Athena Capital Invests Rs 300Cr In SPS Ispat – London-based private equity firm Athena Capital Partners, LLP has invested Rs 300 crore in SPS Ispat and Energy for a 30% stake. SPS Ispat was floated by Kolkata-based SPS Group to float a steel and power plant in Bankurq district of West Bengal last year. The PE firm has invested in the Rs 2,000 crore in the project through Athena India Opportunities.
USE Eyes Rs 1,00Cr PE Funding For Arm – Prasoon Mukherjee’s Universal Success Enterprises Ltd (USE) is looking to raise at least Rs.1,000 crore from private equity (PE) investors for its proposed power projects in West Bengal and Gujarat. USE has asked the Indian arm of consulting and audit firm Deloitte to help it find buyers for a minority stake in its wholly owned unit, Universal Crescent Power Pvt. Ltd. USE on Thursday concluded a 15-year coal supply agreement with Indonesia’s PT Bayan Resources Tbk, securing 100 million tonnes (mt) of low sulphur coal.
New Silk Route Close To Restaurant Deal – New Silk Route Advisors Pvt. Ltd is set to make its first investment in an Indian restaurant business, which it plans to convert into a holding company for a number of food houses. The private-equity firm has committed $100 million, and intends to invest $180 million to $200 million overall in India in the next 12 months. New Silk Route was keenly scouting an opportunity in restaurants because the industry’s fragmented nature offers ample scope for establishing a large brand. In addition, the Asia-focused firm with a $1.4 billion fund is lining up a logistics company, a medical-device maker and a telecom firm for investments. (Mint)
Adani Power Okays Growmore Merger – Power utility Adani Power today said its board had approved the amalgamation of Growmore Trade and Investment with the company. Growmore is a step-down subsidiary of Adani Power (APL). As part of amalgamation, 16,615 equity shares of Adani Power of Rs 10 each, would be swaped for every 10,000 ordinary share of Growmore of $1 each. (Business Standard)
Texmaco Eyes JVs – Texmaco Rail & Engineering Ltd, the demerged wagon making arm of Texmaco Ltd, is close to firming up multiple joint ventures with foreign partners within the next six months to manufacture railway-related products and infrastructure. The joint ventures will be in line with Texmaco’s collaboration with UGL Ltd, an Australian listed entity, to manufacture specialised wagons. The UGL joint venture, after facing some initial hurdles, will start operations in the first quarter of 2012-13. (DNA)
Bharitya Global To Raise Rs 54Cr Through IPO – Bharatiya Global Infomedia Ltd (BGIL) plans to raise around Rs 50-54 crore through initial public offer (IPO) to part finance its upgradation of digital post production studio, investment in IT division and setting up of corporate office at Noida and branch office in Mumbai. The company is entering the capital market by diluting around 41% of equity stake and has fixed a price band of Rs 75-82 a share. (Business Standard)
ICVL’s Singapore Acquisitions Faces Hurdles – International Coal Ventures Pvt. Ltd ’s plans to acquire a 24% stake in Singapore-based MEC Coal may come unstuck with one of the promoters of the former, NTPC Ltd, insisting that the latter give a bank guarantee against the $200 million upfront payment. State-owned energy company also doesn’t want ICVL to invest in a holding company but directly in PT TOP Indonesia, the MEC entity that owns the Indonesian coal mines from which it is looking to source 6 million tonnes per annum (mtpa) of coal at a 15% rebate than the market price and another 4 mtpa at the market price— both as part of the deal.
Sanmar Group May Tap Capital Markets – Sanmar Engineering, a Sanmar Group firm, said it is scouting for partners to diversify into high pressure engineering valves business and the nuclear sector. Till date, Sanmar’s expansion has largely been met through ploughing back profits, internal accruals and debt. If the need arises, the group is open to raising capital from outside. The engineering division clocked a turnover of Rs 1,225 crore last year, of which the foundry business accounted for Rs 750 crore. (Times of India)