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News Roundup: Cocoberry In Talks With Abraaj, Others For Rs 70Cr

22 July, 2011

Cocoberry In Talks With Abraaj, Others For Rs 70Cr Funding – Specialty food company chain Cocoberry is in talks with Dubai-based Abraaj Capital to raise about Rs 70 crore for a minority stake. Others like Norwest Venture Partners, Temasek Holdings and Arcapita are also in talks with the Gurgaon-based company. The funding will help Cocoberry enter the Middle East region besides expanding its reach within India. Cocoberry, the country’s first premium frozen yogurt chain, sells its products across 27 retail outlets in the country. Cocoberry raised $2 million from Ajay Relan, founder of private equity firm CX Partners. (Economic Times)

L&T’s Infra Unit May Be Next For An IPO – Larsen & Toubro (L&T) has identified L&T Infrastructure Development Projects as the next subsidiary from its umbrella that will hit the capital market with an initial public offer (IPO). L&T IDPL is the holding company for the group’s roads, bridges, railways, airports and ports projects that are being executed under the public-private partnership model on a build-operate-transfer basis. As on March-end, the company owned 38 projects worth 62,700 crore. L&T will infuse $100 million of equity investment in L&T IDPL in 2011-12 to finance various projects. (Economic Times)

Hinduja Foundries To Go For Rs 130Cr Rights Issue – Hinduja Foundries Ltd got its shareholders’ nod to raise around Rs 125 crore through rights issues. The proposed fund raising would support company’s investment of Rs 70 crore this fiscal at its new facility in Sriperumbudur and to modernise its Ennore facility. (Business Standard)

Tata Tele May Call Of Deal With Virgin – Tata Teleservices is “reviewing” the brand alliance with Richard Branson’s Virgin Mobile as it embarks on a brand restructuring exercise. The $72-billion Tata Group’s telecom flagship bought out Virgin Mobile’s 50% stake in the marketing joint venture recently. And now, the branding tie-up, which was expected to continue, is also being reviewed. (Times of India)

Berggruen Hotels To Invest Rs 575Cr – Berggruen Hotels, a hospitality chain funded by an US-based private equity firm, today said it will infuse over Rs 575 crore in the next four years to expand its footprint in India with special focus on single lady travellers. Of this Rs 575 crore, Rs 275 crore will be pumped through equity and Rs 300 crore through debt in the period of next three to four years. (Moneycontrol)

Medfort Hospitals Eyes Acquisitions – Medfort Hospitals, a healthcare company focusing on diabetes and eyecare, plans to invest $40-50 million over the next two to three years in organic and inorganic expansion. The company plans at least two major acquisitions in the range of $25-30 million in its focus segments. The company would raise $40-50 million through debt fund and from its existing promoters to support the expansion. In Novermber, the company had raised funds of around Rs 60 crore from TVS Shriram Growth Fund (TSGF) and E Planet Ventures. (Business Standard)

Suzlon To Buyout Remaining Stake In REpower – Suzlon Energy said that the cash compensation for the transfer of shares from the minority shareholders of REpower Systems has been fixed at €142.77 per share. AE-Rotor Holding BV, a stepdown wholly owned subsidiary of Suzlon, will have to pay about € 63 million for the purpose of acquiring the minority stake.After Suzlon bought the German wind maker REpower in FY-08, it hiked its stake to 90 per cent and subsequently to 95.16 per cent in 2011. (Business Line)


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News Roundup: Cocoberry In Talks With Abraaj, Others For Rs 70Cr

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