News Roundup: DLF to sell wind energy business for Rs 900Cr | VCCircle
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News Roundup: DLF to sell wind energy business for Rs 900Cr

BY  TEAM VCC
DLF Ltd is looking to sell its wind energy business to an unlisted firm founded by the former General Electric India boss Tejpreet Singh Chopra.

DLF Ltd. is looking to sell its wind energy business to an unlisted firm founded by the former General Electric India boss Tejpreet Singh Chopra for around $164.56 million (INR 900 crore). The divestment of wind energy business has already been finalized with Bharat Light and Power (BLP). However, there are some regulatory issues that need to be resolved before announcing the transaction. The firm is selling its windmills in Gujarat, Tamil Nadu, Karnataka and Rajasthan under a two-phased slump sale. (The Economic Times)

Yebhi.com to raise $25 m in next 3 months: Leading fashion e-tailer Yebhi.com plans to raise around $25 million (around INR 137 crore) in its next round of funding in the next 3-4 months. The company would be using the amount to step up its expansion plans. The fund will be raised by wholesaler Big Shoe Bazaar India Pvt. Ltd., which owns brand Yebhi.com. Last October, the company raised INR 100 crore in Series C round from Fidelity Growth partners, Qualcomm Ventures and Catamaran Ventures. (Business Line)

Majgenta Fashion to raise $10 million: Majgenta Fashions, which recently inked a pact with Italian luxury clothing and accessories brand Versace 19.69 Abbiglimento Sportivo, has set up separate Indian entity ‘Versace 19.69 India Ltd.’ to launch the product line in India. The company is looking to raise $10 million (INR 54.6 crore) to roll out the company. The funds would be used primarily to invest in retailing and marketing activities to fuel Versace 19.69 India Ltd’s pan-India expansion plans as well as product development. (Business Line)

French cement maker Vicat eyes more India buys: After acquiring cement facilities and joining hands with local players for joint ventures, France's Vicat group is considering more opportunities for organic and inorganic growth in India. In April 2010, the company acquired a controlling stake in Andhra Pradesh politician YS Jagan Mohan Reddy's Bharathi Cement and earlier joined hands with Hyderabad-based Sagar Cements for 53% stake in a joint venture. The joint venture's 2.75 million tonne a year plant in Gulbarga in Karnataka commenced operations recently and the Vicat group now has 7.75 million tonne of capacity in the country. The French firm bought a 51% stake in Bharathi Cement. (The Economic Times)

IIFCL gets Sebi approval for $1 billion infrastructure debt fund: State-owned India Infrastructure Finance Company Ltd (IIFCL) has got SEBI nod for floating $ 1 billion (about INR 5,000 crore) infrastructure debt fund (IDF), which will be operational in a month. The initial corpus of the fund would be $1 billion of which 50% would be contributed by Indian investors and 50% by foreign investors. IDF will be floated via mutual fund route which is more flexible. The company has already discussed with LIC, IDBI Bank and State Bank of India. (The Economic Times)

Darby to exit Cafe Coffee Day and Bhoruka Power: Darby Overseas Investments, the private equity (PE) arm of Franklin Templeton Investments, is looking to exit from Amalgamated Bean Coffee Trading Co Ltd. and Bhoruka Power. The company has invested $25 million in Café Coffee Day and about $18 million in Bhoruka Power. The PE firm made the investments from its $300-million Darby Asia Mezzanine Fund II during mid-2008, just before launching its $147-million India focused fund. Cafe Coffee Day promoter V G Siddhartha will be buying back the stake from Darby, while a fresh investor would pick up the PE firm’s stake in Bhoruka. (Business Standard)

 

Courtesy: VCCEdge

 

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