News Roundup: Dubai-based Simec may buy stake in ABG Cement’s Gujarat unit

04 April, 2014

Three sources with direct knowledge share that Dubai-based Simec is likely to buy up to 51% in ABG Cement’s Gujarat unit. Enterprise value of the 5.8 million tonne cement facility is expected to be around Rs 3500 crore ($585 million), two sources suggest. ABG Cement could be getting around Rs 550 crore ($92 million) cash which may be utilized to infuse funds in group company, ABG Shipyard, as part of its Rs 11,000 crore ($1.83 billion) CDR package. IFCI owns 9% stake in ABG’s Cement facility which comprises of 5.8 mt cement grinding unit at Surat and 3.3 mt of clinker unit at Kutch near limestone reserves. (The Economic Times) 

Ecom Express looks to raise up to $9 million: Ecom Express, a New Delhi-based e-commerce logistics company, is looking to raise between $8 million and $9 million (Rs 48 crore to Rs 54 crore) from investors as it expands its oneyear old operations, its co-founder and CEO, TA Krishnan told. Currently the funds are doing their due diligence. These funds will be used for expansion, to upgrade technology and working capital requirements, he said. (The Economic Times) 

Air India to raise Rs 300 crore bank loan to pay for three Boeing Dreamliners: National carrier Air India plans to raise $50 million (around Rs 300 crore) from banks/ financial institutions to part-fund acquisition of three Boeing Dreamliners. The delivery of these aircraft is scheduled to commence from June and the airline has to make a 10 per cent advance payment to the US aircraft maker before that, Air India said while inviting banks/ financial institutions to submit a fully-underwritten offer. The company is seeking the loan offer by April 16. (The Economic Times)

Courtesy: VCCEdge


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News Roundup: Dubai-based Simec may buy stake in ABG Cement’s Gujarat unit

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