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News Roundup: Apax Partners To Buy ICICI Stake In Metropolis

09 April, 2010

CX Partners Debuts Acquiring 8% Stake In Monnet Ispat – CX Partners, a private equity firm promoted by former head of Citigroup Venture Capital International (CVCI) Ajay Relan, is picking up 8% stake in steel company Monnet Ispat for Rs 150 crore. This is the maiden investment of the fund since its launch in 2008. CX Partners is a $500-million fund, and bought the Monnet stake from a clutch of foreign institutional investors from the secondary market. The transaction has valued Monnet Ispat at Rs 1,875 crore. (ET)

Apax Partners To Buy ICICI Stake In Metropolis – Global private equity firm Apax Partners is close to acquiring a strategic stake in Metropolis Healthcare Lt, a Mumbai-based company that runs a chain of diagnostic labs across India. The deal size is expected somewhere in the region of Rs 200 crore for 25% stake in the company. According to an earlier VCCircle report, Metropolis Healthcare’s early investor ICICI Venture is exiting the firm that holds 25% stake in the company. Apax Partners is buying the ICICI stake in the firm. (BS)

Hindustan Dorr-Oliver Eyes More Buys In Europe – Hindustan Dorr-Oliver Ltd (HDO), a construction and civil engineering firm and listed subsidiary of Hyderabad-based IVRCL Infrastructures and Projects Ltd, is targeting more buys in Europe. The company is looking at some proprietary engineering firms specializing in the manufacture of components for nuclear, defense and mining sectors in and around Sheffield. Last month, it has acquired DavyMarkham, a heavy engineering company based in Sheffield, UK for £ 9.5 million ($14.26 million). (Mint)

VC-backed Orient Green To File DRHP For IPO – Private equity-backed Orient Green Power Company Ltd (OGPL), an independent renewable energy power producer in India, is likely to file a draft red herring prospectus (DRHP) for initial public offering (IPO) in the next week. The promoter Shriram EPC holds 40% stake in the company. Orient Green is expecting a valuation of Rs 2500-3000 crore in the IPO. Private equity firm Olympus Capital Holdings Asia and venture capital firm Bessemer Venture Partners hold stake in the company. (Moneycontrol)

Vision USA To Invest Rs 920Cr In India’s Realty Projects – Vision USA Real Estate, a US-based integrated and property development company, is planning to invest around $200 million (Rs 920 crore) in various residential and industrial projects in India. The company has been exploring opportunities for the last two years and has identified residential and industrial infrastructure projects as focus areas for investments. It has already partnered with Chennai-based Gem Group to develop a Rs 320-crore project at Padur on Old Mahabalipuram Road, and is planning to develop logistics parks in Chennai and Bangalore. (BS

HMT Machine Tools To Merge With HEC – Heavy Engineering Corporation Ltd (HEC), the public sector undertaking (PSU) of the government of India, is planning to acquire HMT Machine Tools Ltd (HMT-MTL), a wholly-owned subsidiary of HMT Ltd to enhance its range of products and services. HMT-MTL is into manufacturing of small range machine tools, while HEC is in the design, engineering and manufacture of capital equipment. HEC has already received an in-principle approval from the government for the merger of HMT-MTL with itself, and is expecting to close the deal over the next two-to-three months. (Business Line)

Himachal Govt To Hike Stake In Satluj Jal Vidyut Nigam – The union cabinet has approved the enhancement of the equity stake of the Government of Himachal Pradesh in Satluj Jal Vidyut Nigam Ltd (SJVN) from 25% to 25.50%. The Cabinet Committee on Economic Affairs (CCEA) has approved the increase of State’s equity stake in the project by issuance of 2.78 crore fresh shares for a value of Rs 40.79 crore. SJVN is a joint venture between the centre and the government of Himachal Pradesh and is engaged in executing and operating hydro electric power projects in the river Satluj basin in Himachal Pradesh, (Business Line)

NHB In JV Talks With Us Co – National Housing Bank would be setting up a mortgage guarantee company soon that would provide guarantees to banks and housing finance institutions for home loans. The company has identified a technical partner in the US, and is in the final stages of negotiations. NHB is expecting a joint venture agreement with the company in the next one month, and will be the majority shareholder in the JV. (Business Line)

Sindu Valley Acquires E-John Pharmaceuticals – Sindu Valley Technologies Ltd, a Mumbai-based software company, is acquiring E-John Pharmaceuticals Pvt Ltd for an undisclosed sum, it informed the stock exchange. E John Pharmaceuticals is engaged in the pharmaceutical business and is also headquartered in Mumbai. Sindu Valley is involved in data processing and consultancy activities. (Team VCC) 


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News Roundup: Apax Partners To Buy ICICI Stake In Metropolis

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