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News Roundup: Monnet Ispat in talks for coal mine buy in Colombia

BY  TEAM VCC
Acquisition to feed steel plants, power projects in India.

Monnet Ispat in talks for coal mine buy in Colombia: Monnet Ispat and Energy Ltd (MIEL), India's second-largest coal-based sponge iron producer, is set to soon acquire majority stake in a 25-million tonne (mt) coal mine in Colombia. The Rs 1,960-crore MIEL wishes to feed its steel and captive power plants in India using the coal made available through the acquisition. (Business Standard)

Polaris to allocate $100M for acquisitions: Polaris Financial Technology is planning to allocate $100 million (Rs 549.25 crore) to acquire two to three product firms in four years, as part of its new plans to double its revenue. Meanwhile, the company said it was looking at options to divest its shares in IdentTrust, owing to security reasons raised by the US. (Business Standard)

SSTL open to buyouts, but will wait for SC decision: Telecom operator Sistema Shyam Teleservices (SSTL), whose 21 licences are among the 122 cancelled by the Supreme Court, today said it is open to acquisitions, but will wait for the apex court decision on its curative petition."We may be interested in acquiring companies... But before any initial investment, we will have to see the current situation... But at this stage, I do not see any M&A until the decision of the Supreme Court," SSTL CEO Vsevolod Rozanov told reporters here. (Business Standard)

Reliance Cap in talks to sell 26% in general insurance arm: Financial services major Reliance Capital group has begun talks to sell 26% equity in its general insurance arm to a foreign partner, and is open to selling further stake in life insurance and mutual fund units."We are in talks for sale of 26% stake in general insurance business to a foreign strategic partner," Reliance Capital CEO Sam Ghosh told PTI in an interview here. (Business Standard)

PFC selling at least Rs 1B in tax-free bonds: Power Finance Corp is planning to sell at least Rs 1 billion ($18.15 million) via tax free bonds, according to a term sheet. The power sector lender will sell 10-year bonds at 7.21 per cent and 15-year debt at 7.38 percent, the document showed. (The Economic Times)

Happiest Minds Tech eyes public listing in about 7 yrs- Ashok Soota: Bangalore-based Happiest Minds Technologies Pvt Ltd will be publicly listed in about seven years once it achieves annual turnover of over $100 million, its founder and executive chairman Ashok Soota said here today. (The Economic Times)

Cinepolis open to acquisitions to scale up in India- Alejandro Ramirez Magana: CEO of the world's fourth-largest cinema chain Cinepolis, knows that Indians love their movies. Recently, the 42-year-old G20 leader invested $8 million to build a luxury theatre in California, where patrons can kick back in a leather recliner and press a button to order teriyaki beef skewers, sushi rolls or a glass of Thomas Hyland Chardonnay. (The Economic Times)

Danone, Fonterra eye Tirumala Milk: Dairy firms Danone and Fonterra are among potential acquirers of a controlling stake in Hyderabad-based Tirumala Milk Products after promoters and private equity investor Carlyle Group started work on a share sale plan. Carlyle, which invested less than three years ago, holds 20% stake, while the remaining stake is held by five first-generation rural entrepreneurs. The company would ask around INR 2,500 crore, or $450 million, in enterprise valuation. The PE investor and the promoters have short-listed three global investment banks as they get ready to launch a sale. (The Times Of India)

Disa India to sell 11% equity via offer for sale: Disa India Ltd. is looking to sell 11.45% stake the company through offer for sale. The offer for sale is to meet SEBI’s minimum public shareholding norm. ICICI Securities was appointed as the manager to the issue. (BSE)

As Starbucks & Dunkin walk in, Lavazza Spa looks to get out of Indian coffee chain Barista: Italy's Luigi Lavazza Spa is looking for a strategic partner or even an outright buyer for its Indian coffee chain Barista five years after acquiring it, and has begun preliminary talks with potential partners and buyers, said a person with direct knowledge of the situation. (The Economic Times)

California Software plans for assets sale: California Software Company Ltd. is planning to sell or transfer part or whole assets of the company. The company is also looking to sell IT business, branch offices and wholly owned subsidiaries of the company. The company had received the approval from the board for the sale of assets. (BSE)

Courtesy: VCCEdge

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