Credit Suisse PE In Race For Haldia Energy – The private equity arm of Swiss financial major Credit Suisse is in the race to pick up a stake in Haldia Energy, a subsidiary of the RPG Group-owned power utility CESC. It is expected that the RPG Group will divest around 20% stake in Haldia Energy, the holding company for three power projects being built in West Bengal, Orissa and Maharashtra, to raise around Rs 1,000 crore. RPG Group may offload more stake in the next phase to meet further capital requirements. (Times of India)
India, US Plan $10Bn Infra Debt Fund – The Indian and the US governments are planning to raise a $10-billion infrastructure debt fund. The fund will invest in large road, port and railway projects through public-private partnership (PPP). The setting up of the fund was still being negotiated between the two governments. The fund, as proposed by the Planning Commission in February and suggested by the Parekh expert panel, is intended to address the critical need of infrastructure companies in India. (Business Standard)
Actis-backed Nilgiri’s To Double Store Count – After resolving their differences over a range of issues, the original promoters of supermarket chain Nilgiris and its majority investor Actis are now charting expansion plans that will see the south India-focused retailer double its store count in the next two years. The company was looking to double the number of stores from 100 to 200 but the chain will remain focused on the south Indian market. The firm will now focus on Kerala and Andhra Pradesh. (Economic Times)
Four SBG Nominees To Join Maytas Infra Board – The Company Law Board (CLB) today allowed IL&FS-owned Maytas Infra to induct on its board four nominees of Saudi Arabia-based real estate company Saudi Bin Ladin Group (SBG). CLB’s approval came after SBG filed an undertaking stating that the control of management of Maytas Infra would remain with IL&FS despite the induction of SBG nominees. (BS)
ACC, Ambuja Prices Soar On Merger Buzz – Shares of Swiss cement major Holcim-owned Ambuja Cements and ACC Ltd zoomed today, on market buzz of their merger. Holcim has 46.38% stake in Ambuja Cements and 46.2% in ACC. Ambuja stocks were up 7.7%, while those of sister concern ACC closed up 2.4%. (BS)
Megasoft Sells Office Land To HTC – Megasoft has entered into a deal with the Chennai-based HTC Global Services (India) Pvt Ltd for sale of its Begumpet property here.The company said it used the proceeds and some internal accruals funds to repay bank loans to the tune of Rs 50 crore. (HBL)
ADF Foods Completes Elena Acquisition – ADF Foods has completed the acquisition of Elena’s Food Specialties, Inc, a US-based manufacturer and marketer of organic and natural products. Some of Elena’s existing shareholders continue to hold a minority stake in ADF’s operating subsidiary in USA. Centrum Capital acted as exclusive financial advisors to ADF. (India Infoline)
MOIL, Shipping Corp Plans Share Sale -State run firms Manganese Ore India Ltd (MOIL) and Shipping Corp are likely to hit the market by end-November, while an offer by Hindustan Copper is likely in December. The share sales are part of a broader government plan to sell stakes in about 60 Indian state-run firms. (DNA)
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