NTT Joins Fray To Bid For Patni Stake – Japanese conglomerate NTT Group has entered the race to acquire a majority stake in Mumbai-based Patni Computer Systems, the latest in a growing list of potential suitors including L&T Infotech and Japan’s Fujitsu. NTT is in talks to buy the 66% stake held by the Patni brothers and private equity firm General Atlantic. It has an existing tie-up with HCL Technologies and its telecom subsidiary NTT DoCoMo acquired a 26% stake in Tata Teleservices last year. (Economic Times)
LN Mittal To Exit Kazakh Fields – Business tycoon LN Mittal has pulled out of a project to develop an oil block in Kazakhstan with joint venture partner ONGC Videsh. ONGC Mittal Energy (OMEL), a JV between Mittal Investments and ONGC’s overseas arm OVL, was to have acquired a 25% stake in the Satpaev block from state-owned KazMunaiGaz and invested a total of $400 million in the project. The OVL board that met recently has decided to inform Kazakh government and move towards acquiring the Mittal Investments’ interest in Satpaev. OVL will have the option to increase its stake by another 10% when oil is discovered. (ET)
L&T Sells Fuel Dispenser Biz For Rs 150 Cr – Larsen and Toubro (L&T), the engineering and construction giant, is selling its petroleum dispensing pump (PDP) business to US company Gilbarco Veeder-Root for around Rs 150 crore. With the completion of acquisition, L&T’s PDP business will become part of a new division called Gilbarco Veeder-Root India Pvt Ltd. The PDP unit manufactures, sells, integrates and services petroleum dispensers, LPG equipment and automation systems solutions, and has facilities in Mumbai and Coimbatore. (BS)
BSNL, Vavasi Talks For Zain Buy Fall Through – State-owned Bharat Sanchar Nigam Ltd (BSNL) is likely to exit the consortium comprising Delhi-based Vavasi Group and Malaysia’s Al-Bukhary to acquire 46% in Kuwait’s Zain Telecom. Talks have fallen through over valuations. Vavasi is expected to announce a new consortium partner in a week or two, and that partner may come from Asia (excluding India) or Europe. The other state-owned telecom party to the consortium, Mahanagar Telephone Nigam Ltd (MTNL), is also likely to exit, since it had agreed to follow BSNL’s lead in the deal. (BS)
PE-backed Berggruen To Invest Rs345 Cr – Berggruen Hotels, a venture backed by New York-based private equity firm Berggruen Holdings Inc, has outlined investments of around $72 million. The investments will be made through a mix of debt and equity in the 60:40 ratio, and the funds will be deployed in the next 18-24 months. The company operates a budget and mid-market hotel brand ‘Keys’ in Thiruvananthapuram, Lonavala and Hyderabad. (DNA)
UCO Bank To Get Rs 750Cr Govt Funding – State-owned lender UCO Bank expects to receive Rs 750 crore from the government this month to shore up capital. Earlier in March this year, it has received the first tranche of Rs 450 crore of the proposed RS 1,200-crore investment from the government. The bank is looking for options to acquire a smaller public sector bank. It is planning to enter the insurance space as well with a 30% stake in a venture, which it intends to launch with strategic partners. (BS)
Globsyn Looks For Firms With BFSI Space – Globsyn Infotech Ltd (formerly Synergy Log-In Systems Ltd), a comprehensive payment solutions company, is looking to acquire IT/ITeS companies in India and abroad in banking, financial services and insurance(BFSI) space. The company is looking at either a 100% buyout, or a pure participation model where the founders will continue to control the day-to-day operations of the acquired company. (BS)
Apollo To Get Listed On NYSE – Apollo Management, the private equity firm headed by former Drexel Burnham Lambert executive Leon Black, is planning to list on the New York Stock Exchange in the coming weeks. Apollo, which has $38.3 billion in assets under management, would be the second buy-out firm to list in New York, after Blackstone. Apollo could file its registration statement early this week with the NYSE. (Financial Times.com)
Exide Industries Board Approves QIP – The board of directors of Exide industries Ltd has approved issuing 50 million shares or other securities convertible into shares, to qualified institutional buyers. Exide, India’s top auto and industrial battery maker, did not provide other details in a statement issued to the National Stock Exchange. (Reuters)
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