ICICI Venture To Exit HPCL Exploration Arm – ICICI Bank, ICICI Venture Funds and HDFC would soon offload their 50% equity stake in Prize Petroleum Company (PPCL) to another exploration and production company. Prize Petroleum is the exploration and production arm of Hindustan Petroleum Corporation (HPCL). HPCL is looking for a company that is into exploration. PPCL had been in talks with steel magnate Lakshmi Mittal, Essar Oil, Larsen & Toubro and Jaiprakash Associates for a possible stake sale. (Business Standard)
Etisalat Close To Deal With RCom – Emirates Telecomunications is close to buying a 26% stake in Reliance Communications even as two firms consider merging the latter with Swan Telecom, where United Arab Emirates-based group holds a 45% stake. The $3 billion could be closed by August-end. (Financial Times)
RIL In Talks With Quicksilver Resources – Mukesh Ambani’s Reliance Industries is said to be in talks with Quicksilver Resources, an exploration and production company that’s into development of shale gas, coal-bed methane and tight-sands gas in North America. Options like a buyout of the company, buying a stake in the mothership or partnering Quicksilver, which has an estimated enterprise value of $4.6 billion, are being discussed. (DNA)
Gammon MD Joins Enam’s Infra Fund – Former CEO & MD of Gammon Infrastructure, Parvez Umrigar, has joined financial services firm Enam’s infrastructure fund as a partner and will work with Jayesh Desai, who was brought in earlier this year to head the fund. Umrigar has been with Gammon Infrastructure for nine years and was appointed as the company’s CEO in September 2002. (Economic Times)
NSE To Cut NCDEX Stake – National Stock Exchange (NSE), which holds 15% in commodity bourse NCDEX, will have to lower its stake to 5% by December 31. The deadline can be extended by three months to March 31, 2011 in exceptional cases on ‘genuine grounds’. (ET)
DLF’s Aman In Talks With Banyan Tree – Singapore-based premium luxury resorts chain Banyan Tree is in advanced stages of talks to buy a controlling stake in Aman Resorts, the Middle East luxury hotel chain which DLF Ltd acquired in 2007 for $400 million. DLF is looking at selling “controlling stake” in it for around $350 million. Currently, DLF owns 97% stake in Aman Resorts. (Financial Express)
Govt To Offload 20% in MOIL – The Centre as well as two state governments are likely to offload 20% of their stake in Manganese Ore India Ltd (MOIL) through an initial public offer in December. Centre will offload 10% of its stake in MOIL, while Maharashtra and Madhya Pradesh would dilute 5% each of their stakes. The government has already invited bids from merchant bankers to manage the stake sale in the Mini-ratna miner MOIL. (ET)
ITC Cuts Agro Tech Stake – Cigarette-to-hotels major ITC Ltd has pared its holding in Agro Tech Foods Ltd (ATFL) by close to 3%, a business it transferred to ConAgra about a decade before. The shareholding pattern filed with the stock exchanges show ITC offloaded its stake in ATFL over the past nine months, raising speculation if it would fully exit. (BS)
Bafna Plans Acquisitions, PE Fundraise – BSE-listed Bafna Pharmaceuticals is close to acquiring a company in the UK having approvals to sell generic drugs. The Chennai-headquartered company already has approvals from authorities to sell 11 molecules in the UK and the target company’s kitty of 96 molecules will help the company immensely. bafna plans to raise debt and an equity infusion through the private equity route to complete the acquisition. (BS)
Redington Eyes Deals In Africa, West Asia – Redington (India) is scouting for acquisitions in Africa and West Asia which will help the company to become a global distributing major. Redington is country’s leading distributor of electronics and computer-related products, pheripherals and a supply chain solutions provider. The company has zeroed in on a Turkish-based company Arena Bilgisayar, a listed entity promoted by Izi Kohen, Mehmet Betil and Alvi Mazon, who together hold major shareholding in the company. (FE)
OVL Declines Mittal Offer – ONGC Videsh Ltd (OVL) has turned down an offer to buy steel tycoon Lakshmi N Mittal’s stake in a Kazakhstan oil company after its request for data on the project did not elicit any response. Mittal’s holding company, Mittal Investments Sarl, had in April, 2007, bought half of Russian LUKoil’s 50% stake in Caspian Investment Resources for $980 million. (BS)
Cera Eyes Europe Acquisition – Cera Sanitaryware Ltd, India’s third largest sanitaryware manufacturing company, plans to acquire a company or a brand in Europe. Apart from this, the company intends to infuse Rs 60 crore for capacity expansion. (BS)
Prithvi Eyes US Acquisition – Information and communication technology company Prithvi Information Solutions Limited is in the process of acquiring another US company. Prithvi had recently acquired Percentix Inc, a US-based business intelligence consulting company. The company to be acquired for about $5 million (Rs 24 crore) has operations both in the US and India. (BS)
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