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Hyderabad-headquartered infrastructure developer, GVK Power and Infrastructure (GVKPIL), today acquired the entire stake of 17 per cent held by L&T Infrastructure Development Projects in Bengaluru International Airport (BIAL) for a total consideration of Rs 686 crore. The acquisition, made through GVK Group's wholly-owned subsidiary GVK Airport Developers, was priced at Rs 105 per share. With this acquisition, GVKPIL will now hold 29 per cent in BIAL. The company, on November 29, had acquired a 12 per cent stake of the 17 per cent held by Zurich Airport for Rs 484.6 crore. […]
LARSEN & TOUBRO LIMITED (L&T) Chairman and Managing Director AM Naik on Thursday said the company is seriously thinking of selling its entire stake in the Bangalore International Airport, in which it is a minority partner. The engineering and construction major has 17 per cent in the Bangalore airport, which was built at a cost of Rs 24.7 billion (US$537 million). […]
IndiaCo Ventures Ltd., (IVL), the country’s only listed financial services and venture capitalist firm, said it would launch a $250 million international private equity fund next year. The proposed fund will include an India-centric fund worth Rs 500 crore and will focus on sectors such as clean energy, telecom and healthcare. “We intend to launch this fund by first quarter of next year. Both the domestic and international fund will come in two tranches over a period of time. We are currently talking to Indian investors and hedge fund institutions to raise the capital,” Dhananjay Bendre, Executive Director & COO, IVL told Express. […]
Private equity firm New Silk Route (NSR), which owns a majority stake in telecom tower company Aster Infrastructure, has initiated talks with the Ruias-owned Essar Telecom Infrastructure (ETIL) for a merger. If the deal goes through, NSR will get a stake in the combined tower company. Besides, NSR and ETIL will then look for joint placement or stake sale in the combined entity, a top executive familiar with the development told ET. The Ruias had recently appointed Barclays Capital to find out strategic partners or offload a stake in its tower arm. Executives tracking the deal said that in addition to NSN-owned Aster, the Essar Group is also in talks with two other strategic investors for a stake sale or even a complete sale of its tower assets. […]
United Biscuits, the world’s third largest biscuit maker, is making its Indian foray by taking over the manufacturing facility of a little-known Himachal Pradesh (HP) firm, according to a media report. The UK-based makers of McVitie’s, Hoola Hoops and Jacob’s Cream Crackers brands is buying the facility of SS Food Industries (SSFI) that makes biscuits for exports to Africa and the Middle East, a person with direct knowledge of the development said. McVitie’s, a digestive biscuit made of wheat and high fibre, occupies a distinct ‘health’ positioning. It is expected to compete with Britannia’s Marie Gold and NutriChoice and Sunfeast Marie Lite. […]
US-based Apollo Management will take a 11 per cent stake in the expanded equity of Dish TV, making its first media investment in India. Apollo will pump in $100 million to subscribe to Dish TV's GDR (Global Depositary Receipt) issue. Dish TV has priced its GDR at Rs 39.80 per share of Re 1 each. Indiantelevision.com was the first to report that Dish TV would be going in for a GDR issue as it plans to raise up to $200 million to fund its expansion programme. […]
The proposed acquisition of LyondellBasell by Reliance, if it goes through, will be a winning bet for RIL as the company has enough cash reserves to fund the deal, which in turn will further boost its core businesses, say experts. Analysts of leading global investment banks like Credit Suisse, Goldman Sachs, CLSA and Citi have said the RIL-LyondellBasell deal would be value accretive for the Indian petrochem giant, besides the deal comes at a time when valuations are still low following the global economic slump. Credit Suisse in a research report said: “While it is still early days, such an acquisition is one way of using RIL's large cash, and increase earnings visibility beyond the ramp up of KG D6.” […]
Venture capital company, GVFL has announced an investment of Rs 11 crore in Bangalore-based iNurture Education Solutions Limited. Based out of Ahmedabad, the erstwhile Gujarat Venture Finance Limited made its sixth investment from the Rs 450-crore SME Technology Fund. Talking about the investment, Mihir Joshi, managing director of GVFL said, “What triggered the Rs 11 crore investment in iNurture was India's education sector and its potential. The sector offers assured demand growth, recession proof nature, and negative working capital. Today's growing economy expects students to be market ready. Government's recent policy directions and openness to adapt to this need allows players like iNurture to play a formidable role in this sector.” […]
The Department of Telecom has 'no objection' to the Russian government picking up 20 per cent stake in telecom service provider Sistema-Shyam for a little over $676 million (Rs 3200 crore). “SSTL (Sistema-Shyam Telecom Ltd) is permitted to bring in foreign equity by issue of fresh shares as per the Lock-In principles of the DoT,'' the department said, responding to a Foreign Investment Promotion Board (FIPB) query where the proposal has bee n pending. A DoT note to the FIPB said SSTL has sought approval for FDI up to 20 per cent by the Federal Agency for State Property of Russian Federation into the company by subscription of up to 66.27 crore fresh equity shares of nominal value of Rs 10 a share at t he rate of Rs 49.31 per share approximately for an investment of up to USD 676 million dollar. […]
Experian is the second credit bureau in the country to confirm conditions after Credit Information Bureau of India. Seven financial institutions, including Punjab National Bank (PNB), Union Bank of India and Axis Bank have picked up stake in the newly-formed credit bureau, Experian Credit Information Company of India. Experian is the second credit bureau to confirm conditions after Credit Information Bureau (India) (CIBIL), which is the only functional credit bureau at present. Experian said it would now apply to the Reserve Bank of India (RBI) for a final license and commence operations within six months of receiving it. […]
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