Aditya Birla Frontrunner For Jaiprakash Cement Stake – The Aditya Birla Group has emerged as the front-runner in a bid to acquire a stake in the cement business of Jaiprakash Associates Ltd (JAL) that could potentially be valued at $1 billion (around Rs. 5,700 crore). The two sides are in direct talks and negotiations have advanced considerably. (Mint)
SpiceJet In Talks With Etihad, Qatar Airways – SpiceJet, is in discussions with two West Asian airlines, Etihad Airways and Qatar Airways, for a minority stake sale. The move comes amidst expectations that the government would allow foreign airlines to invest directly in Indian carriers. India currently allows up to 49 per cent foreign investment in Indian carriers, but foreign airlines are barred. (Business Standard)
Pipavav Gets Shareholders’ Nod For Raising $200M – Pipavav Defence and Offshore Engineering Company on Monday said it has got shareholders’ nod to raise up to $200 million (about Rs 1,100 crore) to finance its growth plans for the defence sector. Pipavav Defence has plans for expanding presence in the defence sector, had in the letter to the shareholders said the fund would be used to expand existing infrastructure or setting up of new facilities. (Economic Times)
Future Group Puts Stake Sale To Lawson On Hold – The Future Group has put on hold talks to sell 49% stake in its sourcing and manufacturing operations to Japan’s Lawson Inc because of stake sales in two other units that have allowed it to significantly reduce its debt levels. The sourcing and backend operations were to be spun off from Future’s existing food retail stores into a separate firm. (Economic Times)
SIDBI Venture Capital To Raise Rs 600Cr Fund – Development bank Sidbi today said its venture capital subsidiary has closed Rs 600 crore India Opportunity Fund. Sidbi Venture Capital has got fund commitment from various investors including domestic banks and insurance companies. Small Industries Development Bank of India (Sidbi) has committed to contribute 30 per cent or Rs 180 crore to the corpus India Opportunity Fund Series I. (Economic Times)
Sequoia, Lightspeed Invest In OneAssist – Sequoia Capital India and Lightspeed Venture Partners have invested $3.5 million in Mumbai-based OneAssist Consumer Solutions Pvt. Ltd, which offers assistance services when wallets, handsets or passports get lost on overseas travels. The year-old start-up, founded by Gagan Maini and Subrat Pani, launched its offerings last week. (Mint)
Sesa Goa, Sterlite Merger Gets Shareholder Approval – Shareholders of Sesa Goa Ltd and Sterlite Industries (India) Ltd—units of billionaire Anil Agarwal’s Vedanta Resources Plc—have agreed to a proposal to combine into a diversified mining company called Sesa Sterlite, capping four months of debate and anxiety over the amount of debt that will be transferred from the books of the London-based parent to the new entity.
Schrader Bridgeport Sells 50% Stake To Indian Partner – Schrader Bridgeport International Inc of the US has exited Schrader Duncan. Schrader Bridgeport was the majority partner in the listed Indian tyre tube valves and pneumatic products joint venture. JP Goenka group, the junior partner, through one of its outfits Oriental Carbon & Chemicals Ltd (OCCL), has bought out the entire 50 per cent stake of Schrader Bridgeport. (Business Line)