Actis, Tata Likely In $2-Billion JV For Road Projects – Private equity major Actis and Ratan Tata-led diversified Tata Group is forming a joint venture for developing roads and highways projects. Tata Realty & Infrastructure, a company set up by the Tata group to foray into the roads and highways sector, will own 65% of the venture, while the remaining stake will be with Actis. The JV is likely to be called TRIL Roads Pvt Ltd, and plans to spend $2 billion (about Rs 8,900 crore) over five years. (ET)
Shoppers Stop To Buy Majority Stake In HyperCity – Shoppers Stop Ltd, the retail arm of Mumbai-based K Raheja Corp Group, is planning to hike stake in group firm and hypermarket chain HyperCity to 51%, from 19% now. The retailer will bought the additional 32% stake in HyperCity from its promoters. The stake purchase will cost Shoppers Stop approximately Rs 125 crore. HyperCity operates 3 stores in Mumbai and one each in Amritsar, Bangalore, Jaipur and Hyderabad. (DNA)
Bravia Capital May Invest $40M In SpiceJet – Bravia Capital Partners Inc, a US investment fund, is planning to invest $40 million into low fare carrier SpiceJet. The SpiceJet board will meet this week to discuss the proposal. The New York-based fund has interests in the aviation sector and is engaged in aircraft financing. SpiceJet is in the market to raise up to $75 million from investors for fleet induction and expansion on international routes. (ET)
Patni Computer Buys CHCS Services In US – Patni Computer Systems Ltd, a provider of information technology services and business solutions, is acquiring CHCS Services, Inc, a wholly-owned subsidiary of Universal American Corporation, a US health insurance company. Patni says this strategic acquisition is a strong validation of Patni’s differentiated micro-vertical strategy. The acquisition creates a new hub for Patni in Pensacola, Fla and establishes a new line of business as a third-party administrator (TPA) in the insurance and healthcare sector. (FE)
Muthiah Group’s SDB Cisco Stake Sale Falls Through – AC Muthiah Group, which was in talks with Denmark’s ISS to sell a majority stake in security services firm SDB Cisco has fallen through as certain terms of the transaction were not fulfilled. ISS, a $12-billion facility management company, was likely to pay around Rs 160 crore for acquiring 60% stake. ISS was routing the transaction through its Indian subsidiary ISS Facility Services India. (ET)
DBS Bank Files Winding-Up Petition Against Vishal Retail – DBS Bank Ltd, a Singapore-based bank, has filed a winding-up petition against loss making Vishal Retail Ltd in the Delhi high court in a bid to recover money it loaned to the troubled retailer. The petition, filed earlier this week, is the latest in a string of cases DBS has brought in various courts to recover dues of around Rs 40 crore from Vishal Retail. Vishal Retail in which media firm BCCL owns over 9% stake and Gaja Capital has around 2.2%, is now struggling with the venture, and has received a proposal from buyout giant TPG few months back. (Mint)
Nusli Wadia’s Son Jeh Wadia To Head Realty Biz – Wadia Group chairman Nusli Wadia is bringing some executive level changes in group companies. As part of the plan, his younger son Jeh Wadia will be in charge of the property business. He will focus in building malls, five-star hotels and upscale homes on the family’s sprawling land assets. Wadia Group is a diversified company with presence in airlines, textiles, chemicals, plantations, foods, electronics, health, real estate, and consultancy industries, among others. (ET)
LIC Housing Finance Eyes Banking Foray – LIC Housing Finance, a subsidiary of insurance major Life Insurance Corporation of India (LIC), is planning to foray into banking business. The development follows the Reserve Bank of India’s (RBI) guidelines on issue of fresh licences for private sector companies. The home loan company has planned to go solo, even if its parent company, LIC, is not able to partner the venture. The company will also start operations of its real estate venture capital fund in the next six months. (FC)
Goldman Sachs To Get ICICI’s Sonjoy Chatterjee On Board – Goldman Sachs, a global investment banking and securities firm, is hiring Sonjoy Chatterjee from ICICI Bank. Chatterjee is currently the executive director on the board of ICICI Bank, and is responsible for corporate & investment banking, government banking and international banking business of the bank. He will be co-CEO of Goldman Sachs India. Chatterjee joined ICICI in 1994 in Kolkata and subsequently served at several key positions of the bank during his stay there. (ET)
CIL, NTPC Formed Joint Venture – Coal India Limited (CIL), the state run coal producer, has formed a joint venture with power generator NTPC to acquire coal assets in the country and abroad. Both CIL and NTPC will contribute equally in the equity share capital of the JV company. The JV will be called CIL NTPC Urja Pvt Ltd. (Sify News)
Marg Raises Rs 106Cr Through QIP – Marg Ltd (formerly Marg Construction Ltd), an EPC and infrastructure development company, has raised Rs 106 crore through a qualified institutional placement (QIP) of shares. The company sold the shares at an offer price of Rs 189.88 a share. The issue opened on Monday and closed on Wednesday. (Reuters)
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