News Roundup: PFC to set up $1B equity fund with Tata Capital | VCCircle
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News Roundup: PFC to set up $1B equity fund with Tata Capital

BY  TEAM VCC
PFC would have 49% in the private equity fund and the remaining shareholding would be owned by Tata Capital.

CIL likely to take final call on ICVL exit in next board meet: Mining major Coal India Ltd is likely to take a final call on its exit from International Coal Ventures (ICVL) in the next board meeting.“The ICVL issue was discussed at the board meeting held on November 9, but final decision would be taken by the board at the next meeting,” a member of the CIL management board told PTI. (Business Standard)

PFC to set up $1B equity fund with Tata Capital: Power Finance Corp along with Tata Capital will set up a $1 billion private equity fund, that would mainly focus on financing for domestic power projects."We are in talks with Tata Capital for setting up a power equity fund," PFC Chairman and Managing Director Satnam Singh told reporters here today. (Business Standard)

IIFCL to start raising Rs 10,000Cr from tax-free bonds: State-owned India Infrastructure Finance Company (IIFCL) today said it would start the process of raising Rs 10,000 crore from tax-free bonds beginning November 12. "We have just got approval from the government for raising Rs 10,000 crore from tax-free bonds. We will be issuing first tranche Rs 500 crore on Monday," IIFCL Chairman and Managing Director S K Goel said here. (Business Standard)

Looking for larger acquisitions in key mkts- Sun Pharma: A day after it announced the $230 million deal to buy a US-based company, Sun Pharmaceutical Industries today said it is looking forward to larger acquisitions as a part of its expansion plans. "We continue to look for opportunities to expand our business in all the key geographies and markets we are focused on. We are looking at acquiring businesses hopefully larger then DUSA going forward," Sun Pharma Managing Director Dilip Shanghvi said in a conference call. (Business Standard)

Pantaloon to demerge fashions business, list new entity: Pantaloon Retail and Future Ventures INDIA will demerge their fashion businesses into a new listed unit that will simplify the businesses into three main segments, the two companies said late on Friday. Under the restructuring, all fashion brands, currently held by PANTALOON Retail and group firm Future Ventures will be transferred to Future Fashion, along with debt of 12.26 billion rupees. (Business Standard)

ALMT appointed legal advisor for NMDC stake sale: The Union Government has appointed ALMT Legal, Advocates & Solicitors as the advisor for the 10 per cent stake sale of state-owned iron ore miner NMDC. The divestment will be through offer for sale by promoters through the stock exchanges, the company said in a filing to the BSE today. (Business Line)

Anchor looking at buyouts in switches, lighting business: Panasonic India wholly-owned subsidiary Anchor Electricals is eyeing acquisitions in the switches and lighting businesses to enhance its growth, a top company official has said. "I am not ruling out inorganic growth. The areas that we will look for helping us grow faster will be switches and lighting businesses. (The Economic Times)

CARE investors to partially exit through proposed IPO: A host of investors, including IDBI Bank, Canara Bank, SBI, IL&FS and Federal Bank, are set to partially exit from Credit Analysis & Research (CARE Ratings), as the rating agency plans to raise funds through an initial public offering. The investors plan to mop up between Rs 500 crore and Rs 600 crore by divesting about 25%, said a person familiar with the development. However, CARE Ratings' managing director DR Dogra declined to comment. (The Economic Times)

Indian Hotels may sweeten offer for Orient-Express: Indian Hotels Co Ltd is expected to sweeten its offer to take over Orient-Express Hotels at a 40% premium after the New York Stock Exchange-listed global luxury hotels operator turned it down on Thursday.The Tata group hospitality flagship and its partner Montezemolo & Partners, which is backed by Ferrari chairman, are mulling their next move after OEH thwarted the bid saying it undervalued the company. (DNA)

Go Air considering IPO option, says MD: It is one of the smallest players in the Indian aviation space, with a 7.6 percent market share and that is its biggest advantage as it helps it adapt to fluctuations in the aviation space, Go Air's managing director Jeh Wadia told CNBC-TV18. Wadia admits Go Air is a David amongst the Goliaths of the Indian aviation space. But, that's not stopping Wadia from dreaming big. For starters, he hopes the government will give Go Air a waiver to fly international routes despite falling short of the 20-aircraft requirement. (moneycontrol)

Actis in race to buy Cinemax: Private equity major Actis has joined the race to buy Cinemax India Ltd, a multiplex chain put up for sale by its promoters, expecting a valuation of close to Rs 700 crore, including a debt of Rs 100 crore. The proceeds of the sale will be invested by the Cinemax promoters, the Kanakia family, in their core business — real estate development. The promoters’ demand is almost double the market capitalisation of the company at Rs 368 crore. (Buisness Standard)

ICVL plan on overseas assets' buy likely to crystallise by March: International Coal Ventures Ltd (ICVL), a joint venture of five leading metals and mining PSUs, is looking to acquire an overseas mine by March, a top company official said today. The company is conducting due diligence of four-five properties in Australia, the US, Mozambique, Canada and Indonesia and expects to finalise one deal by the fiscal-end, ICVL Chairman C S Verma, who is also the chief of steel maker SAIL, said here. (Business Line)

GPT Infraprojects plans to sell its wind business: GPT Infraprojects Ltd. is looking to sell, transfer or otherwise dispose off, the whole of the Ccompany’s wind power business such as Wind Turbine Generator based power plants each having 1.25 M.W. capacity both located at Irukkandurai, Radhapuram, Dist. Tirunelveli, Tamilnadu. The company has received the board approval for the same. (BSE)

SREI Infrastructure plans to raise funds through debt: SREI Infrastructure Finance ltd. is planning to raise funds through debt. The company is looking to raise approximately $91.91 million (INR 500 crore) through public issue of secured, redeemable, non-convertible debentures in one or more tranches. (BSE)

 Courtesy: VCCEdge

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