Patni Deal In Final Lap - A new investor could take charge of Patni Computer Systems by the end of the week after two rival bidders put in their bids. A consortium of private equity funds Carlyle and Advent and former Wipro vice-chairman Vivek Paul, and a rival grouping comprising Phaneesh Murthy of iGate, a software services firm, and PE Apax Partners will submit financial bids early this week followed by an open offer announcement just before Christmas. (Economic Times)
Siesta Logistics Gets $10M From Ashmore Alchemy - Bangalore-based Siesta Logistics Corporation, a subsidiary of the Siesta Group, has sold a minority stake to Ashmore Alchemy Indian Development Capital Advisors for $10 million. The infusion of capital will be used to expand the company’s presence in both the domestic and international markets. (ET)
Tata Steel To Sell South Africa Assets - Tata Steel is in negotiations to dispose off its South African plant and assets to raise upwards of $150 million in cash. Standard Chartered's India investment banking team has been mandated to select the potential buyer. The world's seventh-largest steelmaker, which is consolidating its past acquisitions including Corus, is preparing for new transactions, which may include an overseas coal asset purchase. (ET)
Blackstone's Sithe Global In Talks With SKS Ispat - Sithe Global Power Llc., owned by the Blackstone Group, is in talks with India’s SKS Ispat and Power Ltd for acquiring equity stake in the latter’s 1,200MW coal-based power project in Chhattisgarh. Sithe will also help SKS in developing the project. SKS' project has a coal requirement of around 60.2 million tonnes per annum and may require an overall investment of around Rs 5,000 crore.
Deustche Bank To Sell Credit Card Biz - German banking major Deutsche Bank has received more than 11 bids for the sale of its credit card business in India. The bidders include ICICI Bank, Dhanalaxmi Bank, Standard Chartered Bank, Yes Bank among others.It has 1.5 lakh active cards in the country with total outstanding of Rs 250 crore. (Financial Express)
LinguaNext Acquires Image Point - Global application language enablement solutions provider, LinguaNext, has forayed into India by acquiring home-grown Image Point Technologies and eyes an over Rs300 crore revenue in the next three years. LinguaNext will offer local language solutions mainly in the e-governance, insurance and human resource verticals. (ET)
PTC Financial Services To Raise Rs 500Cr In IPO - PTC India, the leading power trader and energy solutions provider, is planning to expand the capital base of PTC India Financial Services Ltd by issuance of fresh shares through an IPO. The stake of PTC, which stands at 77.6% in the financing arm, will be reduced to around 60% after the IPO. The IPO monies should come into our books by March 2011. (DNA)