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UK’S flagship airline British Airways (BA) is looking to pick up a 25% stake in Wadia group-promoted no-frills airline GoAir. Officials from BA and GoAir will meet in London next month to take discussions forward, said two industry sources familiar with the development to ET. Two weeks ago, BA’s merger talks with Australia’s Qantas did not fructify. It is learnt that the third-largest carrier has been seeking a deal with an Indian carrier for a while now. Interestingly, BA tried to reach a code sharing agreement with GoAir last year. “The interest in buying equity stake in GoAir comes in the wake of the development that the Indian government is considering a proposal to allow foreign airlines to pick up stake in domestic carriers,” said one of the sources. GoAir has a market share of 2.3%. […]
Tata Teleservices has agreed to sell a 49 percent stake in its telecoms tower arm to another Indian tower firm, valuing the business at an enterprise value of 130 billion rupees ($2.7 billion). In a bid to cut costs, Indian mobile operators are increasingly sharing base stations and tying up with independent operators as they expand across vast rural districts and penetrate smaller towns, where low income subscribers dominate. In November, NTT DoCoMo agreed to buy a 26 percent in the unlisted Tata Teleservices. Quippo Telecom Infrastructure Ltd, an unlisted firm in which India's SREI Infrastructure and the Government of Singapore Investment Corp (GIC) own stakes, will pay Tata Tele 24 billion rupees and transfer 5,000 towers to the merged entity. […]
Kingfisher Airlines' chief, Mr Vijay Mallya, today reiterated that his plans to raise $400 million remained firm claiming that the private equity players remained upbeat about his airlines. Discussions were continuing with the interested players, he said, without, however, detailing the time-frame for the planned deal or the dilution of his stake that might come about. Addressing newsmen immediately after the annual general meeting of the company, he said that there was every reason for private equity investors to show interest in his airlines now with crude oil slumping to about $36 per barrel. (Statesman) […]
Country`s largest public sector trading agency MMTC is entering to partnership with 4th currency futures exchange and it will invest Rs 225 million to pick up to 15% equity in that exchange, reports Business Standard. The exchange will be known as United Stock Exchange of India (STOX) and it is a special purpose vehicle (SPV) created by Jaypee Capital Services. Jaypee Capital, formed by Jaypee Commodities, will be the single-largest shareholder in the proposed exchange. […]
The city’s cooling real estate market has witnessed two major transactions recently. Kumar Builders, a leading city-based developer, has received Rs 139 crore investment for its one building — part of a three-tower development — from IL&FS Milestone Group, a private equity fund. Additionally, the developer-builder has received private equity funding of Rs 100 crore for its 124-acre development at Hinjewadi from Sanjay Dalmia’s Landmark Holdings, giving the latter a 10% stake for the investment. Analysts said this was part of the emerging trend — of builders bringing in investors to take completed projects off their hands. […]
Wind power equipment maker Suzlon Energy, after having negotiated a revised payment schedule with the Martifer Group of Portugal to acquire its 22.4-per cent stake in Germany's REpower Systems AG , is now trying to raise $500 million to fund this stake by selling a 10-15 per cent stake in itself, to potential suitors like the Carlyle Group and TPG Capital. According to media reports quoting bankers close to the deal, said that the Carlyle Group and TPG Capital may be interested in acquiring 10 to 15 per cent stake in Sulzon Energy for approx $300 million and the wind power equipment maker, would be raising an additional $200 million by way of debt offering or selling stakes from its other units. […]
In a move that can well send out a signal to the industry about the state of the affairs in the captive delivery centres of global banking giants in India, Wipro Technologies, the flagship business of consumer care to IT major Wipro, has announced to acquire Citi Technology Services, the captive delivery centre of IT services and solutions centre of Citigroup in India, for a consideration of $127 million (around Rs 609 crore) in an all cash deal. This is Citigroup's second India-based asset which is being sold out to one of its service provider, after the company recently sold its captive BPO arm Citigroup Global Services to TCS for about $505 million. While acquiring Citi Technology Services along with 1,650 odd employees working across its four delivery centres in Mumbai and Chennai, Wipro has managed to get a revenue commitment of about $500 million over the next six years, what Citi's Global Technology Head Jagdish Rao termed as 'minimum commitment' to the buyer. […]
Israel’s leading construction company U Dori Group is picking up a 50% stake in residential project in joint venture (JV) with Hyderabad-based Surana Group for Rs 125 crore, a person involved in the transaction said on the condition of anonymity. The U Dori Group will invest in Bhagyanagar Properties and Scientia Infocom, the two real estate arms of Surana Group, for setting up a residential group for housing and construction development project in Hyderabad. The Israeli company will invest either on its own or through its subsidiaries, Dori Global and Gazit Globe. […]
The RP Goenka Group has sold its 50% stake in mobile and laptop retail chain RPG Cellucom to joint venture partner Arun Nagar, founder and owner of Dubai-based Cellucom. Industry analysts peg the deal value at Rs 150-200 crore. However, this could not be independently verified. RPG group declined to provide details. While confirming the exit, a group spokesperson said, “This divestment is consistent with RPG’s focus on higher margin retail categories.” Cellucom is spread across Asia, Eastern Europe, South America and Africa. In October, Mr Nagar had announced plans to invest around Rs 300 crore on the India expansion, and said the company was adding 15-20 outlets every month. […]
Yahoo picked 30 percent stake in Info Network Management Company Pvt Ltd (INMAC), promoters of CallEzee services which enable users to gain access to directory services through use of telephone. Yahoo has routed the deal through its Dutch subsidiary and will have representation on INMAC’s board post acquisition. Call Ezee currently offers services in 14 cities across the country including Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Kolkata. […]
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