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Coal India Ltd , the world's largest coal producer, may buy up to a 15% stake in US-based Peabody Energy Corp's Australian assets early next fiscal for an estimated USD 100 million (about Rs 450 crore). “It (deal) should not take too long a time. It should be two to three months. We are in the final stages of talks with Peabody Energy for a 15% stake for USD 100 million,” an official privy to the development, who did not wish to be named, told PTI. More or less an agreement has been reached on the valuation, the official said, adding, “We will invest in equity and in return, we will get the right for coal offtake.” CIL Chairman P S Bhattacharyya, however, refused to comment on the issue. The proposal to buy a stake in Peabody's asset will be deliberated at a meeting of a sub-committee of the company board on the state-owned firm's foreign acquisition plans, which is likely to take place this month. […]
Rexel SA, a France-based distributor of electrical parts and supplies, is planning to acquire a 74% stake in Yantra Automation Pvt., Ltd., an India-based distributor of industrial automation and control products. Under the terms of the transaction, Rexel will acquire the remaining 26% stake in Yantra Automation through put and call options in 2014 at a price to be determined on the basis of the Yantra Automation performance in 2012 and 2013. Brunswick Group LLP is acting as PR advisor to Rexel for the transaction. […]
Mahindra Group has acquired a minority stake in the East India Company, the global luxury brand owned by Indian-origin entrepreneur Sanjiv Mehta who relaunched the company here in August 2010. Established in 1600, the East India Company (EIC) is one of the most recognised brands in the world. It once employed a third of the British workforce and was responsible for 50 per cent of global trade. Anand Mahindra, managing director of the Mahindra Group, said: “The East India Company was the world's first truly global brand spanning continents and centuries, and had a profound impact on the development of international trade. This immense vision and scope finds a parallel with Mahindra's own global aspirations to think beyond its size.” The company, however, did not divulge the value of the deal or other details. Mehta, 49, launched the EIC's first 21st century trade 'expansion' in the form of Fine Foods in Mayfair. He acquired the company in 2005 and has since invested $15 million. […]
The Dandekar family, owners of the 80-year-old office stationery major, Camlin, is in talks with private equity major India Value Fund to sell a part of its shareholding to part finance growth plans. The promoters— four members from the Dandekar family — own close to 40% in Camlin. According to people with knowledge of the talks, the negotiations are for valuing a stake close to 15% stake. It would be in addition to a borrowing programme as the Rs 330-crore Camlin battles rivals such as Faber-Castle and Pidilite . The deal could be for around Rs 100 crore . Chairman Dilip Dandekar denied any deal was in the offing . “We had diluted the holding 2-3 years back. As for professionalising the management, we have already initiated the process.” The talks with Camlin, a leader in office and school stationery and an iconic brand for most school going children, could eventually lead to a gradual divestment by the Mumbai-based family, which is seeking to professionalise the company management, said people close to the family. […]
Coastal Projects Limited has acquired a 26-per cent stake in Societa Esecuzione Lavori Idraulici S.p.A (SELI) of Italy, for around 17.85 million euros (approximately Rs108 crore). SELI, one of the world's most experienced tunneling contractors, has established operations across the world, including India. Hyderabad-based Coastal Projects, a civil engineering and construction firm, specialises in tunneling and underground excavation for hydro-electric, irrigation, rail, road and mining projects. The company has successfully completed more than 75 km of tunneling work and has 250 km under execution at present. […]
Bangalore-based Unibic India Private Ltd is being bought over by FMCG giant Marico Ltd headquartered in Mumbai, reported a TV news channel on Friday. The channel said Marico will pay Rs 130 crore for 51 per cent stake in the privately held company and the deal will be announced by the end of this month. When contacted, senior officials in Marico and in Unibic did not confirm the news. But a source close to the deal told Deccan Herald that Unibic India is certainly talking to Marico and they are expected to sign the takeover agreement soon. Marico (2009-10 revenue Rs 2,661 crore and net profit Rs 232 crore) is a 17 year old consumer products company with welknown brands like Parachute, Saffola, Nihar, Mediker, Revive etc. Unibic India is a leading cookies company with an estimated sales of around Rs 60 crore in 2010. […]
Qatar’s largest investment bank QInvest has bought a stake in Indian student coaching organistion, Fiitjee, the company said on Monday. The value of the deal, which marks QInvest’s third deal in India, was not disclosed. Fiitjee offers tutoring to students preparing for engineering entrance exams in India’s technology colleges. The tie-up will pave the way for Fiitjee’s expansion into the Middle East market, said Anuj Khanna, head of investment management at QInvest. “Every year in excess of 450,000 students aspire for approximately 9,000 slots at one of the IITs (Indian Institutes of Technology) and the number of aspirants continues to increase.” QInvest, whose shareholders include Qatar Islamic Bank, has looked outside its borders in recent months in a bid to diversity its investment portfolio. […]
Jindal Poly Films (JPFL) plans to go for private equity investment in its subsidiary Jindal India Thermal Power. The BC Jindal-group promoted company may also go in for listing Jindal India Thermal once the company’s Rs 9,121-crore power plant in Orissa becomes operational. Jindal India Thermal’s 1800 Mw plant will have three units of which the first will be commissioned in March 2012, the second in September 2012 and the third in September 2013. “Before the project goes on on-stream, we will go in for PE investment or a public issue to unlock the value for JPFL. We are looking at 10-15 per cent dilution in the company,” Sanjeev Aggarwal, Chief Financial Officer, Jindal India Thermal, said. Jindal India Thermal has signed a second power purchase agreement with Tata Power Trading Company for sale of 400 Mw power from the plant on merchant basis for 12 years. With the signing of PPA, the company will sell a total of 900 Mw to Tata Power for which it has been guaranteed a minimum tariff of Rs 2.70 a unit besides getting a 10 per cent share in the upside. […]
Karbonn Mobiles, a joint venture between Delhi-based Jaina Group and Bangalore-based United TeleLinks (UTL), is reportedly in preliminary talks to raise Rs230 crore ($50 million) from two US private equity firms. The Times of India, citing unnamed sources close to the development, said that Karbonn Mobiles has held discussions with Accel Partners and Mount Kellet Capital to raise funds-valuing itself at around Rs2,300 crore ($500 million). Karbonn, which imports handsets from original design manufacturers in China, Taiwan and South Korea to help cut down on handsets cost, is planning to expand its factory in Bangalore in the future. Sudhir Hasija, MD of UTL told the paper, ''A lot of private equity firms are approaching us but we are not immediately interested in raising money. Maybe when we expand our mobile phone factory in Bangalore further and get good valuations, we will consider it.'' […]
Amtek Auto Ltd Monday acquired 10 per cent stake in Garima Buildporp Pvt Ltd. Garima Buildporp Pvt Ltd is the holding firm of OCL Iron and Steel Ltd. The deal is expected to enable Amtek Auto to source steel from Garima for manufacturing auto components. Garima Buildporp, a wholly owned subsidiary of Gateway Impex Private Limited, manufactures and sales steel and power generation. Garima has been undertaking a series of investments as it seeks to bolster its position in the market. In the financial year 2009-10, Garima Buildorp acquired 60.83 per cent stake in OCL from the outgoing promoters of the company – Ragu Hari Dalmia and R H Damia Trust and further acquired 15.38 per cent stake from the general public through open offer, which resulted in acquisition of 76.21 per cent stake in the company and subsequently became the holding firm of OCL. OCL Iron and Steel Limited, based in Rajgangpur in the eastern state of Orissa, manufactures and sells steel billets and sponge iron products in India. The company has captive iron and coal mines of around 5 million tonnes and 20 million tonnes respectively. It has a sponge unit with 20,000 tonne annual capacity and a 14 Mw power plant, working on waste heat produced by the plant. […]
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