Deccan Chronicle To Buy Future Capital For Rs 700Cr – Retail entrepreneur Kishore Biyani will seek to put an end to his troubles by exiting the business through two separate transactions worth over Rs 1,000 crore. Deccan Chronicle will buy the stake owned by his flagship firm, Pantaloon, in Future Capital Holdings for Rs 600-700 crore. Mumbai-based Industrial Investment Trust ( IITL) has purchased Pantaloon’s 26% stake in its insurance joint venture Future Generali Life for Rs 250-300 crore. (Economic Times)
SUUTI May Start Selling Holdings – To shore up its finances, the finance ministry is considering a proposal wherein the Specified Undertaking of the Unit Trust of India (SU-UTI) may be asked to borrow against its holdings in blue chips such as Larsen & Toubro, Axis Bank and ITC Ltd. The funds so raised can be used by the undertaking to purchase government stake in some public sector undertakings (PSUs).SU-UTI holds 11.59 per cent stake in ITC, 8.27 per cent stake in L&T and 23.58 per cent stake in Axis Bank. (Financial Express)
Videocon’s Next In Talks With Best Buy – India’s Videocon Industries Ltd. is looking to sell a majority stake in its consumer durables chain Next Retail to the U.S.-based Best Buy Co. Inc., the Financial Chronicle reported Friday. The company is in the process of appointing investment bankers for the possible deal and expects to sell a 51% stake in the chain to Best Buy. (WSJ)
Ruia Loses Control OF French Company – Kolkata-based chartered accountant-turned-businessman Pawan Kumar Ruia has lost control of a key manufacturing unit of the French auto component maker it acquired recently, Groupe Preciturn, after failing to repay the creditors of the firm €1 million (Rs.6.9 crore) that was due. Groupe Preciturn’s factory at Thiers in central France, which generated €800,000 in monthly revenue until production was suspended, has been declared bankrupt and seized by a commercial court. /p>
Indian Oiltanking, Royal Vopak In Talks With East India Petroleum – Dutch major Royal Vopak NV is in the fray to acquire East India Petroleum, one of the largest storage service providers for oil and gas on the east coast, after its main shareholder Global Infrastructure Partners (GIP) appointed Kotak Mahindra Capital for a sale. Vopak may vie with other international and domestic bidders like Indian Oiltanking for the deal with asking price in excess of Rs 500 crore. (Times of India)
Vedanta Gets Govt Nod For Cairn Buy – London-listed Vedanta Resources Plc today said it has satisfied all conditions for acquisition of Cairn India. Vedanta is buying 40% stake of British oil firm Cairn Energy Plc in Cairn India for about $6 billion. The transaction was announced in August last year but its conclusion has been delayed mainly due to a disagreement between Cairn India and its partner state-owned Oil and Natural Gas Corporation (ONGC) over royalty payments. (Business Standard)
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