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News Roundup: Blackstone defers payments to Visa Power

19 June, 2012

Blackstone Defers Payments To Visa Power – The inability of Visa Power Ltd to meet some milestones, a reflection of larger challenges in the power business in India, has made private equity firm Blackstone Advisors India Pvt. Ltd defer payouts in its investment of $111 million (around Rs.617 crore today) in the power company. Visa Power is an independent power producer with a 1,200 megawatts (MW) coal-fired power plant in Chhattisgarh. (Mint)

IDFC Real Estate To Raise $500M Fund – IDFC Real Estate Investments is planning to raise a $500 million real estate private equity fund, joining a handful of other funds that are on the road to raise fresh capital in the midst of a protracted slump in the sector. The company is expected to create a pipeline of at least four to six projects before embarking on an investor road show. (Economic Times)

Government Plans To Sell Stake In 15 PSUs – The government is planning disinvestment in 15 public sector enterprises in the current fiscal, including sale of shares worth Rs 7,000 crore in the state-owned mining company NMDC. Shares worth $6 billion (about Rs 33,500 crore) are on the block as the government has lined up disinvestment in companies such as Hindustan Copper, BHEL, Engineers India and NHPC. (Economic Times)

Srikanth Joins Motilal Oswal Wealth Management Biz – Motilal Oswal Financial Services has appointed A.V. Srikanth as the Chief Executive Officer, Private Wealth Management Business. Srikanth, in his previous stint was with Anand Rathi PWM, where he served as the Executive Director. He has also worked with HSBC, Citibank, and AVIVA Life Insurance among others. (Business Line)

ChrysCapital-Intas Pharma Merges Group Firms – Drug-maker Intas Pharmaceuticals has merged all its group companies and subsidiaries over concerns about low profits. Almost six years after floating its biotech arm as a separate business entity, Intas Pharmaceuticals is in the process of merging Intas Biopharmaceuticals into its flagship company. The Ahmedabad-based company also plans to merge its contract research organisation Astron Research and its offshore identity Accord Healthcare into its core pharma company. (Times of India)

Keventer Arm Sells Stake In Tide Water Oil – City-based Rs 1,800-crore Keventer Group has substantially reduced its holding in Tide Water Oil (India) Ltd. Between March 2011 and March 2012 the group’s holding dropped to 4.61 per cent from 13.34 per cent. A group entity Victory Retail Marketing Pvt Ltd sold off 8.73 per cent stake in public sector Andrew Yule-controlled Tide Water Oil, a listed manufacturer of industrial and automotive lubricants as also grease. (Business Line)

Numeric Power Changes Name – Numeric Power Systems Ltd has informed the Bombay Stock Exchange it has completed the transfer formalities on the sale of its UPS business division to Novateur Electrical and Digital Systems Pvt Ltd. The company has also obtained a fresh certificate of incorporation on May 30, changing its name to Swelect Energy Systems Ltd. (Business Standard)


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News Roundup: Blackstone defers payments to Visa Power

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