US-based telco billionaire Bhupendra Kumar Modi is expected to close the deal in June for buying out the 32 per cent holding of the Indian promoters in Sony Entertainment Television (SET) India for $320 million. This pegs the valuation of SET India at $1 billion. BK Modi is making the acquisition through Modi's company MCorp Global which has subsidiaries including mobile telephony service provider Spice Communications Ltd, technology retailer Hot Spot Retail Pvt. Ltd and mobile handset maker Spice Mobiles Ltd.In 2000, US-based private equity group Capital International had picked up 8 per cent stake for $200 million, valuing the company at $2.5 billion. The buyout will put at rest the long tussle between Sony Pictures Entertainment (SPE) and the Indian promoters who had even dragged the multinational giant to the Bombay High Court in February this year, questioning the board's capital call to its shareholders for infusing $40 million. The Indian promoters who include Sushil Shergil, Sudesh Mani Iyer, Rakesh Agarwal, Jayesh Parikh, Raman Maroo, BR Sule and film actor Jackie Shroff, were pressing Sony for listing the company through an initial public offering (IPO). They hold their stake in MSM through Atlas Equifin and Grandway Global Holdings […]

Bharti Airtel is learnt to be evaluating the option of forging a consortium comprising key MTN shareholders, the Mikati family and the employee-owned Newshelf, and possibly SingTel, in its bid for the South African telco. While the Mikati family and Newshelf through the Alpine Trust own 23% in MTN, it is believed that in addition, Bharti will try to negotiate an agreement with MTN shareholders to pick up 30% equity and make an open offer for another 20%. The consortium will thus hold around 74%. In return, a structure may be devised which will enable the Mikati family and Newshelf to indirectly hold shares in Bharti Airtel. The Bharti spokesperson refused to comment on the development. ET has been unable to obtain individual confirmations on these developments from Bharti Airtel’s top executives. A reliable source told ET that Bharti is looking at several options and will take its time before proceeding further. The Bharti top brass, including chairman Sunil Mittal, who met with top MTN officials earlier this week in London, have returned. […]

3i Infotech has picked up 26 per cent stake in Hyderabad-based Locuz Enterprise Solutions, a specialist in IT infrastructure solutions and services. Mr Anirudh Prabhakaran, Executive Director and President – South Asia, 3i Infotech, said: “We have identified IT infrastructure management and system integration as a key growth driver and this acquisition will enable us to be a larger player in the IT outsourcing market. More companies are increasingly scouting for specialists to develop and roll-out IT-centric business strategies.” India has witnessed a phenomenal growth in the last decade in the field of IT infrastructure management prompted by improved technologies, advanced management tools, and increasing flexibility in requirements. (Money Control) […]

Intercontinental Exchange Holdings Inc may be required to sell a portion of its stake in India's National Commodity Derivatives Exchange (NCDEX), and the bourse has already been approached by many financial institutions, its chief executive said on Wednesday. The Atlanta-based exchange said it was in talks with the Indian Government about the possibility of holding on to its 8 percent stake in NCDEX, or lowering it to the mandatory 5 percent regulatory cap. ICE CEO Jeff Sprecher said it has been approached by a host of institutions, including global exchanges, financial services companies and banks for the “extra piece” it holds. […]

Leading foreign and Indian institutions including Deutsche Bank, Lehman Brothers, Goldman Sachs, ICICI Venture and HDFC Realty are in talks with Nirmal Lifestyle, a real estate developer in Mumbai, to buy a stake in some of its property projects. Nirmal Lifestyle, which is in the process of raising $5 billion to invest in its township projects across India in the next five years, has plans to raise $500-$800 million from private equity funds. “We are in the process of developing 20 townships under the brand name “Lifestyle City” across India. We just concluded the land acquisitions in various cities and initiated steps to raise $5 billion to invest in these projects. As a part of it, we will be raising $500 to $800 million from private equity funds,” Nirmal Lifestyle CMD Dharmesh Jain said. He declined to provide names. He said that the firm is also exploring other routes such as a public issue. […]