News Roundup: NTPC eyes Tungabhadra Steel’s hydel power project
NTPC eyes Tungabhadra Steel’s hydel power project: To refocus on hydropower after recent setbacks, NTPC Ltd may buy state-owned Tungabhadra Steel Products Ltd’s 204 megawatts (MW) hydel power project, chairman and managing director Arup Roy Choudhury said. Tungabhadra Steel was set up as a joint venture between the state governments of Karnataka and Andhra Pradesh, which later became a central public sector unit in 1967 with the central government acquiring a 50.5% stake in the company, according to the department of public enterprises. (Mint)
Piramal Group's PE arm to raise Rs 1,000Cr health care fund: India Venture Advisors, the private equity arm of Piramal Enterprises Ltd, is set to raise a Rs 1,000-crore health care-focused fund. The Rs 500-crore fund, with an over-allotment of Rs 500 crore, will be launched officially within a month. India Venture, founded in 2007 by Ajay Piramal and A K Purwar, former chairman of State Bank of India, has its focus on health care and life sciences investments.
Piramal NBFC to bet big on education, health care space: A year ago, AK Purwar, former chairman, SBI, had enough time to spare when he was heading private equity business of Piramal Group. Today, he is busy person as he is at the helm of Piramal Capital, the holding company which runs entire finance business of Ajay Piramal Group. (Business Standard)
DLF to issue fresh equity shares to reduce promoters’ stake: Realty major DLF today said it will issue fresh equity shares in the next fiscal to dilute promoters’ stake to 75 per cent as per market regulator SEBI’s guidelines and will use the funds to cut debt.“In the medium term, (this will) further pare down the net debt to below Rs 15,000 crore with operational cash flow surpluses and equity issuance to bring the free float to 25 per cent (in compliance to current regulations) during FY14,” DLF said in an analyst presentation. (Business Line)
DLF aims to offload Aman Hotel by January: Realty giant DLF plans to offload Aman Hotel, identified among the group’s non-core assets, in the next few weeks. In an analyst call on Wednesday, Chief Financial Officer Ashok Tyagi said, “We are closing the deal in the next few weeks. We hope we would be able to announce it in the current quarter.” It is expected the deal would be concluded by January 2013. (Business Standard)
VLCC in talks with PE firms to raise money, may be valued at $400M: VLCC is in talks with a bevy of private equity suitors to raise money in a deal which could value it at up to $400 million ( 2,200 crore), a hefty sum for a company which began life by providing slimming services. (The Economic Times)
ICICI Bank selling additional 2015 yuan bonds-Source: ICICI Bank, India's biggest private sector lender, is selling a benchmark-sized re-opening of its 4.9 per cent September 2015 yuan-denominated bonds, a source with direct knowledge of the deal said on Wednesday.
Selling to private equity is a real exit option for promoters- Shashank Singh: With 30 years of investing experience, US-based private equity (PE) major Apax Partners has made investments worth $40 billion around the world. The firm, which invests through its latest $15-billion global fund, had started its Indian operations in 2006. However, the fund made only two investments in the past six years in India. (Business Standard)
The investor ecosystem is rife with a unicorn versus cockroach startup debate. Unicorns are startups with valu