Changi To Buy 26% In GVK Airports For Rs 2,200Cr – Singapore’s Changi Airports is likely to buy a 26% stake in GVK’s airports business, forming a crucial partnership just before bids are to be called for building a spanking new airport to cater to Mumbai’s booming traffic. People close to the deal said Changi Airports International, a wholly owned subsidiary of Changi Airport Group, is likely to pay GVK Airport Holdings Private Limited Rs 2,000-2,200 crore for the 26% stake, valuing the Hyderabad-based company’s airport assets at Rs 8,000 crore. The valuation and the deal size are much bigger than GVK’s current market cap of Rs 1,738.70 crore. (Economic Times)
RCom Nears Sale Of Tower Biz To Carlyle, Blackstone – The sale of Reliance Communications’ tower unit has entered the last leg with private equity biggies Blackstone and Carlyle thrashing out last-minute deal issues. The transaction, valued at $4 billion, is expected to be announced in the next couple of weeks that could see the consortium taking control of the unit that owns about 50,000 towers. Between the two funds, Blackstone will hold the majority stake. (Times of India)
Kreon Financial Buys 51% In Aran KitchenWorld – Kreon Financial Services Ltd, a Non Banking Finance Company (NBFC) based in Chennai, on Friday said it is planning to acquire around 51 per cent stake in Indo-Italian joint venture firm Aran KitchenWorld India Pvt Ltd, as part of strategic diversification. The company today informed the BSE that it has signed a share purchase agreement with the promoters of Aran Kitchen World India Pvt Ltd, a company in the modular kitchen segment. (Business Standard)
IIFCL To Get Rs 1,000Cr Infusion – The Government is likely to infuse Rs 1,000 crore in India Infrastructure Finance Company Ltd (IIFCL) shortly to boost its capital. The equity support to the tune of Rs 1,000 crore for IIFCL is expected to be complete in the next two months. The proposed capital infusion is keeping in view the business programme and capital requirement. To facilitate capital infusion, the Union Cabinet approved raising the authorised capital of IIFCL to Rs 5,000 crore to enable it to lend more to the infrastructure sector. (Business Line)
Zuari Buys Mines In Latin America – Fertiliser manufacturer Zuari Industries is buying into a rock phosphate mine in Latin America through a new joint venture with Japan’s Mitsubishi to create an assured supply of raw material for making di-ammonium phosphate (DAP), a key farm nutrient. This will be 7,600-crore Zuari’s first acquisition of natural assets overseas. The mine’s location and size of the deal will be announced once the purchase agreement is signed. Zuari will own 30% stake in $45-million MCA Phosphates Pte Ltd while Mitsubishi will hold 70%. (Economic Times)
Mars Group Buys Five Tea Estates In Bengal – Mars Group of companies, the largest importer of Gurjan timber in India and leading producer of plywood and face veneer, has acquired five tea estates in North Bengal. The tea gardens which the company has acquired are Raimatang, Kalchini, Buxa Dooars and two more in the same area. The company aims to invest Rs 100 crore for acquiring more tea gardens in eastern India. (Economic Times)
REC To Raise $500-600M Overseas – Rural Electrification Corp. Ltd (REC), the state-owned lender to power utilities, has firmed up plans to raise $500-600 million (Rs.2,650-3,180 crore) overseas. The proposal is pending with the Union cabinet. REC approached the department of disinvestment in May with a proposal to raise $1 billion through foreign currency convertible bonds (FCCBs). But that would have meant reducing the government’s stake in REC—currently 66.8%—by about 10%. (Mint)
BT Stake Sale To Wait Till TechM-Satyam Merger – UK telecom major BT Group Plc has put plans to sell its stake in Tech Mahindra on hold ahead of the IT firm’s merger with Mahindra Satyam despite the recent exit of two of its directors from the company’s board indicating otherwise. The telecom firm, which is both a customer and stakeholder of Tech Mahindra, does not plan to sell its stake at least till both entities are amalgamated. The UK telecom company’s stake will come down to about 12-15% following the merger as compared to the 23% plus it currently holds in Tech Mahindra. (Economic Times)
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