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Malvinder to be Parkway chairman; acquisition will form Asia’s largest hospital chain. Fortis Healthcare today announced the largest overseas acquisition by an Indian company in the healthcare space, buying the entire 23.9 per cent stake held by TPG Capital in Singapore’s Parkway Holding Ltd for $686 million (Rs 3,119 crore). Fortis is India’s second-largest healthcare provider after Apollo Hospitals and Parkway is Asia’s biggest hospital operator by sales. The acquisition would form Asia’s largest hospital chain with over 10,000 beds across 64 hospitals in six countries. The deal, announced in Singapore on Thursday, will also see Fortis Chairman Malvinder Mohan Singh appointed chairman of the Parkway board. […]
Indian diversified conglomerate Siva Group on Wednesday said that it has bought a 50% stake in the Norway-based glacial water company Isklar for around $22 million, through its wholly-owned subsidiary Lotus Venture. “This present acquisition reinforces the vision of Siva Group and we will look forward to expand operations of the brand in other international markets,” Siva Group chief executive Vaidyanathan Srinivasan told PTI. He said that Isklar was established as a joint venture between Sabco, a Middle East-based water bottler and Norwegian firm Jova Holdings. After the transaction, Isklar would become a joint venture company with the Indian Siva Group's holding at 50%, with Sabco and Jova Holdings jointly commanding the remaining stake. […]
Independent News & Media has sold 23.5 million ordinary shares in Jagran Prakashan Limited (“JPL”) on the Bombay and National Stock Exchanges in India. This sale represents approximately 7.8% of the issued share capital of JPL and reduces INM's holding in JPL to 5.7% (previously 13.5%). INM said this evening that the proceeds from this share sale were approximately €42m, which will be used to pay down bank debt. Having originally invested €28.5m to acquire its stake in 2005, following this share sale, INM's remaining holding in JPL is worth about €33m at the current market price. In addition, INM has received disposal proceeds of approx. €64m from a combination of this disposal and its disposal in July 2009. […]
IPL effort to sell two new IPL teams in an auction with a base price of $225 million (about £148 million) fell embarrassingly flat. “The bids that were received were returned without being opened,” Modi said. He added little else in the way of explanation — an omission that will increase suspicions that the IPL has fallen short of the money-spinning bonanza its creator had promised investors. Enthusiasm is likely to have been tempered by the knowledge that a side bought in excess of $225 million is unlikely to make a profit soon. The other indicator of the IPL’s growing value came a month earlier, when the Royals sold a 12 per cent stake for about $15.4 million. The deal valued the franchise at a shade less than $130 million, nearly double the amount paid a year earlier to acquire it. The portion of TV revenues to be distributed among the teams is due to fall to 70 per cent this year, from 80 per cent — the Board of Control for Cricket in India (BCCI), the owner of the IPL, will keep the rest — and in 2011, it will be 60 per cent. Under such a scenario it appears unlikely that any franchise sold in excess of $225 million would turn a profit in the near future and with each franchise licensed for a mere ten years, time is of the essence. […]
Zee Entertainment Enterprises Ltd (ZEEL), India’s largest media company, is set to acquire 9X, the Hindi general entertainment channel belonging to the loss-making INX Media Pvt Ltd. The deal is expected to cost Zee about Rs 65 crore, sources familiar with the development said. Zee is understood to have walked the road with the INX management, currently being steered by media veteran Pradeep Guha — a former CEO of the Zee group who assumed INX’s chief executive position recently — over the past three-four months. Guha, who also has a small equity position in INX Media, was entrusted with the recast plan by INX’s private equity investors Temasek Holdings, New Silk Route, New Vernon Private Equity Fund and Kotak Private Equity.The decision to exit 9X seems to be an outcome of this recast plan as the channel wasn’t able to hold its own in an arena of white-hot competition. INX has racked up huge losses that, on a carryforward basis, are expected to touch over Rs 800 crore by the end of the current fiscal year for its entire media business. […]
The Indian government Monday moved a bill in Parliament to cut its minimum holding in the State Bank of India to 51% to allow the state-run lender to raise more capital from the market. Under existing law, government holding in the bank can't fall below 55%. As of December last year, the government's holding stood at 59.41%. The proposed changes in the State Bank of India Act will allow the country's largest lender by assets to issue preference shares. It will also enable the bank to issue bonus shares or privately place shares. […]
Daimler AG, the world’s second- largest maker of luxury cars, is selling its stake in Tata Motors Ltd. after more than five decades of ownership, according to a person familiar with the matter. An investor is offering as many as 25.6 million shares, or a 5.3 percent holding, in India’s largest truck and bus maker, for 737.4 rupees to 761.3 rupees apiece in a block deal that is to be completed tomorrow, according to a sale document. The transaction could raise as much as 19.5 billion rupees ($428 million). Citigroup Inc. is managing the sale. Daimler, based in Stuttgart, Germany, formed a partnership with Tata Motors in 1954 to make commercial vehicles. Mumbai- based Tata Motors, stock has increased more than six times since a record closing low of 126.20 rupees in November 2008. In the 12 months ended March 2009, Tata Motors had its first loss in at least seven years. […]
ICICI Securities Ltd today said that the Specified Undertaking of The Unit Trust of India (SUUTI) has sold 9.42 per cent of its 25 per cent equity stake in National Securities Depository Limited (NSDL) to The National Stock Exchange (NSE). I-Sec acted as the sole advisor to SUUTI for the transaction. With the stake sale, NSE's shareholding in NSDL has gone up from 15.63 per cent to 25.05 per cent. ICICI Securities said SUUTI does not propose to sell further equity stake in NSDL to NSE. IDBI continues to be the largest sponsor of NSDL with 30 per cent equity stake. […]
Retail chain store operator Aditya Birla Retail Ltd. is open to selling a 10% to 15% stake to private equity firms, its chief executive said Friday. “We have no objection to diluting (stake) provided we get the right valuation and the right partner,” Thomas Varghese told Dow Jones Newswires by phone. Varghese, however, clarified that there is no deal on the table at the moment. He added that a private equity deal with a foreign fund would only be possible after India relaxes its rules governing the retail sector. […]
Telecommunication Consultants of India Ltd., or TCIL, Wednesday invited expressions of interest for the sale of its entire 30% stake in Bharti Hexacom Ltd. through an open bidding process. The rest of Bharti Hexacom is owned by Bharti Airtel Ltd. (532454.BY), which will get first right of refusal, said TCIL. Bharti Hexacom provides telephony and related services in the Rajasthan state and in India's north-east region as well. […]
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