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News Roundup: Atul close to finalising investor for Aromatics unit

02 July, 2012

Atul Close To Finalising Investor For Aromatics Unit – Atul, a chemical maker, is close to finalising an investor for its aromatic business that would provide it access to funds for expansion. The company may sell about 20% stake in its aromatic division, which manufactures para anisic aldehyde, para cresol and para anisic alcohol, chemicals used in manufacturing cosmetics, bulk drugs and animal nutrients. Potential buyers are valuing the division at around Rs 800 crore. (Economic Times)

Jagtianis To Invest Rs 90Cr Lifestyle International – The Jagtiani family, which owns the Dubai-based Landmark Group, has pumped in fresh equity of Rs 90 crore to drive Lifestyle International’s expansion plans. Promoters Mukesh and Renuka Jagtiani were allotted Rs 90,000 equity shares of Rs 10 each, which raised their stake from 88.4% earlier to 89.26% in March. (Economic Times)

Omshakthy To Raise Rs 150Cr From PE Funds – Chennai-based real estate developer, Omshakthy Agencies, is planning to raise around Rs 150 crore through the private equity (PE) route to support its proposed investment in a new mini-township project at Tirumudivakkam near Chennai. The company had earlier raised around Rs 30 crore from Fire Capital Fund Mauritius Private Limited for its Rs 60-crore township project near Chennai. (Business Standard)

Shapoor Mistry Becomes Chairman Of Shapoorji Pallonji – Reclusive Indian-born Irish tycoon Pallonji Mistry, 82, officially bequeathed the chairman’s role of the $2.5-billion Shapoorji Pallonji Group (SPG) to eldest son, Shapoor Mistry, 47, in early June. The change of guard was in keeping with the way the low-profile diversified conglomerate and its promoters go about their task. (Economic Times)

Dabur Subsidiary Divests Stake In UAE-based Group Firm Weikfield International – FMCG major Dabur India today said its subsidiary Dabur International Ltd has divested its entire stake in UAE-based group firm Weikfield International. The company’s wholly owned subsidiary Dabur International Ltd has sold its entire stake in Weikfield International (UAE). Weikfield is into import,export, warehousing and distribution of cosmetics and food products. (Economic Times)

Hindalco To Raise Rs 9,000Cr For Odisha Project – Hindalco Industries, Aditya Birla Group’s flagship firm, is on an aggressive drive to raise funds for its biggest greenfield project in Odisha. The country’s largest non-ferrous metals producer plans to tap about Rs 9,000 crore for the project, which is being re-configured mirroring the ambitions of its peer, Anil Agarwal’s Vedanta Aluminium. (Economic Times)

GVK To Tie-up Funds For Alpha Coal By March – GVK Power & Infrastructure Limited, part of Hyderabad-based GVK Group, today said the financial closure for its $10-billion Alpha coal and rail project in Queensland, Australia, was expected by March 2013, as opposed to the original deadline of December 2012. The financial closure was getting deferred due to delays in receiving necessary environmental clearances from the local authorities. (Business Standard)

Tata Motors To Raise Funding To Repay FCCBs – Tata Motors Ltd, the country’s largest auto maker by revenue, may have to raise money by selling fresh debt or increase existing credit lines from banks to repay investors when foreign currency convertible bonds (FCCBs) worth $623 million mature on 12 July. FCCBs are bonds that can be converted into equity at maturity. (Mint)


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News Roundup: Atul close to finalising investor for Aromatics unit

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