RIL Exits ONGC Team For Venezuela Oil Bid – Mukesh Ambani led Reliance Industries (RIL) has pulled out of an ONGC-led consortium which was formed to bid for a 40% stake in a Venezuelan oil field named Petroleos de Venezuela SA (PDVSA), leaving the state-run company to find another partner to bid for the foreign oil block. The winning bidder will be required to invest $16-18 billion for development of the block over a 15-year period. PDVSA has invited bids for three oil blocks in the Orinoco Belt. Under the bid proposals, PDVSA will offer a 40% stake to winning bidders, keeping the remaining 60% with itself. (Economic Times)
Eastern Condiments To Sell 26% Stake - Kerala based Eastern Condiments, one of the leading curry ingredients marketers, is likely to offload 26% stake to a strategic investor, with the promoter family and New Vernon private equity diluting their stake. The decision to divest stake comes after Eastern deferred IPO, which was scheduled in 2009-10. The company has appointed investment bankers to start discussions with potential suitors. Eastern produces around 25,000 tonnes spices per annum. (ET)
Coal India Eyes Rs 6,000 Cr From Stake Sale - Coal India Ltd (CIL), which is actively pursuing the issue of disinvestment with the Centre, aims to raise Rs 6,000 crore through a stake sell of 10%. The coal major expects the disinvestment process to be finalised within a year. It had set a tentative timeline of coming out with an initial public offer (IPO) by September 2010. (Business Standard)
EWDPL Plans Rs 500 Cr IPO By Year End – Real estate developer Entertainment World Developers (EWDPL), a partner firm of Phoenix Mills, is planning to float Rs 500-crore initial public offer (IPO) by the year-end. EDWPL is in the process of filing a draft red herring prospectus (DRHP) with capital markets regulator SEBI and finalising merchant bankers for the issue. Post this IPO, venture capital firm ICICI Venture is expected to own 15% stake in the company, while Phoenix Mills stake will come down to 30% from the current 42% stake it holds in the company. (BS)
HDI-Gerling Signs JV With Indian Cos - Germany's HDI-Gerling International has entered into a three-way partnership with India’s Magma Fincorp and Celica Developers to set up a non-life insurance company. As per agreement, the Indian partners will hold 37% stake each, while the German insurer will hold the maximum permissible 26% stake. The company will be headquartered in Kolkata and will have a paid-up capital of Rs 110 crore. (ET)
