News Roundup: Blackberrys joins race to buy out Spykar


  • 07 Jan 2014

Premium menswear apparel brand, Blackberrys, has joined the race to acquire leading Indian denim maker, Spykar Lifestyle. According to sources in the know, discussions with Avigo Partners, a private equity (PE) investor that holds a 60% stake in Spykar, are in advanced stages. Spykar founder Prasad Pabrekar holds the remaining 40% in the company. For the past few years, Avigo has been in talks with many strategic players, including private equity investors, to sell its stake in Spykar. These talks have not yet gone forward due to valuation issues. Avigo is looking at an enterprise value of Rs 280-300 crore for Spykar. (Business Standard) 

Reliance’s Big Cinemas to go on acquisition spree in South: On the lines of Inox and PVR, Reliance MediaWorks is looking at acquisitions to strengthen the presence of its multiplex chain Big Cinemas with an investment of Rs 100 crore ($16 million). From a single multiplex in Hyderabad, it is now enhancing its footprint in the bigger southern metros such as Chennai and Bangalore by acquiring existing regional chains, said Venkatesh Roddam, CEO, Reliance MediaWorks. The company is in talks with certain chains in the South and plan to add 50 screens though acquisitions apart from also growing organically through an additional 50 screens this year. (Business Line) 

ONGC Videsh mulls oil-for-debt deal to fund Mozambique buy: ONGC Videsh, the overseas investment arm of explorer Oil and Natural Gas Corp , is considering an oil-for-debt deal to help fund the acquisition of a Mozambique gas field, its head of finance S.P. Garg said on Monday. The company has already raised $1.5 billion (Rs 9,327 crore) through bridge loans to help fund the purchase and will raise another $2.5 billion (Rs 15,545 crore) by March. The firm is exploring various options including a term loan, bond issue and advance sale of our crude oil to raise funds. The ultimate decision will depend on the cost of funds," Garg told reporters. () 


Deposit-taking firm MPS plans to sell stake in food processing business: One of eastern India’s biggest deposit-taking enterprises, the MPS Group, is looking to sell its profitable food processing business in the wake of mounting pressure from regulators to wind down its disputed collective investment schemes. The group says the aim is to infuse cash to expand operations. Eastern Indian firms such as MPS Greenery Developers Ltd, which collected small deposits from the public promising attractive returns, faced regulatory clampdown after one of them, the Saradha Group, went aground in early 2013 defrauding at least 1.7 million people. The group was looking to sell at least a 30% stake in MPS Food Products Ltd, which sells fruits, vegetables, cereals, dairy products, bottled drinking water, and provides catering services at hotels. (Live Mint) 

Amit Mitra meets bankers to seek financial help for HPL: West Bengal Industry Minister Amit Mitra today met bank representatives to seek financial support for ailing Haldia Petrochemicals Ltd. Mitra said some members of the consortium of banks had extended a loan of Rs 340 crore for current working capital needs. The company was facing serious financial crunch following which HPL was operating at much below rated capacity. (Business Standard) 

Four Soft plans for acquisitions: Palred Technologies Ltd. is planning to acquire Deals15.com from Premium Web Services Pvt. Ltd. The Board of Directors of the company would be held on January 08, 2014, inter alia, to consider and approve. The company is also considering proposal of Merger of M/s. Paired Media and Entertainment Pvt. Ltd. and Pal Premium Online Media Pvt. Ltd. with itself. (BSE)


Courtesy: VCCEdge

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