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News Roundup: Edelweiss In Talks With Tokio Marine For Insurance JV

10 August, 2009

Two-phased Divestment Of NMDC – State-owned NMDC, India’s biggest mining company, will tap the capital market in two phases. The government will first divest 8.38% of its equity stake through an initial public offer (IPO) in the current financial year, which will be followed by a follow-on offer (FPO) in 2010-11. The government is expected to raise about Rs 12,000 crore by divesting the stake. However, the size of the FPO, which is yet to be decided, is expected to bring down the government’s shareholding to 75%. The government currently holds 98.38% in the PSU. (Economic Times)  

UK’s Duet To Put $45 Mn in India – UK-based investment group Duet’s Indian hospitality fund, Duet India Hotels, has committed investment worth $45 million in the country. Besides acquiring the Indian hospitality assets of another UK firm, Dawnay Day Hotels, for $33 million last year, the group has now bought land in Hyderabad for $12 million for a 220-room hotel. Duet India Hotels, a $166.5-million fund, is part of Duet Private Equity (DPEL), the private equity, real estate and corporate finance arm of the Duet Group that manages several global investment funds. (ET)

Edelweiss In Talks With Tokio Marine For JV – Mumbai-based financial services firm Edelweiss Capital is in talks with Japanese insurance group Tokio Marine Holdings for a possible joint venture in life insurance. The Japanese insurer, which is already present in India through a non-life JV with fertiliser co-operative IFFCO, has been on the lookout for a local partner to start a life venture. Tokio Marine Holdings is the holding company for the group’s non-life, life and financial services businesses which includes asset management, investment banking and real estate management. (ET)

Electrotherm To Raise Fund Through QIP – Ahmedabad based metal melting industry Electrotherm has planned to invest Rs 220 crore in capacity expansion in steel, engineering and e-bikes business. The company will raise the amount either through QIP route or a mix of equity and preferential issue. It targets around Rs 2,400 crore turnover by the end of current fiscal. The last fiscal turnover of the company stood at Rs 1,600 crore. (ET)

BoB Open To Overseas Acquisition – Mumbai-based public sector lender Bank of Baroda (BoB) is open to overseas acquisition. The bank is looking for good opportunities in terms of value and strength for the proposed acquisition. BoB has a strong overseas presence with 76 offices across 26 countries. The bank has recently opened two branches in Trinidad & Tobago and plans to open another four branches shortly. The overseas business contributed 23 per cent to net profit and 22.5 per cent to the bank’s total business. (Business Standard)  

Essar Steel Signs Rs 300 Cr Deal With Nordjysk Elhandel – Essar Steel has entered into a Rs 300-crore deal with Denmark based Nordjysk Elhandel for selling carbon credits over a period of 10 years. Essar Steel will sell carbon credits generated at three of its projects at the Hazira steel plant in Gujarat to the Danish firm. The three projects together are expected to generate about 500,000 CERs per annum for the next 10 years while the rate is pegged at INR 600 for each credit. (ET)


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News Roundup: Edelweiss In Talks With Tokio Marine For Insurance JV

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