2 bidders eye Vijay Mallya’s 30% stake in Mangalore Chemicals and Fertilizers: Two strategic bidders are conducting due diligence to acquire UB Group chairman Vijay Mallya’s 30.44% stake in Mangalore Chemicals & Fertilizers (MCF), as the beleaguered billionaire looks to raise cash by selling non-core assets to recapitalize debt-laden Kingfisher Airlines. A possible transaction could put an enterprise value of nearly $100 million on MCF, but the sources mentioned earlier said valuation details will be firmed up once the two bidders complete their due diligence. (The Times of India)
Essar Ports plans Rs 1,000Cr ECB to fund expansion: Buoyed by the cut in withholding tax payable on foreign loans, Essar Ports, the Ruia-owned port company plans to raise around Rs 1,000 crore in external commercial borrowings to fund its expansions.
PSUs bid $5B for ConocoPhillips’ assets: State-owned Oil and Natural Gas Corporation (ONGC), Indian Oil (IOC) and Oil India (OIL) have made a joint bid of $5 billion for buying stake in six Canadian oil sands assets of US energy giant ConocoPhillips.”We had, a few weeks back, placed a non-binding bid for a stake in the six Alberta properties of ConocoPhillips,” a source at one of the three state-owned firms said. (Business Standard)
L&T Infocity to sell stake in Hyderabad exhibition center project: L&T Infocity Limited, which had built properties such as Cyber Towers, the first land mark structure for IT and software companies in Hyderabad, is planning to exit from Hitex Exhibition Center, a property spread across 50 acres adjoining the International Convention Center here. (Business Standard)
Fiat Group’s arm Iveco scouting local partner to re-enter truck market in India: Italian truck maker Iveco, a part of the e59.6-billion Fiat Group, is making a second attempt to enter the fast-growing truck market in India. A e9.6-billion company, Iveco is scouting for a local partner and India is on the top of its priority list, CEO Alfredo Altavilla said. (The Economic Times)
HDFC Property Fund plans to raise $500M real estate offshore fund by end-2012: The private equity arm of Housing Development Finance Corporation, HDFC Property Fund, plans to raise a $500-million real estate off shore fund by the end of 2012. (The Economic Times)
India’s IL&FS Said to Plan Singapore IPO for Wind Power: Infrastructure Leasing & Financial Services Ltd., an Indian company whose shareholders include Japan’s Orix Corp. (8591) and Abu Dhabi Investment Authority, is planning an initial public offering of its wind power unit in Singapore, said three people with knowledge of the matter. (Bloomberg)
Royal Palms Puts 4 Hotels on Block, Eyes 2,500Cr: Mumbai-based real estate developer Royal Palms India has put its four hotels that include three 5-star category properties on the block, hoping to raise . 2,500 crore from the sale. (The Times of India)