Ajay Piramal Group’s Indiareit Fund Advisors up for sale; Ajay Piramal denies any such move: Ajay Piramal Group has once again put up for sale its property fund management company, Indiareit Fund Advisors, according to people close to the development. Piramal Enterprises, the group’s flagship that holds 97% stake in the fund, is scouting for potential buyers with a target valuation of around Rs 300 crore, these people said. (Economic Times)
C Sivasankaran to sell his 3.75% stake in Tata Teleservices: Serial entrepreneur C Sivasankaran has initiated moves to sell his 3.75% stake in Tata Teleservices as he looks to raise cash to build a war chest for newer investment opportunities during the economic slowdown. (Economic Times)
Temasek, Piramal, Bain Capital lead race to acquire TPG’s 20% stake in Shriram Transport Finance: Singapore-based Temasek, Piramal Group and Bain Capital are leading the race to acquire private equity firm TPG’s 20% stake in India’s largest commercial vehicle financier Shriram Transport Finance Corp (STFC), according to two people familiar with the negotiations. (Economic Times)
Wipro to sell water purification and treatment business to Earth Water Group: Four years after diversifying into water purification and treatment, soaps-to-software major Wipro is selling the business to NewDelhi-based Earth Water Group (EWG), said two independent sources aware of the development. (Economic Times)
RINL may file IPO offer document by month-end: The Red Herring Prospectus or Final Offer Document of the Rashtriya Ispat Nigam Ltd (RINL)’s delayed IPO may be filed by the end of this month, a senior Steel Ministry official said. The Steel Ministry is in touch with the Department of Disinvestments to ensure that the whole process is completed before November 15 so as to retain the ‘Navaratna’ status of the steel maker, the official said. (Business Line)
Motilal Oswal PE to set up realty fund: Motilal Oswal Private Equity Advisors Pvt. Ltd plans to raise around Rs.500-600 crore to invest in residential projects in large cities.
The new fund will be Motilal Oswal’s second in the real estate space, after it raised Rs.200 crore under the India Realty Excellence Fund (IREF) in 2009. The first fund has made around six investments so far and is likely to invest the remaining Rs.20-30 crore available in the next few months. (Mint)
Hindalco may raise funds for expansion: Hindalco Industries Ltd, India’s largest aluminium producer, may raise up to Rs 20,000 crore to expand its business. The company plans to invest Rs.10,000 crore in its four factories in India in 2012-13 and spend $1.5 billion on its overseas subsidiary Novelis Inc., chairman Kumar Mangalam Birla told shareholders at the annual general meeting in Mumbai on Tuesday. (Mint)
Siemens to sell some Indian unit shares for up to $50M: German engineering conglomerate Siemens AG is selling a 1.2% stake in its Indian unit Siemens Ltd in a deal that is expected to raise up to USD 50 million, according to a term sheet seen by Reuters.Nearly near million shares of Siemens India unit, in which the parent has a 75% stake, are being sold to investors in the price band of Rs 649.15 to Rs 698 a share, according to the term sheet. (Moneycontrol)
RIL to exit almost all overseas oil & gas blocks- Sources: Reliance Industries (RIL) is keen to change its international business strategy. And the company believes, it can do so by exiting almost all its overseas oil and gas blocks, say sources.Of the seven blocks, the company has, two each in Peru, Yemen, Columbia and one in Australia . The company has acreages in areas which fall in ‘no-contact’ region, which would make exploration activities difficult add sources. (Moneycontrol)
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