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Caught in the middle of the Ambani siblings’ feud, South African telecom giant MTN is mulling walking away from talks for a possible amalgamation with Anil Ambani-led Reliance Communications (Rcom), a report said today. “South Africa’s MTN is considering walking away from a tie-up with Reliance Communications of India because it fears an acrimonious spat between the Indian telecom operator’s owner and his brother could leave the deal open to legal action,” UK daily Financial Times reported. While quoting an unnamed person familiar with the talks as saying MTN and RCom could extend their exclusive talks for another two to three weeks after the 45-day period expires tomorrow, the report said, “there is no indication that extra time alone would be sufficient to resolve the feud” between Anil and Mukesh Ambani. The deal, if fructifies, could create a combined entity worth about $70-80 billion, which would be one the world’s biggest emerging market telecom firm. […]
Talco, the Tajik national aluminium plant, has denied earlier reports about possibly selling its general stake to Nalco, India’s second largest aluminium manufacturer, AsiaPlus reports. Despite media reports claiming Nalco would most likely acquire 51% of the Tajik plant, Saekhat Kadyrova, Talco’s press secretary, dismissed such reports as “absurd”, emphasizing that negotiations have never taken place. If Nalco sealed an agreement with the Tajik company, it would become the world’s third largest aluminium manufacturer. “Selling a company that provides 75% of the country’s total cash currency, and when world aluminium prices are soaring […]
Wilbur Ross, a US-based distress fund may invest in SpiceJet, reports Business Standard. Last week, a media report stated that Kingfisher Airline is in negotiations with two majority shareholders of SpiceJet to buy the low-cost airline in all cash deals. Kingfisher is negotiating with Gulf based fund Istithmar and UK based Kansagra family. Together they hold 26.3% in SpiceJet; acquisition of more than 20% would lead to an open offer as per SEBI rules. If Kingfisher acquires the airliner it will hold more than 40% market share in SpiceJet and be able to control the pricing on key routes. SpiceJet is looking to raise USD 100 million from the markets. (My Iris) […]
Bangalore-based Bearys Group is scouting for a partner to raise around USD 350 million to fund its two Special Economic Zones (SEZ) in Bangalore and Mangalore, besides a few other projects, a top official said. “We are holding talks with several private equity players in the overseas market to mop up USD 350 million to fund our SEZs and other projects. Talks are in advanced stages and we hope to finalise one partner in the next 3 to 4 months,” Bearys Amanah investment's CEO, Shariq Nisar, said. Bearys Amanah Investment is the real estate investment arm of the Rs 2,000-crore Bearys group. The UBS Group of Switzerland, Dubai Islamic Bank and Gulf Investment House are some of the entities the Bearys group is negotiating with, Nisar said. […]
World Bank's private sector financing arm International Finance Corporation will lend $8.5 million to Modern Dairies. The dairy company has entered into a 'Loan Agreement' with International Finance Corporation (IFC) for an External Commercial Borrowing of $8.5 million (about Rs 36 crore) subject to RBI approval, Modern Dairies said in a filing to the Bombay Stock Exchange. The dairy firm had announced that it has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC, under which IFC would acquire 46.50 lakh shares of Modern Dairies for Rs 27.90 crore. Ernst & Young acted as financial advisor to Modern Dairies on the transaction. […]
Murugappa Group company, Carborundum Universal Ltd (CUMI) has entered into an agreement with Foskor (Proprietary) Ltd, South Africa to acquire 51 per cent equity stake in Foskor Zirconia (Proprietary) Ltd, Phalaborwa, South Africa, (FZL) for an undisclosed some. With a 4200 tonnes per annum installed capacity for Zirconia (mineral), FZL is the third largest producer of Zirconia in the world. Fumed silica is also produced as a by-product of the furnace operation. This investment will be a good platform for CUMI to address the growing minerals business. The sales of FZL in 2007-08 were $ 16 million. This will be reflected in CUMI balance sheet starting from the current year. CUMI on a standalone basis has a total revenue of Rs 600 crore. […]
Private equity firm ICICI Venture, a unit of ICICI Bank , said on Friday it had reached a deal with Tishman Speyer to sell its stake in their Indian real estate joint venture to the U.S. firm. ICICI Venture said it will sell its 50 percent stake in TSI Ventures India Pvt Ltd, a real estate joint venture company, to Tishman Speyer, which will now become the sole owner. Tishman Speyer and ICICI Venture would remain equity partners in TSI's three current projects, the Indian firm said in a statement that did not give financial details of the transaction. “Both companies remain open to investing together in Indian real estate in the future,” it said. (Reuters) […]
Indian aviation could soon witness the next round of consolidation as Kingfisher Airline's 's move to acquire a stake in low-cost carrier SpiceJet has entered its final phase. UB Group chief Vijay Mallya is holding talks with SpiceJet's main promoter Bhupendra Kansagra in Europe for buying his 12.91% stake, along with a 13.42% stake held by Dubai-based investment firm Istithmar PJSC. Mallya, who is learnt to be looking for a total of 26%, stake, may have to shell out between Rs 145 to Rs 155 crore for the deal. At current stock prices, the SpiceJet's valuation is over Rs 600 crore. Its share closed at Rs 25 on Friday. SpiceJet is learnt to be losing up to Rs 70 lakh daily on account of high oil prices and looking for fresh infusion of funds to survive. […]
International Finance Corp (IFC), a World Bank arm, will invest $15 million in Mumbai-based pharmaceutical outsourcing company Hikal by way of equity participation. The equity will be offered on a preferential allotment basis to finance Hikal's expansion plans, the company said in a regulatory statement on Friday. Hikal specialises in crop protection products and specialty chemicals, and exports active pharmaceutical ingredients and intermediates to the US, Europe and Japan. […]
Aviation entrepreneur G.R. Gopinath, founder of the country’s largest low-fare airline Simplifly Deccan (erstwhile Air Deccan), has mandated Mumbai-based investment banking firm Edelweiss Capital Ltd to seek out private-equity investors for his new cargo airline. Gopinath, who owns 100% of Deccan Cargo, plans to dilute up to 26% of his stake and eventually list the company to provide private equity investors an exit opportunity, said a person familiar with the development, asking not to be identified. Deccan Cargo plans to invest $200 million (about Rs863 crore) over the next three years, the person said. Infosys Technologies Ltd, India’s second largest software exporter, has won the mandate to design and implement technology that will allow Deccan Cargo to offer online “track and trace” facilities for customers, and help cut costs, this person also added. […]
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