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News Roundup: Creamline Dairy To Raise Rs 100Cr PE Funding

25 February, 2011

Creamline Dairy To Raise Rs 100Cr PE Funding – Creamline Dairy Products Ltd, which sells Jersey brand of dairy products in the South, is in advanced talks with a private equity firm to raise Rs 100 crore. The firm has lined up investments to the tune of Rs 150 crore in the next four years to double our production to 12 lakh litres from six lakh litres. Creamline will close the financial year 2010-11 at Rs 600 crore and is targeting to reach Rs 750 crore in 2011-12 with production of 7.4 lakh litres. (Business Line)

Reliance Power In Talks To Buy Whitehaven Coal For $3.5B – Anil Dhirubhai Ambani-promoted Reliance Power (RPower) is looking to put in a bid for the Sydney-based coal mining company Whitehaven Coal, listed in the Australian Securities Exchange. The current market cap of Whitehaven Coal is $3.5 billion. The company had mandated Goldman Sachs to run a formal sell-off process, which began in October last year. One of the large shareholders in the company is US private equity firm First Reserve. (Business Standard)

Biyani To Sell Stake In Non-Core Retail Business – Homegrown retailer Kishore Biyani is firming plans to raise Rs 2,500- 4,000 crore through stake sale in non-core retail businesses such as consumer finance, insurance, textile mills, logisitics and JVs in mobile retailing and office supplies. I-bankers such as Enam, Barclays and Edelweiss are understood to be involved in arranging the stake sale. These funds will repay the Rs 3,400-crore debt on the balance sheet of the listed entity which has lately received a drubbing on the bourses. (Economic Times)

Allcargo Buys 2 Hong Kong Firms – National Stock Exchange listed Allcargo Global Logistics has acquired two Hong Kong based companies engaged in non-vessel owning common carrier business to expand its presence in China. These companies have business in China and other parts of the eastern region giving Allcargo to an important trading and export market. Allcargo has a consolidated turnover of over Rs 2,300 crore and investors like the Blackstone Group and New Vernon Capital. (Hindu)

Tata Steel Sells Tesside For $469M – Tata Steel UK (Tata Steel) today signed a definitive sale agreement to sell certain assets of Teesside Cast Products (TCP) to Sahaviriya Steel Industries UK (SSI), a subsidiary of Thailand’s largest steel producer, in a deal valuing the business at $469 million. In August last year, a draft agreement was signed between the two parties and the deal was at the time was valued at £320 million or around $520 million. (Business Standard)

FIPB Approves NSR’s 9X Media Takeover – 9X Media (formerly known as INX Media) will be under private equity firm New Silk Route and former Zee Entertainment Enterprises Ltd chief executive officer Pradeep Guha will have a stake, following the nod from the government allowing the company to make an amendment in foreign collaboration. The proposal of 9X Media, after getting deferred twice, has received Foreign Investment Promotion Board (FIPB) approval for New Silk Route (NSR) Mauritius to make an additional investment of Rs 55 crore. NSR will up its stake in 9X Media from 20% to 80% while senior employees and Guha will be given equity. (IndianTelevison)

South Asian Real Estate In Rs 500Cr Chennai Project – The South Asian Real Estate (SARE) has announced a Rs 500-crore residential township at Kolathur, GST Road, in Chennai. The township, on 61.4 acres of land, will have 608 apartments, 460 villas and plots. The total project is expected to be completed in three phases, with Phase-1 scheduled for completion within 18 months from date of commencement of civil works. It is the second project of the company in Chennai. The company has its focus on middle income customers and has priced the apartments from Rs 15 lakh onwards. (Business Standard)

Dunkin’ Donuts Forms JV With Jubilant Foodworks – Massachusetts-based Dunkin’ Donuts, the world’s-largest baked goods and coffee chain, has entered into a master franchisee agreement with Noida-headquartered Jubilant FoodWorks (JFL) to set up restaurants here. JFL signed the agreement with the international arm of Dunkin’ Donuts. With this, JFL will add one more brand to its existing portfolio. It is already the master franchisee of Domino’s Pizza for India, Bangladesh, Nepal and Sri Lanka. Dunkin’ Donuts is owned by private equity firms Bain Capital, Carlyle Group and Thomas H. Lee Partners.  (Business Standard)

GlobalLogic Close To An India Acquisition – GlobalLogic, a software products research & development company is close to acquiring a Indian firm, which operates in the domain of product engineering. The company would add around 1,000 people to the company’s existing workforce of around 3,000 people, of which 2,000 are based in India. The targets revenues are around 15% of GlobalLogic’s, which puts the size of the firm being acquired at $21 million.GlobalLogic, backed by investors like NEA and Sequoia Capital India, has been planning to list on the New York Stock Exchange (NYSE). (Mint)


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News Roundup: Creamline Dairy To Raise Rs 100Cr PE Funding

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