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News Roundup: Ashoka Buildcon To Sell Stake In Unit For $150M

13 October, 2011

Ashoka Buildcon To Sell Stake In Unit For $150M – Nasik-headquartered construction company Ashoka Buildcon is in advanced stage to rope in a strategic investor in its newly formed road development projects subsidiary to raise up to $150 million (around Rs 737 crore). To raise funds for its upcoming projects, the company has formed a holding company for eight of its road projects, which are together worth around Rs 6,000 crore. Ernst & Young is advising Ashoka Buildcon on this deal. (Economic Times)

Warren Buffett May Hire GIC’s Yogesh Lohiya – WarrenBuffett-controlled Bershire Hathaway is keen to hire General Insurance Corporation of India boss Yogesh Lohiya, the architect of the state-run reinsurer’s turnaround, to head its fledgling business in India. (Economic Times)

Intel Capital Eyes $250 Fund – Intel Capital, the corporate venture capital arm of the world’s largest chip maker, is setting the stage for its second fund to invest in India. The corpus, according to investment bankers, has been firmed at $250 million, same as the first fund from which Intel Capital is currently investing in India, since 2005. Intel Capital has so far invested $280 million in 77 companies in India, and was investing from its global fund prior to forming the India fund. (Business Standard)

UK’s Investec Hires Motilal I-banking Team – UK-based Investec, a specialist bank and asset manager, is setting up investment banking operations in the country after hiring a team of bankers from Motilal Oswal. A four-member team from Motilal Oswal’s investment banking team, led by executive director Sudhir Dash, is moving to Investec. Dash has been with the investment banking unit of Motilal Oswal since its inception in 2006. (Economic Times)

OVL Buys 25% In Kazakh Mine – ONGC Videsh Ltd will acquire 25 per cent stake in Kazakhstan’s Satpayev offshore exploration block. The potential oil resources estimated for this block is 1.8 billion barrels. Oil is expected to flow by 2020. OVL signed a tripartite agreement with the Ministry of Oil and Gas of Kazakhstan and KazMunaiGaz (KMG), the national oil company of Kazakhstan, amending an exploration and production contract to conclude the deal. (Business Line)

Bain Capital, TPG Accuse Lilliput Of Fudging Books – Six directors and the external auditor of kidswear company Lilliput have resigned, as private equity (PE) investors – Bain Capital and TPG – have accused founder Sanjeev Narula of fudging accounts, who in turn has alleged the PE funds are trying to stall the company’s Rs 850-crore IPO and seize majority control. The outbreak of hostilities between the main shareholders has thrown the company in disarray and prompted the board to take the unusual step of disapproving the company’s financial statements for FY11. (Economic Times)


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News Roundup: Ashoka Buildcon To Sell Stake In Unit For $150M

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