News Roundup: Bharat Light, Mytrah in talks for DLF wind biz

20 June, 2012

Bharat Light, Mytrah In Talks For DLF Wind Biz – Bharat Light and Power, a cleantech company promoted by former president and chief executive of GE India, Tejpreet Chopra, and the Hyderabad-based Mytrah Energy are in the race to buy real estate firm DLF’s wind power business for around Rs 1,000 crore. Another source said ReNew Power Ventures, promoted by Sumant Sinha, is in the race as well. (Economic Times)

Max India To Split Healthcare, Financial Services – Diversified businesses group Max India is likely to split its financial and healthcare businesses into separate entities as part of a restructuring process aimed at realising its full market value. The group is considering an option to bring Max New York Life Insurance and health insurance firm Max Bupa under the financial services vertical and align the group’s healthcare businesses – Max Healthcare and Max Neeman – under the healthcare arm. (Economic Times)

Jindal Steel May Exit Race For Australian Coal Mine – Jindal Steel & Power, the Naveen Jindal-controlled steelmaker, is likely to exit from a three-year long takeover tussle for listed Australian coal explorer Rocklands Richfield, following an aggressive bid by China’s Linyi Mining Group which has swung the support of Rocklands senior management to the Chinese offer. Linyi Mining’s offer to buy all of Rocklands Richfield’s shares at A$0.52 a share, is at a 73 per cent premium to Jindal Steel’s publicly stated maximum price. (Economic Times)

Welspun Energy To Raise $150-200M – Welspun Energy is in talks with renewable energy funds to sell a small stake in the company and raise $150-200 million for investments in wind energy farms. The associate company of the $3.5-billion Welspun Group has mandated investment banking firm Macquarie to advice on the sale of a stake up to 15 per cent. It is in talks with potential investors such as Nereus India Alternative Energy Fund LLC, Magnetar Fund and IFC, the private arm of the World Bank. (Economic Times)

Bharti Softbank, Yahoo Japan To Develop Mobile Internet Portal – Bharti Softbank and Yahoo Japan Corp, the leading internet portal in Japan, on Tuesday announced a partnership to develop a mobile internet portal for the Indian mobile market. Both companies have floated a new JV company, BSY Pte Ltd. Bharti Softbank is a 50:50 JV between Bharti Enterprises and Softbank Corp. (Economic Times)

DLF Prepares Next Round Of Sell Offs – India’s largest real estate company, DLF Ltd, may offload its stake in the Nagpur Information Technology Special Economic Zone (IT SEZ) after September, in the second round of raising funds from non-core asset sales to cut debt. The company had said it was targeting to raise a total of Rs 10,000 crore from non-core asset sales in the medium term. The company would exit the Nagpur IT SEZ in the second round of asset sale. (Business Standard)

Union Co-op, Cosmos Bank Merger To Go Ahead – The Odisha government has given its nod for merger of the loss-making Urban Co-operative Bank with Pune-based Cosmos Co-operative Bank.  The merger of the two banks will be completed in three to four months and will help to protect deposits of about 13,000 investors. The state government’s equity assistance of Rs 6 crore to revive the bank in 2007 had also failed. (Business Standard)

Aegas Looks To Exit India Market – Belgian company Ageas is looking to exit the Indian market by selling its 26% stake in IDBI Federal Life Insurance Co. Ageas has been looking for an exit for some time now but the domestic players have not been able to get a foreign partner. IDBI Bank owns 48% equity in IDBI Federal while Federal Bank and Ageas own 26% stake each. (DNA)

Kirloskar, Japanese Co To Set Up Hospital – Secom Medical Systems, which operates 5,500 hospital beds across 18 hospitals in Japan, is joining hands with Vikram and Geetanjali Kirloskar to set up a super specialty, 300-bed hospital in Bangalore at an investment of Rs 200 crore. While the Kirloskars hold a 50% stake in the joint venture-christened Takshasila Healthcare and Research Services-the remaining stake is split between the $70-billion Secom Group and Toyota Tsusho Corporation. (Times of India)


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News Roundup: Bharat Light, Mytrah in talks for DLF wind biz

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