DLF To Exit Insurance JV – DLF is looking to exit its life insurance joint venture with the US-based Prudential Financial, in which it holds a 74% stake. The sale of this business is part of its effort to sell non-core businesses that demand fresh fund infusion. DLF entered the insurance business in 2007 when the realty boom was at its peak. DLF also has an asset management joint venture with Prudential Financial, where the latter has a majority 61% stake. (Economic Times)
Essar Tower Biz To Raise More Funds – Essar Group plans to sell a stake in Essar Telecom Infrastructure Pvt Ltd after its merger talks with other independent tower firms failed over valuation issues. Essar has appointed Barclays Capital to manage the sale and plans to use the funds raised to grow tower business organically as well as for buyout smaller players. The firm has over 4,000 towers and which would be valued over Rs 2,000 crore. (ET)
Allied Digital Looks For $100 Million Buys – Allied Digital, an IT services provider, is evaluating firms in Europe and Australia in the infrastructure management space and expects to close $100 million buys by the next quarter. The firm has a cash reserve of about Rs 300 crore at the end of the June quarter and may raise funds through debt, equity and others for the acquisitions. (DNA)
Cavin Kare Scouts Acquisitions, Mulls IPO – Consumer goods firm Cavin Kare is planning to go in for an IPO to support its aggressive inorganic expansion plans. The Chennai-based company plans to invest around Rs 500 crore over the next three years. Cavin Kare is closing in on a Rs 50 crore acquisition in the ready to eat business and plans to buy firms in FMCG and personal care segments. (Business Standard)
Aircel Raises Rs 14,300 Cr, Biggest By A Telco This Year – Aircel Cellular, the Indian arm of Malaysian telecom giant Maxis Communications, has raised a debt of $3 billion (Rs 14,300 crore) for expanding its operations. The State Bank of India will account for Rs 10,000 crore, while the rest will come from Standard Chartered. Aircel will utilise the money in expanding operations to four more circles and completing its pan-India footprint by June next year. (ET)
Maxis Eyes $2Bn Listing on Malaysian Stock Exchange – Maxis, Malaysian telephone operator which has 74% stake in Aircel Cellular, is planning to raise $2 billion and will go public by the end of this year. The offering, which could be the biggest in Malaysia since 1995, comes just two years after Maxis was taken private by its reclusive billionaire owner, Ananda Krishnan, who owns telecom assets in India and Indonesia. (Reuters)
CEL, Russian Co Plan Silicon Wafer Making Venture – Central Electronics (CEL), a state owned Indian company manufacturing photovoltaic equipments, will set up a joint venture with Russian firm Podolsk Chemicals to set up a silicon wafer manufacturing plant in Europe with an investment of around Rs 1,200 crore. The two partners will set up a 50:50 JV that will manufacture silicon wafers, mainly for captive consumption. (ET)
Tatas Look To Buy Out AIG in Life Insurance JV – Tata Group is preparing to buy out US insurer AIG from the life JV, Tata AIG Life Insurance. The possibility of Tatas buying AIG’s stake gathered steam in the aftermath of the global financial slowdown that resulted in AIG suffering huge losses. More recently, the US government decided that it would get AIG to repay part of the bailout money by selling shares in its Asian business under AIA, an arm of AIG, through an initial public offer. (ET)
Infosys Plans Buyouts, Sets Aside $450-500 Mn – Infosys Technologies is looking to acquire IT companies serving energy and health care sectors in geographies that include Latin America, Europe and Australia and has set aside $450-500 million for the purchase. The acquisition will enable Infosys to diversify client base, especially at a time when growth has been flat from traditional revenue streams like banking, financial services and insurance sector, besides retail and manufacturing. The company is also pursuing 12 to 15 deals worth $1 billion in July-September quarter this year. (Times of India)
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