they were medium-sized ones with a strong customer-base. “Acquiring them would help us in augmenting our customer-base,” he said. While one company is in the B2C domain with Fortune 50 clients, the other is in the business intelligence, ERP and business process re-engineering space with several Fortune 100 clients. Idhasoft is a rapidly-growing IT services provider in retail banking, financial services, manufacturing, healthcare and insurance domains and its clients include leading Fortune 500 companies. […]
Bhupendra Kumar Modi is planning to offload 24 per cent stake in Spice Mobiles, his mobile handset business, to global handset manufacturer Sony Ericsson. According to sources close to Modi, this move is a part of a bigger association that would see Sony and Modi getting together in a range of other businesses with the Japanese multinational. “The Modi group is looking at merging its business with the Sony company at the every level. This started off with Sony's television business and now the mobile space. Sony Ericsson intends to acquire 51 per cent in Spice Mobiles. While Modi will offload 24 per cent the additional stake will be bought through the market,” said a source. Modi is in advanced stages of negotiations and the process should be completed wihin the next three months. Modi is believed to be quoting around Rs 80-100 a share. […]
Even as the market has been rife with rumours that Citi group will sell its stake in housing major HDFC, Deepak Parekh, chairman, HDFC has denied any such move. Last week, there were media reports that Citi may sell its 11.74% stake in HDFC to Oman Investment Corporation. However, when contacted , Mr Parekh said that there was no such move on Citi’s part to sell its stake. Citi had picked up a stake in HDFC in 2006. Last year, HDFC had made a preferential issue of Rs 3,114 crore to private equity major Carlyle Group and Citi to increase its stake in HDFC Bank and also help the housing major finance its insurance business and housing business. The Carlyle Group, through Carlyle Asia Partners (CAP), put in Rs 2,638 crore, while Citigroup Strategic Holdings Mauritius Ltd subscribed to the balance Rs 475 crore. Post the issue, Citigroup will maintain its holding at 12.3% and Carlyle will hold 5.6%. Currently Citi which is the largest stake holder in HDFC, holds 11.74% stake in HDFC, while Carlyle holds 5.37% stake. […]
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