|
|
Former McKinsey chief Rajat Gupta has bailed out of the controversial shareholding in Tamilnad Mercantile Bank (TMB) after offloading shares to European family office Liberties Strategic Services, said people directly familiar with the matter. Gupta no longer holds 4.9% stake, which he held through an escrow account in Mauritius, and has exited the investment at a premium.It is not clear whether this stake sale will clear Gupta's name from investigations into purchase of C Sivasankaran's 33% TMB stake by a group of 18 investors—both foreign and domestic—four years ago. This share sale, like his stake buy in the country's oldest private sector bank, has no approval from Reserve Bank of India (RBI). […]
Auto parts maker Motherson Sumi Systems (MSSL) on Wednesday said it plans to acquire an 80% stake in Germany's Peguform Group from Cross Industries for an undisclosed amount. The world's largest producer of rear view mirrors for passenger cars is expected to close the deal in 2-3 months and will fund it through debt from Indian lenders, said VC Sehgal, vice-chairman, Motherson Group. […]
Bharti Airtel Ltd has offered to list its Bharti Hexacom unit, which offers mobile services in six northeastern states (excluding Assam) and Rajasthan, to provide an exit option to its minority joint venture partner, the state owned Telecom Consultants of India Ltd (TCIL), Economic Times reported on Friday, citing telecom department officials. Telecom Consultants of India has a 30% stake in Bharti Hexacom and has been seeking to sell its shares for the last couple of years, the newspaper said. […]
One of India's largest custodial services providers Stock Holding Corporation of India (SHCL) is exploring the option of selling its 5% stake in National Stock Exchange. The integrated financial services provider hopes to use the stake-sale proceeds to start an NBFC and step into businesses like wealth management and private equity businesses. “Our core activities are all market-related… so when the market goes up, our profits zoom and when the market drops, we have very normal earnings. We'll have to diversify to keep the business going,” said Ashok Motwani, managing director and CEO of SHCIL, which claims to have 1,500 employees on its rolls. SHCIL, incorporated in 1986, has been jointly promoted by institutions like IDBI Bank, ICICI Bank, Special Undertaking of UTI, IFCI, LIC, GIC and NIC. […]
United Telelinks Ltd., the maker of Karbonn branded mobile phones, is planning to sell a 15% stake in the unlisted company to private equity firms for six billion rupees ($135.2 million) as the Indian handset maker seeks to expand its business in the world's fastest-growing telecommunications market. “We are talking to private equity firms for raising funds,” founder and Chairman Sudhir Hasija said recently. “There are quite a few international private equity firms” interested in picking up stakes in the company, he added. Mr. Hasija said he expects to strike a deal after October, when the value of his firm is likely to touch about 40 billion rupees. By that time, the Karbonn brand will have cemented its No. 1 position among domestic handset makers after unseating local brand MicroMax in June, Mr. Hasija said. […]
Frontier Mediville, the proposed medicity project of Chennai-based KM Cherian promoted Frontier Lifeline, is looking at raising Rs 16-20 crore through private equity (PE) to invest in the first phase. The company has initiated talks with PE firms to raise capital and expects to finalise the deal in the next six weeks. However, it would not look at a significant dilution of promoter stake in the project at this stage. “We are looking for a small amount of around Rs 16-20 crore fund from PE firms. This would go into the Rs 160-crore Phase I of the project. We expect the first phase to be ready by November this year,” said Alamelu Sankaran, chief operating officer, Frontier Mediville. […]
Lead manufacturer company Gravita India on Tuesday announced to acquire 80 per cent stake in Jammu and Kashmir based Metal Inc, Kathua. Gravity is also under process to acquire the balance 20 per cent stake in Metal Inc, Kathua, Gravity India said in a statement. The company said the latest addition hall further increase the Lead smelting and refining production capacity of company by 3,600 tonnes per annum to 46,200 tonnes per annum. […]
Motherson Sumi agreed to purchase an 80% stake in Germany's Peguform for an undisclosed amount, as the Indian maker of auto parts takes yet another step to expand its product portfolio and customer base. Motherson Sumi will buy the stake jointly with group firm Samvardhana Motherson Finance Ltd. via a special company in which the auto parts maker will hold a 51% stake and Samvardhana Motherson the remainder. The stake will be purchased from Austria's Cross Industries AG, which will hold 20% of Peguform post the transaction, Motherson Sumi said. The deal also includes buying a 50% stake in Wethje Carbon Composite, which is part of Cross Industries, it said. The acquisition is subject to regulatory and other necessary approvals. […]
Billionaire Mukesh Ambani-controlled Reliance Industries is conducting an advanced due diligence exercise on telecom services provider Aircel, three people said on condition of anonymity. Reliance Industries has completed atleast three rounds of due diligence on Aircel and may offer to buy a controlling stake in the company if talks between the two sides result in a deal. Reliance Industries marked its foray into the telecom sector by acquiring Infotel Broadband for close to $1 billion last year giving it broadband wireless access licenses in 22 circles across India. A spokesperson for Reliance Industries denied any such move. An Aircel Spokesperson said in response to queries from ET Now, “This is a baseless rumour and a mere speculative report”. […]
The petroleum ministry said on Wednesday that it has recommended the $7.2 billion (Rs 32,400 crore) Reliance-BP deal to the Cabinet Committee on Economic Affairs (CCEA) for an “unconditional approval”. The deal gives the British energy major a 30% stake in 23 oil and gas fields in India including RIL’s gas-producing KG-D6. A senior petroleum ministry official said that the petroleum ministry has the authority to decide on the RIL-BP deal, but it was referred to the Cabinet as it is one of the single largest foreign direct investments. The Cabinet will take up the issue for a decision next week. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|