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News Roundup: ADAG Set To Manage $2.5B Malaysian Govt Funds

22 January, 2010

ADAG Set To Manage $2.5B Malaysian Govt Funds – Reliance Capital Asset Management Company, part of Anil Ambani-led ADAG, is negotiating with Malaysia to manage up to $5 billion (Rs 23,000 crore) of public and government funds, including money that is part of the national pension fund. Malaysia is also in talks with other global fund managers for the deal. Reliance Capital expects to win a mandate to manage around half the $5 billion that the southeast Asian nation’s government wants private asset mangers to handle. Currently, the funds are managed by investment arms called government-linked investment companies (GLICs) such as Telekom Malaysia, automaker Proton and Malaysia Airlines. (ET)

Qatar Fund In Talks For 10% Stake In Hinduja Power – Qatar Investment Authority (QIA), the sovereign investment fund promoted by the emirate’s ruling family, is in the final stages of negotiations to purchase a 10% stake in Hinduja National Power Corporation Ltd. The fund will pay Rs 200 crore, at Rs 40 a share, for the stake in the company, which is building a 1,040 MW coal-based energy plant at Visakhapatnam in Andhra Pradesh. Three-fourths of the Rs 5,200 crore plant, scheduled to start generating power by 2013, will be funded by banks, while one-fourth, or Rs 1,300 crore, will be put in by the Hindujas. (Mint)

Gammon Infra Eyes Stakes In Airport Projects Abroad – Gammon Infrastructure, a Mumbai-based company, plans to buy stakes in international airport projects. The company is already in talks with companies and expects the first such deal to close in six months. Gammon is considering infrastructure projects in the initial stages of development, and looking at opportunities in Asia and Africa. It plans to spend Rs 1,000 crore to Rs 4,000 crore in taking stakes in such projects. (BS)

OnMobile To Raise Funds – OnMobile Global Limited, a leading data and value added services (VAS) company for mobile, landline and media service providers, plans to raise funds. The board of the company will meet on January 29 to discuss the same. It plans to raise funds from domestic and international markets through various ways such as depositary receipts, public issue or private placements. (Reuters)  

Bhushan Steel-Essel To Acquire Mumbai Plot For Rs 1,530Cr – In the largest ever property deal in over 18 months, Bhushan Steel and Subhash Chandra-promoted Essel Group have acquired a 250-acre plot in Kharghar (Navi Mumbai) for Rs 1,530 crore. They have acquired the land from City and Industrial Development Corporation of Maharashtra (Cidco). Both the companies, Bhushan Steel and the Essel group, proposed to develop a Bollywood theme park there through Future City Properties, a company floated by the duo. Among other bidders, Indiabulls came in second with a bid of Rs 1,059 crore, while a consortium of GVK group and HCC came third with a bid of Rs 808 crore. (BS)

Mercator Eyes More Coal Mines In Indonesia – Mercator Lines Ltd, India’s second-largest private shipping company, is looking at acquiring more coal mines in Indonesia as part of its strategy to hedge against the cyclical nature of the shipping business. The company is in talks with the Indonesian government and some private players for acquiring the coal mines. It has acquired a coal block in Mozambique in 2008 and three coal mines in Indonesia last year and is aggressively searching for more in view of the huge demand from India and other countries. (ET)

Progress Soft Acquires Savvion Inc – Progress Software Corporation, an American software company which sells business application, has acquired Savvion Inc, a California-based business enterprise software developer, for $49 million. The company says the acquisition of Savvion enhances its goal to provide unprecedented business visibility, responsiveness and business process improvement, coupled with highest degree of data integrity and integration. It has its India operations based out of Hyderabad. (BS)

HDIL To Raise Rs 1,200 Crore Via QIP – Housing Development and Infrastructure Ltd (HDIL) is set to raise Rs 1,200 crore through another tranche of qualified institutional placement (QIP). As part of the plan, the company will soon launch roadshows in Singapore and then Hong Kong. The company plans to utilize the proceeds to acquire land for its Mumbai Airport project, to ramp up commercial projects in Kurla and Andheri suburbs and as seed capital for its rental housing project in Virar. Post this placement, the promoter stake will fall to 44.17% from 48.31% now. (DNA)

Spice Retail Acquires Global Access – Spice Retail, a multi-brand mobile and technology retail chain led by Dilip Modi, has acquired Global Access, a Karnataka-based retail chain. The company says the acquisition helps it expand its presence in Karnataka, and also expertise and experience of the retail business in the region, which unleashes a force multiplier that generates value for the business as well as for the customer across segments. (Business Line)

IHCL’s Stake In Orient Dropped To 7.75% – Indian Hotels Company (IHCL), the Tata group company that is India’s biggest hotel chain operator, has taken a big knock in its holding in the Bermuda-based luxury hotel chain operator Orient Express Hotels (OEH). IHCL, irked by OEH’s rejection of all overtures for a tie-up and also due to its complex shareholding structure, had decided not to participate in this week’s rights issue, where over 12 million common shares were sold. As a result, IHCL’s stake in OEH has dropped down to an all-time low of 7.75% from 9.7% earlier. (BS)

Syncom Healthcare IPO Open On January 27 – Syncom Healthcare, an Indore-based company engaged in the marketing and manufacturing of drugs and formulations, has fixed the price band of its initial public offering at Rs 65-75 per share. The company will issue around 75 lakh shares for the IPO, which opens on January 27. The company plans to raise Rs 56.25 crore at the upper end of the price band. The proceeds from the issue will be used to set up a new manufacturing unit to produce formulations at Indore Special Economic Zone. (Business Line)

 


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News Roundup: ADAG Set To Manage $2.5B Malaysian Govt Funds

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