Vedanta To Buy Raykal Aluminium - Anil Agarwal of Vedanta has found an ally in Larsen & Tourbo (L&T) to bail himself out of the raw material crisis ailing his flagship Odisha aluminium project. The London-listed Vedanta, promoted by Agarwal, has entered into a tripartite agreement with L&T and its partner Dubai Aluminium Company (Dubal) to buy them out from their aluminium venture in Odisha, called Raykal Aluminium. Raykal was the SPV (special purpose vehicle) floated by the two partners. (Business Standard)
Carlyle May Rope In Former Apax India Head - After Temasek appointed investment banker Promeet Ghosh as managing director for India, the US-based Carlyle is in the process of appointing another MD for its India operation. Carlyle is likely to bring Neeraj Bharadwaj, a veteran with more than a decade of experience in the sector, for its Mumbai office. A former India head of Apax Partners, he’d left the company in 2009 to join Accel Partners. (Business Standard)
Bharat Forge To Buy Stake In Shanthi Gears - Bharat Forge, the world's largest forging manufacturer, is in talks to buy out a significant stake in Coimbatore-based Shanthi Gears, India's second-largest industrial-gear box maker. The Pune-based forging major is looking to acquire chairman P Subramanian and his family's stake in the company founded in 1969 as a small manufacturing unit. (Economic Times)
PE Firms Eye Deal With Bangalore's MTR - Mavalli Tiffin Rooms (popularly called MTR), one of the most lauded and chronicled institutions in Bangalore, is now attracting lot of attention from the private equity (PE) sector. The firm has been in discussions with PEs but it may be a while before a deal comes through. (Business Standard)
Fraport To Exit Delhi Airport By Next Year - Fraport AG Frankfurt Airport Services Worldwide, commonly known as Fraport, plans to exit Delhi International Airport Ltd (DIAL) by next May, both as an operator and investor. Fraport is also closing its business development office in India, saying it was due to lack of opportunities in the airport sector. (Business Standard)
British Gas Might Lower Price Of Gujarat Gas - British Gas might have finally blinked on the Gujarat Gas issue. According to sources from the consortium led by Gujarat State Petroleum Corp (GSPC), it has agreed to lower its asking price from Rs 4,500 crore. Beside GSPC, the consortium has Oil and Natural Gas Corp and Bharat Petroleum. It had offered between Rs 3,800 crore and Rs 3,900 crore for the 65.12 per cent stake in Gujarat Gas. (Business Standard)
Kishore Biyani Not To Sell Big Bazaar, Food Bazaar - Retail magnate Kishore Biyani says he is not in talks with anybody to sell stake in Big Bazaar and Food Bazaar chains because his Future Group has sorted out its debt crisis after three back-to-back deals in the past one month. In recent weeks, the retail industry has been abuzz with speculation that the Future Group was in talks with India's richest man Mukesh Ambani to sell stake in its flagship Big Bazaar hypermarket network. (Economic Times)
Mukesh Ambani To Sell Minority Stake In RGTIL - Mukesh Ambani is keen to divest a minority stake in Reliance Gas Transportation Infrastructure (RGTIL), a pipeline company that he controls, to get better returns on his initial investment. Of the 8-10 foreign companies queuing up for this stake, some are large global oil companies that want the promoter and current management to manage the business. (Economic Times)
