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Overseas investor Bank Muscat India Fund on Friday purchased stakes in six Indian companies, including LIC Housing Finance and M&M Financial Services, through various open market transactions worth a total of about Rs 172 crore (US$34 million). Bank Muscat bought stakes in India Infoline, Lakshmi Overseas Industries, LIC Housing Finance, Mahindra & Mahindra Financial Services, DLF and Lakshmi Energy and Foods from Taib Securities Mauritius Ltd, while shares were sold in these companies by Taib Securities Mauritius. As per the […]
L Capital Asia, a private-equity arm of LVMH Moet Hennessy Louis Vuitton, is in talks to invest about $150 million to acquire a minority stake in a unit of India’s Raymond Ltd., the Economic Times reported Monday, citing people aware of the matter. L Capital Asia may buy a 10%-20% stake in Raymond Apparel, which owns brands such as Park Avenue, Parx and Notting Hill, sold via its exclusive retail stores, the report said. Source: WSJ
Swiss private bank EFG is exiting Indian market with its top brass – managing assets estimated at $250 million – moving over to L&T Finance Holdings. The development marks L&T’s foray into private wealth management, providing it with a robust platform of assets to start, said sources directly familiar with the matter.
Troubled by the Eurozone crisis, EFG decided to pull out earlier this year leading to the exit of its chief executive Manoj Shenoy and 12 private bankers, who […]
The IT services arm of Indian steel-to-oil conglomerate Essar Group is in talks to raise $500 million to $600 million through a U.S. initial public offering and the sale of a stake to private equity firms, sources familiar with the matter said. Essar’s Aegis Ltd is in talks with private equity investors including U.S.-based Warburg Pincus and General Atlantic to raise as much as $200 million in an equity placement prior to an IPO, sources said, declining to be named […]
Ethnic retailer Fabindia is understood to have sold 7% stake in the company to Azim Premji’s Premji Invest for about Rs. 125 crore to fund expansion. About a month ago, L Capital, the private equity arm of luxury conglomerate LVMH Group had also bought 8% stake in Fabindia from Wolfensohn Capital Partners. When contacted, neither Fabindia nor Premji Invest spokesperson offer any comments. Fabindia currently operates 141 retail stores across India and one store each in Dubai, Nepal and Italy. […]
Sterlite Industries has offered to pay Rs 16,000 crore to buy government stakes in Hindustan Zinc (HZL) and Bharat Aluminium Company (Balco), in which the majority holding was acquired by the Vedanta group about a decade back.
“Government had asked us, if we will be interested to take its stakes in HZL and Balco. We answered in the affirmative. As per the prevailing market price, we have offered Rs 16,000 crore for buying stakes. That was in January,” Chairman of […]
Australia-based Rapid Nutrition, a natural healthcare company, has entered into a joint venture agreement with in city-based Cheminnova Remedies. According to the JV understanding, Rapid Nutrition will pick up 74% of Cheminnova stakes in the next 24 months, through a special purpose vehicle of the Australian company in India, said Vasudeva Rao, managing director, Cheminnova. “The current holding of promoters is 100% and Rapid Nutrition will hold 74% equity in 18 to 24 months time and we will end up […]
Gitanjali Gems, India’s largest jewellery retailer, is close to acquiring a jewellery retail company in China and hopes to announce a deal in the next 2-3 months, a top official said. In December 2011, it acquired Hong-Kong based jewellery manufacturing company Crown Aim, but has so far not disclosed the financial details of the deal. We are looking at another company in China as that market is very attractive for us, Abhishek Gupta, head of corporate strategy, said in an […]
Adani group today said that it is interested in bidding for British Gas’ stake in city gas distribution company—Gujarat Gas. “Currently, due diligence process of BG’s stake in Gujarat Gas is going on. We are interested in evaluation and and we are evaluating it. We shall share more details when the time is right,” said Ameet Desai, managing director of Adani Enterprises.
British Gas has decided to exit from the business in which it has 65 per cent stake. […]
Indian Hotels Co Ltd (IHCL), the Tata group hospitality flagship, had last March announced Rs320 crore investment by Singapore based private equity firm, Omega TC Holdings Pte Ltd, into its subsidiary Roots Corp Ltd (RCL) that runs the Ginger chain of budget hotels in India. The IHCL management had then said that Omega TC was chosen after discussions with a few PE players and the investment, which was to be made in various tranches till 2014, included buying out some […]
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