CVCI In Fray To Invest Rs 400Cr Shriram Cement Unit - Citi Venture Capital International (CVCI) is holding talks to invest Rs 400 crore in the cement unit of the diversified southern conglomerate Shriram Group, after other private equity firms dropped out of the fray. Private equity biggies like Blackstone, Kohlberg Kravis Roberts & Co and Mount Kellet had shown initial interest. The $9-billion Shriram Group initiated the process to sell stake in Sree Jayajothi Cements in which it acquired 70% stake earlier this year following conversion of loans into equity. (Times of India)
Manipal To Raise Rs 200Cr From IVFA In Few Months - Manipal Hospitals plans to raise about Rs. 1,000 crore in the next three years from India Value Fund Advisors (IVFA), a private equity firm, to more than double its hospital bed capacity, partly through acquisitions. Manipal is concluding talks with IVFA to receive about Rs 200 crore before the end of September. Manipal plans to increase bed capacity from 1,600 beds to 4,000 in the next three years. Out of the beds that it will add, 600 will be added in existing hospitals.
Chennai's VGN Developers In Talks With PEs - Chennai-based real estate company VGN Developers Pvt Ltd is looking at an investment of around Rs 1,800 crore in the next two years, for land acquisition and development projects. The company is also in talks with some of the major international private equity players to bring in project-level investment. VGN has around six projects, including two high-end projects, in the pipeline. Of the total investment, around Rs 900 crore would be from equity while the rest would be from debt. (Business Standard)
Cabinet Panel To Take Call On Divesting 5% - The Cabinet Committee on Economic Affairs is likely to take a call soon on offloading 5 per cent stake in Neyveli Lignite (NLC). This will be the third attempt to offload Government’s stake in the company in the last six years. Such a move will meet twin objective, that is, disinvestment and meeting the minimum public shareholding norms. (Business Line)
Ravi Uppal To Join Cairn India - Ravi Uppal, managing director and CEO of L&T Power, is set to join Cairn India, part of the $11-billion Vedanta Group. Uppal will succeed Rahul Dhir, who is leaving the company on August 31 after being at the helm for six years. Uppal would take over in September. Uppal was the one of the most high-profile lateral recruitments by L&T and he joined L&T Power as managing director (MD) in January 2009. (Business Standard)
Brilliant Takeover Battle Gets Murky - The original promoters of Brilliant Tutorials have rubbished the claims of a chartered accountant who issued public notice about a change in ownership of the reputed tutorial chain. Brilliant Tutorials has said that there was no ownership change in the company. 99.5% of the shares of Brilliant Tutorials are owned by Vasanti Neelakantan and her family, with 0.5% being owned by Shyam Nagarajan, the other director of the company. (Times of India)
