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News Roundup: Apollo, ICICI Venture Plan $750M Special Situations Fund

02 May, 2011

Apollo, ICICI Venture Plan $750M Special Situations Fund – Apollo Global Management will partner ICICI Venture, one of India’s largest private equity firms, to launch a special situation fund. An agreement for the $750-million fund will be signed soon. The new venture, exploring opportunities in the areas of special situations and distressed assets in India, will be headed by Kalpesh Kikani, senior general manager of ICICI Bank. (Business Standard)

Dabur In Talks To Buy ’30-Plus’ Brand – Personal care and food products maker Dabur India is in talks to buy ’30-Plus’ multi-vitamin supplement brand from Ajanta Pharmaceuticals. The deal is expected this week and will be under Rs 50 crore. If the deal goes through, 30-Plus, made popular by actor Jeetendra in the 1990s, will help Dabur expand its over-the-counter (OTC) business. (Economic Times)

Japan’s Kokuyo To Buy Camlin – The Dandekar family, the promoter of Camlin Ltd, has decided to offload a lion’s share of its stake to Japan’s Kokuyo Co Ltd, a 100-year-old stationary, furniture and design group with a $3-billion annual turnover. Kokuyo, listed on Japan’s exchanges, will get a 51% stake in Camlin through a series of staggered transactions. The deal is being done at Rs 110-115 per share. This means a valuation of two times Camlin’s estimated 2010-11 sales of Rs 370 crore or 25 times its estimated 2010-11 earnings before interest, depreciation, taxation and amortisation. (Business Standard)

Haymarket In Talks For BBC’s India JVs – Haymarket, which was founded by Lord Heseltine during the 1950s, is one of several parties vying to acquire the BBC’s shareholding in Worldwide Media, a joint venture with The Times of India group. The BBC’s stake in the operation is being sold as part of the disposal of its broader magazines division, which includes the Radio Times and Gardeners’ World. Exponent Private Equity, which is in talks to buy the main UK magazines publishing business, may also acquire the BBC’s joint venture interest in India.

ICVL Close To Buying Stake In MEC Coal – International Coal Ventures Ltd (ICVL), a consortium of five state-run companies, is close to “clinching” a deal for buying some stake in Singapore-based MEC Coal. ICVL is looking at 24 per cent stake in the MEC Coal for about $200 million. (Financial Express)

MTNL To List Mauritius Arm – State-run telecom operator MTNL is looking at listing its Mauritius arm, Mahanagar Telephone Mauritius Limited (MTML), in that country even as it plans to enter the African market. MTML, a wholly-owned subsidiary of the Indian PSU that entered Mauritius in 2005, is already a profitable company. Its overall revenues for the third quarter, FY’11, stood at around Rs 32 crore, with a net profit of Rs 3 crore. (Economic Times)

PFC Plans Stake Buys In Power Projects – State-owned lender to power projects, Power Finance Corporation (PFC), plans to buy minority stakes in power projects. Power Finance has already incorporated a subsidiary, Power Equity Capital Advisors Private, to provide consultancy services related to equity investments in the sector. (Economic Times)

Sun Pharma Promoters Foray Into Power Sector – The promoters of India’s fourth-largest pharmaceuticals company Sun Pharma are planning a Rs 5,000-crore foray into the power sector. Dilip Shanghvi, the company’s promoter, is firming up plans in the power sector and is looking to set up a 1,000-MW power plant with Rs 5,000-crore investment. According to BSE listing, the promoters of Sun Pharma hold over 60% stake in the company. (Economic Times)

Bharti Airtel Plans $1B Global Bond Issue – Bharti Airtel, India’s top mobile phone carrier, plans to raise $750 million to $1 billion through a global bond issue to retire its costly Africa debt and fund expansion there. The issue will be in the form of debentures and will have a tenure of 10 years. Bharti Airtel had earlier said it would prepay by March 2011 about $900 million of the $7.5 billion loan it took from banks to fund its acquisition of the African assets of Kuwait-based Zain Telecom. (Economic Times)


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News Roundup: Apollo, ICICI Venture Plan $750M Special Situations Fund

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