American private equity fund Carlyle Group would raise a fund in India and launch a non-banking finance company to catch up with rival and global investment firm Kohlberg Kravis Roberts (KKR). A local fund, following the recently announced Alternative Investment Fund rules of capital market regulator Sebi, would invest across sectors, including retail, defence and insurance. Carlyle would raise a 'side car' fund in India from local institutions and well-heeled investors. (The Economic Times)

Global companies eye stake in Original Choice maker: Three global spirits companies have evinced preliminary interest to buy a large stake in Bangalore-based John Distilleries, makers of Original Choice, which is among the top six Indian whiskey brands. Family-owned Scottish distiller William Grant & Sons, Thai Beverage Public Company (ThaiBev) and Beam Inc have signed non-disclosure agreements ahead of starting formal talks. John Distilleries mandated Morgan Stanley to find a foreign strategic partner, who could emerge as the largest shareholder, in a deal pegging the enterprise value of the company at INR 900 crore. Private equity investor Gaja Capital owns 33% and is likely to pare the stake. NRI investor and founder chairman Paul John holds the rest but plans to retain most of his stake post the deal. (The Times Of India)

UAE group to invest in healthcare: Abu Dhabi-based New Medical Centre group plans to invest INR 500 crore ($91.93 million) in healthcare sector in India. The group will start its operations in India from the Kerala capital by taking over the SUT hospital here. The existing facilities in the hospital would be upgraded and new cardiology, orthopaedics, oncology units and trauma care centre would be set up in the hospital. (Business Line)

Vedanta may turn to US loan market to refinance Cairn India buy: Vedanta Resources is looking to refinance its $3 billion (INR 16,316 crore) Cairn India acquisition. The mining major has decided to turn to the cheaper US loan market to extend the maturity of the debt. The London Stock Exchange-listed diversified group has hired Standard Chartered, Bank of America Merrill Lynch, and the Royal Bank of Scotland Group to arrange the refinancing. (Business Line)

Saroj Kumar Poddar keen to take over Mangalore Chemicals: A day after he pipped at least two other suitors to acquire a 10% stake in Mangalore Chemicals and Fertilizers Ltd (MCF), Kolkata-based industrialist Saroj Kumar Poddar, chairman of the Adventz Group, was keen to take over the firm from Vijay Mallya’s UB Group. He concluded the deal to buy 11 million shares from the UB Group’s lenders “within an hour” of the Bombay high court’s refusal to halt the share sale. The UB Group owned 30.44% of MCF at the end of December. SBI Capital Markets Ltd sold MCF shares on behalf of the UB Group’s lenders for around INR 38.60 each. These shares were given by the UB Group as security for loans taken by its now grounded Kingfisher Airlines Ltd. (Live Mint)

Tata Capital arm to raise Rs 6,000 cr via NCDs: Tata Capital Financial Services (TCFS), a subsidiary of Tata Capital, is planning to raise close to INR 6,000 crore ($1.1 billion) through non-convertible debentures (NCDs) to fund its lending and investment operations in the next few weeks. The fund-raising comes at a time when TCFS is preparing to apply for banking licence. The board of TCFS cleared the fund-raising plan in a meeting held in March last week. Apart from the Tatas, the Birlas, Larsen and Toubro Ltd and the Shriram group are also expected to apply for banking licenses by July 1. TCFS had raised close to INR 1,000 crore ($183.86 million) in December last year. (Business Standard)

Courtesy: VCCEdge

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