Adani May Sell Coal Stake In London IPO – Adani Enterprises Ltd. (ADE), India’s biggest coal importer, may sell shares in a unit that holds mining rights in the Asia-Pacific region to international investors and use the proceeds to add energy assets. The Ahmedabad, India-based company may sell a stake of as much as 20% in Adani Mining Ltd. in an initial public offering in London within the next two years. Adani is buying coal mines to help feed the company’s $20 billion push to increase power generating capacity 10-fold in India with mining rights in Australia, Indonesia and India. (Bloomberg)
SocGen Closing Down Private Banking Ops In India – Societe Generale, one of Europe’s largest banks with assets of over 1.1 trillion euros, is cutting back its India operations in a phased manner. After withdrawing from a life insurance joint venture (JV) with one of the largest NBFCs in the country, and transferring its direct stake in a mutual fund JV with the country’s largest bank to a global assets management partnership, the bank is now closing down its private banking operations. (Times of India)
Sonthalia Joins Duet India – Saurabh Sonthalia , the former head of global capital markets at Bank Of America , Meriill Lynch has taken over as Country head of Duet India , a private equity firm. Sonthalia had been hired by Bank of America’s Merrill Lynch unit in 2009 from AIG Global Asset Management Co. India) Pvt., where he was chief executive officer. Duet has two India dedicated funds-one real estate and the other hospitality-with assets of $500 million. (Economic Times)
Vishal Sharma Joins As CEO Of Gateway Rail Freight – Gateway Rail Freight Limited today announced the appointment of Vishal Sharma as its Chief executive officer (CEO). Sharma’s most recent role was the Managing Director of Tuscan Ventures, a logistics focused private equity firm. Prior to Tuscan, Sharma was with AP Moller Maersk, the world’s largest container line, for over 13 years. (Business Standard)
Cairn May Give Up Non-Compete Fee For Vedanta Deal – With cost recoverability of royalty on Barmer crude oil set to become a reality for Cairn India, its Edinburgh-based parent Cairn Energy Plc might give up the non-compete fee on the multibillion-dollar deal with Vedanta Resources.This would mean instead of getting Rs 405 a share for selling a 40 per cent stake in Cairn India, Cairn Energy would get Rs 355 per share from the Anil Agarwal-controlled Vedanta Resources. Vedanta has already acquired a 18.5% stake in Cairn India through Sesa Goa. (Business Standard)
Jyothy Close To Raising Rs 700Cr From PEs – Consumer goods maker Jyothy Laboratories is close to raising about Rs 700 crore from private equity funds, with a deal likely to be announced in 6-8 weeks. The Indian firm is in talks with a clutch of private-equity funds including the Carlyle Group, Actis, TPG Capital and Apax Partners to pick up a minority stake. Jyothy Labs recently bought 51% of Henkel AG’s Indian arm for Rs 570 crore ($127 million).
Indian Energy In Talks With Buyers – Indian Energy Ltd. (IEL), an operator of wind farms backed by Lloyds Banking Group Plc and AXA Investment Managers, expects a formal offer from a potential buyer within weeks. The company is looking for a strategic investor to help grow the business. The party could offer to buy out part or all of the company. If the negotiations don’t work out, the company may sell its wind farms in India. (Bloomberg)