Chennai-based Chettinad Cement is in the final stages of buying out A.P based Anjani Portland Cements for an enterprise value between Rs 360 to Rs 380 crore rupees ($59 million - $62 million), two sources familiar with the development said. The deal will trigger an open offer as per Sebi norms and is likely to be struck at around Rs 65/share. An announcement is likely this week. Post the deal, the promoters of Anjani Portland Cements are likely to exit the cement business while Chettinad Cement, a strong player in Tamil Nadu and Karnataka will enter Andhra Pradesh. () 

Kuwait Petroleum eyes stake in IOC's Paradip refinery: Kuwait Petroleum Corp (KPC) is in talks with Indian Oil Corp (IOC) for taking a stake in the state-owned firm's Rs 29,777-crore ($4.9 billion) Paradip refinery and a proposed petrochemical complex. IOC, which will start commissioning the 15 million tons a year refinery at Paradip in Odisha in June, is willing to offer no more than 26% stake in the project. IOC wants to closely examine conditions that Kuwait may attach for equity participation. The project will have to be spun off into a separate company if Kuwait is to participate in it. (Business Standard) 

HDFC Standard, Birla Life in race to buy Aviva Life: HDFC Standard Life and Birla Sun Life are among the six insurance companies which have expressed interest in buying Aviva Plc's Indian business Aviva Life, its venture with the Dabur group. The Burmans of the Dabur family, too, will sell their holding as multinational insurers are fast losing interest in the business in India. Two people familiar with the development said Samsung Life and Manulife are the other bidders for the business. Aviva, the UK-based life insurer, has appointed JP Morgan and Deutsche Bank to sell its stake in the Indian joint venture. The company could be valued at around Rs 5,000 crore ($818 million), Burman said. ()

Courtesy: VCCEdge

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