News Roundup: Blackstone offers Rs 560Cr for part of UB City
Blackstone offers Rs 560Cr for part of UB City: Private equity giant Blackstone has made a Rs 560-crore offer to acquire the rent yielding real estate assets of Vijay Mallya's investment company UB Holdings, the promoter of the grounded Kingfisher Airlines, said sources directly aware of the matter. The deal may be part of the company's plans to recapitalize the airline in which it holds a little more than 24% stake. (The Times of India)
Sequoia zeroes in on firm selling idli, dosa batter: The scope of how global private equity giants are expanding in India and are tapping smallest to smallest businesses is just amazing. After going through the investment rounds of technology companies, consumer services, restaurants, healthcare service providers and detergents in top of the mind recall sectors, Sequoia India is understood to have now zeroed on a business which is into ready-to-cook idli and dosa batter. Started by a IIM-B graduate - Musthafa P C, during early 2005, Best foods Enterprises manufactures and markets the ID Special food products. (Business Standard)
Sam Balsara owned Madison Media negotiating with Dentsu, WPP for sale: Sam Balsara, the owner of Madison Media, the only major Indian ad agency that doesn't still have a foreign partner, is negotiating with Japanese advertising behemoth Dentsu and WPP for its sale. According to sources close to Balsara, he is looking at a competitive bidding process to get the highest possible price. (The Economic Times)
Bharti Co May Acquire 49% Share in DB Realty’s SPV: The realty arm of telecom major Bharti Group is in negotiations with Mumbai-based DB Realty to buy a 49% stake in a special purpose vehicle (SPV) that is developing a plot located in a hospitality district being developed near the Delhi International Airport. Bharti Realty, the retail unit, could pay up to . 350 crore, according to people familiar with the transaction. (The Times of India)
REC, IIFCL, PFC set to raise Rs 20,000Cr: The season for tax-free bonds has begun. IIFCL, REC and PFC together have launched Rs 1,500 crore of tax-free bonds for private placements. Each of them will raise Rs 500 crore through private placements after which the companies will launch tax-free bonds for retail investors. PFC will raise Rs 5,000 crore, IIFCL about Rs 6,000 crore and REC will raise about Rs 9,000 crore by the end of the financial year 2013. About 25 per cent of this will be reserved for retail investors. (Financial Chronicle)
Japan to give $2B loan for freight corridor project: Japan will give a fresh loan of about $2.26 billion for the second phase of dedicated freight corridor and an infrastructure project in South India, prime minister Yoshihiko Noda on Tuesday told his Indian counterpart Manmohan Singh as they met here, making up for an opportunity lost a few days ago. Noda informed Singh that Japan will announce the second round of loans under Overseas Development Assistance (ODA) for the second phase of the dedicated freight corridor and a third infrastructural project in South India, where Japanese companies have a good presence, the sources said. The dedicated freight corridor (DFC) project envisages development of two routes — Vadodara to Jawharlal Nehru Port (JNPT) and Rewari to Dadri in the western dedicated freight corridor.
A decade ago, the idea of a driverless car in real life would have been considered laughable. Today, it is a t