Essar Energy Close To Buying Navbharat Project - London listed Essar Energy is close to buying Navbharat’s power project in Orissa for close to Rs 200 crores. The thermal power project has plans of a 1050 MW capacity near Meramundali & Kharagprasad villages in Dhenkanal District, Orissa. Essar plans to scale up the project later, currently, Essar is also said to have approached the banks for a debt of Rs 4000 crores for the project. (Economic Times)
Air Works Eyes Acquisitions - Maintenance repair and overhaul (MRO) firm Air Works is looking at acquiring similar companies abroad. The firm is actively looking at investments in Europe and Southeast Asia and is eyeing acquisition route, particularly in the engine overhauling area. The firm also recently appointed Vivek N. Gour, former Chief Financial Officer of NYSE-listed Genpact, as CEO. (Hindu)
Bhagwati Banquets To Raise Rs 200Cr - Bhagwati Banquets and Hotels (BBH), which owns The Grand Bhagwati (TGB) branded hotels, plans to raise around Rs 150-200 crore through a private placement of shares this year to bankroll its expansion plans. The firms is in talks with private equity (PE) players for its upcoming five-star hotel properties in Nagpur and Jaipur. TGB group also hopes to add new hotels in Vadodara, Hyderabad, Indore, Nadiad (Gujarat), Mumbai and Bangalore. (Financial Chronicle)
3i India Closes Buyout Shop - Private equity major 3i India has closed down its buyout division and merged the team with its infrastructure unit, because it sees greater investment opportunities in building roads, bridges and power stations than in taking over companies. In the firm’s Asian operations, the buyout team was recently merged with the growth capital division. The head of 3i’s Asian buyout team, David Osborne left last month. Saurabh Shah, the former head of the India buyout team, will now move to the infrastructure team along with Shrikant Bahadkar, taking the total team strength for infrastructure to ten. (ET)
GTL Infra May Give Share Worth $3B To RCom - GTL Infrastructure Ltd. may give new shares worth as much as $3 billion, more than triple its market value, to Reliance Communications Ltd. shareholders in exchange for the company’s mobile-phone towers. GTL may also assume about $3.9 billion of Reliance’s debt. The terms would give Reliance shareholders a 75% stake of the transmission tower entity. (Bloomberg)
HSIL Eyes European Buys - Leading sanitaryware and glass bottles’ manufacturer HSIL is eyeing an European sanitaryware brand for acquisition. HSIL has shortlisted three-four European companies and the deal size could be around $5 million. HSIL is looking at companies with a good distribution network in Europe. It might also manufacture under that brand in India and distribute it in Europe. (Business Standard)
