|
|
IL&FS Investment Managers Ltd has announced that the Board of Directors of the Company at its meeting held on July 30, 2010, has granted its approval to the Company to acquire the shares of Saffron Assets Advisors Pvt. Ltd. (“SAAPL”) an, Indian entity, from Saffron Capital Securities Ltd. (“SCSL”), a Mauritius entity, thus making it a subsidiary of the Company. Further the Board has granted its approval to merge SCSL and its wholly owned subsidiary Saffron Capital Advisors Ltd. (“SCAL”), a Mauritius entity, into IL&FS Investment Advisors LLC (“IIAL”), the Company's wholly owned subsidiary in Mauritius. This merger would not in any manner dilute the Company's beneficial interest in IIAL. […]
Ashok Leyland Ltd., the flagship company of the London-based Hinduja Group announced today that it had reached agreement with Optare plc, a leading bus manufacturer in the UK, to subscribe for a 26 percent stake as a part of long-term strategic cooperation. The investment is estimated at about USD 7.5 million. The deal is expected to further benefit Ashok Leyland in its endeavour to accelerate technology, new product development and to address new markets. Optare, founded in 1985, has a turnover of about USD 125 million. Optare has been recognised for its innovative, weight optimised 'Low Carbon' range of low-floor, mid-size buses as well as a modern range of city buses. Optare has been a pioneer of the low-floor double-decker in the UK. Their new electric bus product has already secured several orders as more countries in Europe promote cleaner, greener mobility. […]
India and Vietnam will jointly pitch for taking over the energy assets of British energy giant BP in the Southeast Asian country, the Press Trust of India reported Thursday. India's flagship explorer ONGC Videsh Ltd (OVL), backed by public sector company Oil India Ltd and Vietnam's national oil firm PetroVietnam, will make a joint bid for BP's 35 percent stake in a Vietnamese offshore gas block, the news agency said, quoting Indian Oil Minister Murli Deora. Under its contract with Vietnam, BP has to give first preference to existing partners in the block, the agency said. OVL has a 45 percent stake in the gas block, while PetroVietnam holds the remaining 20 percent. BP's asset sale — to help pay for damages stemming from the Gulf of Mexico oil spill disaster — presents an investment opportunity for energy-hungry India as the country looks to obtain more fuel supplies for its fast-growing economy. […]
Lakshmi Vilas Bank (LVB), the south-based, old private sector lender, is in talks with Citigroup to acquire CitiFinancial Consumer Finance India, the struggling non-banking finance company which gives retail loans to low-income borrowers. LVB has hired investment bank JM Financial to carry out due diligence of CitiFinancial, which has a `9,000-crore balance sheet, 116 branches and close to 1,600 employees. “It’s an interesting move for a conservative mid-sized bank which has stayed away from acquisitions,” said a person familiar with the proposal. The LVB board recently cleared a proposal to float a wholly-owned housing finance subsidiary. This new outfit intends to acquire CitiFinancial. A Citi spokesperson declined to comment. CitiFinancial is part of Citi Holdings, which houses the non-core businesses of the global banking and financial services group. Citicorp, meanwhile, controls core divisions such as Citibank, the investment banking arm Citigroup Global Markets and the private equity arm CVC. In early 2009, Citi took a decision to identify non-core businesses which would be hived off over time. […]
Sajjan Jindal-led JSW Steel may sell about 14 per cent stake to Japan's JFE for Rs 4,700 crore to cut the company's debt. “Talks between the two companies for stake sale have more or less concluded. JSW Steel may sell around 14 per cent stake to JFE,” a source in the know of the development said. An announcement on stake sale by the company is expected next week. JSW Steel's Vice-Chairman and Managing Director Jindal is to make an “important announcement” on July 27 after its quarterly results, the company said today. The country's largest private steel producer by domestic capacity had yesterday informed the Bombay Stock Exchange that the company would consider a share sale to “a strategic investor” to raise long-term funds. […]
Bennett, Coleman & Co Ltd (BCCL) has picked up a stake in Noble Hygiene Pvt Ltd, a Mumbai-based enterprise manufacturing and marketing diapers and personal hygiene products. The company manufactures a range of diapers for both babies under the brand Teddy and for adults branded as Friends. In fact, Nobel Hygiene pioneered the concept of adult diapers in India. Both these brands are available across India through retail, modern trade and hospitals. Noble Hygiene has recently set up a plant in Nashik, Maharashtra. Kamal Johari, MD Nobel Hygiene, said the deal with BCCL will help Nobel further strengthen its market presence. […]
Kings XI’s proposal to transfer 93% of its share to a private equity firm was rejected by the Board of Control for Cricket in India (BCCI). It said that the takeover must wait until investigations against suspended IPL chairman Lalit Modi have been concluded. The decision further delays the Punjab outfit owners’ plan to sell the team. A team willing to sell stake cannot go ahead without the BCCI’s permission, say rules laid out by the IPL governing council. Team owners also have to pay BCCI a transfer fee on a pro-rata value of the franchise. […]
GVK Power & Infra (GVKPIL) is in talks with PE players to dilute stake in its airport subsidiary. GVK Airport Development Private Ltd which is the holding company for all GVK investments in the aviation space is looking at diluting up to 26% stake. GVK Airport development private limited is a hundred per cent subsidiary of GVK Power & Infra. According sources from the company, GVKPIL is in talks with Temasek holdings, Blackstone group & SBI-Macquarie. ‘The company is looking at raising up to $400 mn through the stake sale’ said a company source who did not want to be named. The deal is expected to be finalised by September. GVK Power and Infrastructure holds about 37 per cent in Mumbai International Airport Ltd (MIAL) and around 29 per cent in Bangalore International Airport Ltd (BIAL). It is in talks with its South African partner Bidvest to buy 13.5% stake which will take hike its stake to 51% in MIAL. […]
Indian energy major Reliance Industries is in talks with Texas-based Quicksilver Resources , including for a possible buyout of the U.S. firm that develops shale gas and coal-bed methane, the Daily News & Analysis reported on Monday. The talks also include buying a part stake or partnering Quicksilver for one of its major projects called the Horn River Basin assets in British Columbia, the newspaper said, citing unidentified sources familiar with the development. […]
Nikhil Gandhi-controlled SKIL Infrastructure, the promoter of Pipavav Shipyard, is likely to acquire a majority stake in Chennai-based Everonn Education to enter the country’s fledging education industry. The board of Everonn, which sells information and communication technology (ICT) products to government and private schools, will meet on Monday to approve the sale of redeemable optionally convertible debentures to SKIL, said a person close to the matter. On conversion of debentures, SKIL will hold more than 15% equity stake in Everonn. Then it will launch a 20% open offer to the minority shareholders of Everonn. Post the offer, SKIL will be the largest shareholder of Everonn, said the person who did not wish to be named. Mr Gandhi was not available for comments as he was abroad. Everonn managing director P Kishore declined to comment. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|