Biyani Ropes In Sumit Dabriwala As Realty Partner – Kishore Biyani-led Future Group, which has very recently demerged its real estate and mall management business from Pantaloon Retail into a new subsidiary called Future Mall Management, has roped in Kolkata-based realtor Sumit Dabriwala of Bellani Group as partner in the venture. Both Biyani and Dabriwala will jointly develop commercial and residential properties as well as modern wholesale and retail spaces. However, the equity and the financial details of the venture could not be ascertained. (ET)
PFC To Invest In Private Firm – Power Finance Corporation, a power sector lender, is in talks with a private firm to finance the Rs 700-crore equity portion of the latter’s power projects. PFC has created a new group namely Equity Investment Group (EIG) for equity investments in the power sector. The corporation is offering a new financial product of loan towards promoters’ equity against security of commissioned projects. It has already sanctioned its first loan of Rs 100-crore to APGENCO under the new product. (ET)
E-MediWorld To Raise Rs 30Cr PE – E-MediWorld, a Hyderabad-based healthcare technology solutions provider, is planning to raise about Rs 30 crore through private equity (PE). The company, which already has operations in the US, is raising the fund to fuel its expansion plans. It is planning to expand it presence in 8 countries, and also spend in developing solutions for gynaecology, ENT and gastroenterology. The company is also setting up data centres in India and Singapore in the next three months. (BS)
Future, Carrefour In Retail Pact – Carrefour SA, a European retail major, has reportedly signed agreement with India’s Future group, which will roll out the former’s branded franchise stores in the country. Future Group is likely to open between 150 and 300 Carrefour-branded hypermarkets in the next five years. Future Group, which runs Pantaloon and the Big Bazaar chains, will pay the French retailer a royalty for using the brand. (Mint)
ArcelorMittal Exploring Tie-up With SAIL – Billionaire L N Mittal-led steel major ArcelorMittal is in talks with state-run Steel Authority of India Ltd (SAIL) for a possible joint venture. The development came at a time when its rival firm Posco is in similar talks with SAIL. Mittal, however, said this is part of company’s ongoing policy to find opportunities, and not to compete with the rival firm Posco. (BS)
Essar Energy Raises $1.95B In London IPO – Essar Energy Ltd, the energy unit of diversified Essar Group, has raised 1.27 billion pounds ($1.95 billion) after cutting the price for its initial public offering in London. It sold 303 million shares at 420 pence each, representing a 23% stake and giving the company a market capitalization of 5.47 billion pence. Essar Energy, which will start trading on the London Stock Exchange on May 4, had cut the price of the offering from a range of 450 pence to 550 pence. Earlier, the firm was targeting to raise $2.5 billion from the offer. (Business Week)
Ruias Not To Sell Stake In Vodafone Yet – Shashi Ruia-led Essar Group, which owns 33% stake in Vodafone Essar Ltd, will bide its time in exercising the so-called put option that will kick in on 8 May, giving the Indian conglomerate the right to sell its 33% stake in Vodafone Essar Ltd to UK-based partner Vodafone Group Plc for $5 billion. The put option is exercisable from 8 May 2010 to 8 May 2011. Vodafone in 2007 acquired the 67% stake owned by Hong Kong billionaire Li Ka Shing’s Hutchison Whampoa Ltd in what was then known as Hutchison Essar Ltd for $10 billion. (Mint)
Indiabulls’ Stakes Claim To Navi Mumbai Plot – The Indiabulls group is staking claim for a 250-acre Navi Mumbai plot which it had lost to a consortium comprising Bhushan Steel and the Essel group in January this year. The Bhushan-Essel consortium had emerged the highest bidder for the land, owned by the City and Industrial Development Corporation of Maharashtra Ltd (Cidco) at Rs 1,530 crore. Indiabulls Real Estate (Ibrel), a company of the Indiabulls group, was the second highest bidder. The company now claims the Bhushan-Essel combine has withdrawn its bid and so, it should be given the project. (BS)
Trent Acquires Optim Estates – Trent Ltd, the Tata Group owned retail venture, has acquired Optim Estates Pvt Ltd for an undisclosed sum. The company has acquired all the equity shares of Optim Estates on April 30, 2010. Following this, Optim Estates becomes a wholly owned subsidiary of the company, it informed the stock exchange. Trent is engaged in retail and runs a chain of department store called Westside. (Team VCC)
JBF Industries To Hike Stake In Singapore Unit – JBF Industries Ltd, a manufacturing company active in yarn spinning and polymers based in Dadra & Nagar Haveli, is acquiring additional stake in its holding company JBF Global Pte Ltd in Singapore. JBF Industries is acquiring the stake from CVCIGPU Client Rosehill LTD & CVCIGPII Employee Rosehill Ltd comprising around 2/3rd of their total convertible holding in JBF Global for a consideration of around $60 million, it informed the Bombay Stock Exchnage. The transaction is subject to the approval of the board of directors of the company. (Team VCC)
BSEL Infra To Raise $125M Through QIP – BSEL Infrastructure Realty Ltd, a Mumbai-based infrastructure company, is planning to raise up to $125 million through QIP/GDR/ADR/FCCB and other securities linked options. It plans to utilise the fund in expanding its operations, it informed the stock exchange. The company is primarily engaged in developing real estate projects in residential, commercial and retail segment. (Team VCC)
S Kumars Signs JV With Donna Karan International – S Kumars Nationwide Ltd, a Mumbai-based fashion textile firm, has entered into a joint venture agreement with Donna Karan International to retail its brand globally. Donna Karan is a fashion retailer in New York. Under the agreement, S Kumars will source, design and distribute DKNY menswear globally. The joint venture is valid until 2015, and also has an option to extend for seven more years. (Reuters)
JSW Steel To Buy Mining Assets In US – JSW Steel Ltd, one of India’s leading steel companies, is acquiring coking coal assets in USA, along with railway load out and barge facility. The board of directors of the company has already approved the acquisition. The company has identified resources with a capacity aggregating to 123 million tonnes. While one of these mines is operating, the remaining mines can be made operational over the next 24 months, it informed the stock exchange. The financial details were not disclosed. (Team VCC)
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