CX Partners To Buy Stake In NTL Electronics – CX Partners is close to buying 20% stake in electrical products company NTL Electronics India for around Rs 120 crore. NTL Electronics manufactures electronic ballasts used to make energy-efficient CFLs and supplies to companies such as Osram, Philips, Surya Roshni, Crompton Greaves among others. (Economic Times)
Indiareit To Buy Stake In Mumbai Mall – Ajay Piramal’s realty fund Indiareit will buy a majority stake in the company owning the mall, SoBo Central, from the Future Group of Kishore Biyani, the promoter of Pantaloon. Indiareit, is likely to pay around Rs 600 crore to buy the mall, known to most Mumbaikars as Crossroads. Biyani had bought Crossroads from a group named after the late Ashok Piramal, the elder brother of Ajay. (ET)
Vishal Retail To Become Shell Co Post TPG Deal – Cash-strapped Vishal Retail may soon become a shell company if the restructuring package proposed by lenders is implemented. Texas Pacific Group (TPG), which has agreed to infuse Rs 500 crore, has put in a condition that Vishal Retail (VRL) will transfer all its fixed assets to a special purpose vehicle (SPV) that will be predominantly owned by the PE firm. (ET)
Sun TV, Network18 Form JV – Sun Television Network and the Delhi-based Network18 Group today announced an alliance to launch a pan-India distribution entity, to be called Sun18. The aim is to make this new entity a dominant presence over the next two years in the Rs 16,000-crore pay television subscription market. (BS)
Mitsubishi Eyes Hindustan Motors Stake – Mitsubishi Motors Corporation, one of Japan’s largest automakers, is showing keen interest in having equity participation in the loss-making auto company Hindustan Motors, which is also its current technical partner. (Business Standard)
Govt May Sell Another 10% In PFC – The Government is mulling divesting another 10% of its stake in Power Finance Corporation through a follow-on public offer by the end of the current fiscal. Along with disinvestment, the company is also likely to raise up to 10% fresh equity. The proposal is at a preliminary stage of discussion between the Ministry of Finance and the Ministry of Power.
NTPC Eyes Deals In Australia, Indonesia – NTPC, the country’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventures (JVs) in Australia, Indonesia, Mozambique and South Africa. The state-owned company will soon deploy special teams to pursue its plans in Australia and Indonesia. (BS)
SAIL Plans FPO – State-owned SAIL may launch its 20% share sale plan, which could generate up to Rs 16,000 crore, by the third quarter of the current fiscal. In April, the government had cleared the proposal to sell 20% equity in the country’s largest steel maker. The share sale would see government offloading 10% of its stake in the steel maker, while the company will raise fresh equity in the same proportion.
FIPB Rejects Telcordia Proposal – In a move that may delay mobile number portability, FIPB has rejected the proposal of US-based Telcordia Technologies, one of the two companies chosen to implement the technology here. FIPB rejected Telcordia’s proposal on security grounds after the home ministry refused to grant its approval for the deal in its current format. (ET)