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New Roundup: RIL, Essar In Fray For BP’s Africa Assets

28 July, 2010

RIL, Essar In Fray For BP’s Africa Assets – Mukesh Ambani-run Reliance Industries and Essar Oil are among about half a dozen firms in race to buy crisis-hit British energy giant BP’s fuel marketing assets in east African countries. Reliance and Essar have offered between $400 to 500 million for BP’s assets in the East African nation. (PTI Via Economic Times)

SKS Ropes In Anchor Investors At Upper Band – SKS Microfinance, whose IPO opens on Wednesday, placed 18% of its stake with 21 anchor investors for Rs 297.6 crore. The investors were allotted 30.22 lakh shares at a price that is at the upper end of IPO price band of Rs 850-Rs 985. Smallcap World Fund subscribed to the most number of SKS shares while others include Abu Dhabi Investment Authority, JP Morgan Investment, Japan Trustee Services Bank, Quantum (M), Morgan Stanley, William Blair International, Birla Sun Life, Sundaram BNP Paribas, ICICI Prudential Life Insurance, Nomura Trust and Banking and Reliance Capital. (HinduBusinessLine)

RIL Buys Bombay Dyeing Unit – Reliance Industries (RIL) has bought out the loss-making polyester plant of Bombay Dyeing at just under Rs 300 crore. A formal announcement is likely early next week. Reliance was competing with Indo Rama and JBF Industries to buy the loss-making plant of Bombay Dyeing. (Economic Times)

DLF Eyes Strategic Partner For Insurance Unit – India’s largest real estate firm DLF is likely to bring in a strategic Indian investor in DLF Pramerica Life Insurance, its insurance joint venture with US-based Prudential International Holdings. The successful Indian investor may acquire up to 44% stake in the insurance firm and will become the largest shareholder. (ET)

Biyani Sweetens The Deal For Vishal Lenders – Future Group’s Kishore Biyani’s proven record, his offer to retain the Vishal brand, and issue redeemable preference shares worth Rs 176 crore has found favour with both the key banks and Vishal Retail’s current promoter. TPG had suggested a 0.5% Compulsorily Convertible Debenture (CCD) option for the same amount, which if converted by the lenders would have translated into a 6.68% stake. Biyani, like TPG, has also sought a three-year moratorium on the debt repayment. (Business Standard)

Soros To Buy BSE Stake – George Soros is in the final round of negotiations to buy Dubai Holding’s 4% stake in the Bombay Stock Exchange. Soros Fund Management is planning to pay about $40 million for its stake, valuing Asia’s oldest bourse at about $1 billion. (Financial Times)

Greenko Group Plans Energy & Oil City – A consortium headed by Greenko Group, one of India’s fastest growing independent power producers, has proposed to set up an ‘Energy and Oil City’ at Sonepur in south Orissa’s Ganjam district at an investment of Rs 15,000 crore. The projects that would come up on this ‘Energy and Oil City’ are a port, a shipbuilding unit, a 1000 MW gas-based power plant, a desalination plant with a capacity of 120 million litres per day and a modern township for accommodating 10,000 people. (Business Standard)

Surana’s Solar Unit To List On Exchanges – Surana Ventures Ltd, the demerged solar power entity of the Surana Telecom Ltd, is set to list on the stock exchanges in the fourth week of next month. The company is also in talks with a Norwegian solar PV company for a strategic partnership.  (HBL)

Jubilant To Foray Into Hospitals – In a bid to further diversify its business, specialty chemicals firm Jubilant Organosys is looking to set up hospitals in West Bengal as it looks to enter into the lucrative hospital business. The company would invest a total of Rs200 crore for this venture. These hospitals are in secondary care and in semi-urban areas and would be structured using a hub-and-spoke model. (DNA)

RIL To Rope In Strategic Investor For Telecom – Reliance Industries is planning to rope in several strategic partners for its telecom business. The company would forge several strategic relations (in the telecom space) with a host of leading global technology players, service providers, infrastructure providers, application developers, device manufacturers and others to leapfrog India to the 4G revolution. (Business Standard)

ONGC, PetroVietnam To Buy BP Stake – State-run explorer Oil and Natural Gas Corp (ONGC) and PetroVietnam are planning to acquire BP’s stake in an offshore Vietnamese gas field. The company’s are expected to submit a joint formal offer within weeks to buy the stake. ONGC has a 45% share in Block 6.1 in the Nam Con Son basin, off Vietnam’s southeast coast, which is operated by BP with a 35% stake. (Business Standard)


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New Roundup: RIL, Essar In Fray For BP’s Africa Assets

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