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Franklin Templeton Asset Management (India) Private Limited, (“FT India”), announced that Franklin Templeton Private Equity Strategy (“FTPES”), a private equity portfolio managed by FT India and advised by Darby Asia Investors (India) Limited (“Darby India”) the private equity affiliate of Franklin Templeton, has invested up to Rs.600 million in Hyderabad based GKC Projects Limited (“GKC”). Transaction details were not disclosed. GKC provides construction services in key infrastructure areas such as highways, irrigation, industrial infrastructure/power and water supply projects, and has operations across various regions in India. The company now plans to leverage on its expertise in the infrastructure space executing projects of larger size and complexity in the existing segments and venture into new areas such as railways, mining and BOT projects. The funds will be used to execute current projects and enable acquisition of larger projects. […]
Citibank has sold its stake in the telecom tower arm of Bharti Airtel to JPMorgan, exiting without any gain from the $50 million investment it made over two years ago, two persons aware of the development told ET NOW. The deal, described as a “distress sale”, values Bharti Infratel at a little over $10 billion (Rs 47,000 crore). The troubled US lender purchased an undisclosed minority stake in Bharti Infratel in 2007 through a unit called the Special Situations Group, a proprietary investment arm that specialised in investing in high-yield debt and distressed assets. The division is now being closed. Representatives for Citibank, JPMorgan and Bharti declined to comment. […]
Ahmedabad-based Anil Group has firmed up plans to enter the food processing and hospitality business. On Monday, it announced the acquisition of a 90% stake in Vadodara-based Vigo Bio-Tech Dairy. The deal size is expected to be around Rs 22-25 crore. Besides investing close to Rs 100 crore to ramp up this newly acquired dairy business, the group will also invest an additional Rs 15 crore to open a chain of restaurants. Anil Group consists of the flagship Anil Products Limited, one of the oldest and largest corn wet millers in India. It also comprises of Anil Hospitality Ventures Limited and Anil Biochem Limited. […]
Bharti Airtel is looking to buy a controlling stake in Bangladesh’s fourth-biggest mobile phone operator Warid Telecom, pressing ahead with its international ambitions just two months after it failed in its second attempt to merge with South Africa’s MTN. India’s largest phone company, by both revenues and subscribers, has applied to the Bangladesh Telecommunications Regulatory Commission (BTRC) for permission to buy a 70% stake from the Abu Dhabi group, the owner of Warid, the regulatory body’s chairman Zia Ahmed told news agencies in Dhaka. He declined to say how much the stake was worth, but added that Bharti Airtel “initially intended to invest $300 million.” […]
Mahindra & Mahindra Ltd. said Tuesday it has acquired a 75.1% stake each in two Australian aerospace companies for INR1.75 billion (US$37.4 million) to expand its aircraft and aerospace-component manufacturing business. The company, through its wholly owned unit Mahindra Aerospace Pvt. Ltd. and jointly with Kotak Private Equity, acquired the stake in aircraft maker Gippsland Aeronautics and parts supplier Aerostaff Australia, it said. “The 24.9% stake remaining with each company (Gippsland and Aerostaff) will be eventually converted into stocks in Mahindra Aerospace,” Arvind Mehra, senior vice president of strategy at Mahindra Systech, told reporters. He didn't say when or under what terms the stake will be converted. […]
Foreign institutional investors (FIIs) have been loading up on shares of the Bombay Stock Exchange Ltd (BSE), driving the price up to Rs300 from around Rs180 apiece in the last six months, as the bourse prepares to list itself.Going strong: A file photo of the Bombay Stock Exchange (BSE). MD and CEO Kannan says only 7-8% of BSE's shares are currently available for sale and that it won't take long for the bourse to list its shares. Abhijit Bhatlekar / Mint”I am told foreign institutions are buying BSE's shares,” Madhu Kannan, the bourse's managing director (MD) and chief executive officer (CEO), told Mint. […]
The Russian government will acquire a 19.8 per cent stake in Sistema-Shyam Teleservices Ltd for $676 million (around Rs 3,150 crore). Sistema-Shyam is a joint venture between Russia’s Sistema and India’s Shyam group. New shares will be issued for the stake sale. Subsequently, Sistema’s stake in the joint venture will come down to 54.2 per cent, while the Shyam group will continue to hold 23.5 per cent equity. The approval to the fresh equity issue was given at an extraordinary general meeting of the company here. […]
Suzlon Energy, the world's third-largest wind-turbine supplier, plans to sell its remaining stake in Hansen Transmissions, the Belgium-based wind-gearbox maker, reversing out of an acquisition it made only three years ago. Sumant Sinha, Suzlon's chief operating officer, told the Financial Times that as the company completed the refinancing of about $2.5bn of debt over the next two months it would seek to sell its 26 per cent stake in Hansen. India's largest wind-turbine maker would also buy out minority shareholders in Repower Systems, the German wind-turbine maker it took control of in May 2007 and in which it owns 91 per cent. […]
Hedge fund DE Shaw has sold a 36 percent stake in a property trust floated by the founders of Indian developer DLF Ltd for $500 million, Indian newspapers reported on Friday. DE Shaw sold the stake to the promoters of DLF Assets Ltd, but still has a 4 percent stake which it plans to sell when the property trust is listed in Singapore, the Economic Times said citing a fund manager with knowledge of the development. A spokesman for DLF declined to comment on the report, and officials at DE Shaw could not immediately be reached. […]
Gammon Infrastructure Projects Ltd. Tuesday said it will buy Spanish company Dragados Servicios Portuarios y Logisticos S.L.'s stake in their offshore terminal joint venture, Indira Container Terminal Pvt. Ltd. Portuarios currently holds 50% in the company, with Gammon holding the rest. Gammon Infrastructure said it will initially buy 24% from Portarious and purchase the remaining 26% three years after Indira Container's offshore terminal becomes commercially operational. […]
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