Battery Maker Luminous Plans IPO – Leading battery maker Luminous is planning to hit the capital markets within a year. The Luminous brand of companies, which are into power backup solutions and renewable energy, would go for an initial public offer (IPO) in a bid to expand its existing product portfolio. Part of the Delhi-based diversified conglomerate SAR Group, Luminous raised around $20.3 million from private equity firm CLSA Capital Partners 2007. The issue will give PE firm an exit opportunity. (Financial Express)
Marico Scouts For Asia, Africa Acquisitions -FMCG major Marico is looking for acquisition targets in Africa and Asia as it expects 45% of its skincare revenues to come from overseas. The firm recently acquired Singapore-based Derma Rx Asia Pacific. In the domestic market, Marico is looking at acquisitions in the beauty and wellness segment. It also plans to set up skincare clinics in Singapore and Thailand soon. (FE)
CCI Revives Jet-Kingfisher Investigation – The Competition Commission of India (CCI) has revived its investigation that seeks to examine whether the strategic alliance struck between Kingfisher Airlines Ltd and Jet Airways (India) Ltd in 2008 is a case of cartelization. CCI had started its inquiry last year based on a consumer complaint. The two airlines cooperate in areas such as fuel management, ground handling and cross-selling of flight tickets to select destinations. The present share of the two airlines in domestic passenger traffic is around 45%.
Bharti Completes Zain Deal – Bharti Airtel has announced completion of its deal to acquire the African assets of Kuwait’s biggest phone company, Mobile Telecommunications Company, also known as Zain, at an enterprise value of $10.7 billion (Rs 50,660 crore). With this, Bharti enters 15 countries in Africa – to add to its existing operations in India, Sri Lanka, Bangladesh and Seychelles – and becomes the world’s fifth largest mobile phone company by subscribers. The combined business will have 180 million customers and generate earnings before interest, tax, depreciation and amortisation of $4.7 billion on revenue of $12.4 billion, according to Bharti. (Business Standard)
Hindalco Scouts For Copper Mines – Hindalco Industries Ltd on is looking to acquire copper mines overseas. India’s top aluminium maker plans to have 40% of its concentrate requirement coming from our own mines. Hindalco operates copper mines in Australia under its unit, Aditya Birla Minerals. The company currently requires about 4 lakh tonne of copper, for which it has about 1 lakh tonne of copper concentrate. (FE)
Tata Power Eyes, Indonesia, S Africa Coal Mines – Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1600 MW super-critical thermal power project in coastal Maharashtra. Tata Power needs 6-8 million tonnes of coal to fuel the 2×800 MW plant and plans to acquire a stake that will assure 8-9 million tonnes of coal supply. The company has a 30% stake in KPC mine in Indonesia that supplies 12-14 million tonnes of coal to its 4000-MW Mundra Ultra Mega Power Project, he said. (Economic Times)
Career Point Plans To Raise Rs 115Cr In IPO – Career Point Infosystems Ltd, a Rajasthan-based tutorial service provider, is planning to raise Rs 115 crore through an initial public offer (IPO) to fund the infrastructure development at the institute. The company has already received approval from the Securities and Exchange Board of India (SEBI), and is expecting the issue in the next 20 days. It plans to utilise the fund in building residential complexes for outstation students, and office facilities at Kota. Besides offering coaching for IIT-JEE, IEEE and other entrance exams, Career Point also offers educational consultancy and management services. (PTI)
Lodha Developers Open To PE For Mumbai Project – Mumbai-based realty major Lodha Developers is set to develop a 117-storey residential tower in Central Mumbai. The project called World One, to be developed on a 17-acre plot in Lower Parel, will be the tallest residential building in the world. Lodha has earmarked an investment of Rs 2,000 crore, and planned to fund the project through internal accruals and pre-launch sales. The company is also looking at private equity funding for the project. (ET)
NMDC In JV With Monnet Ispat To Buy Coal Blocks – National Mineral Development Corporation (NMDC), India’s largest iron ore mining company, is forming a 51:49 joint venture with Delhi-based sponge iron maker Monnet Ispat & Energy to acquire and develop coal blocks in India. Both the parties have already signed a memorandum of understanding for the proposed JV, which will bid for coal mines with reserves of 200 to 300 million tonne. As part of the agreement, Monnet will provide technology and expertise for coal mining. (ET)
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