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News Roundup: Everonn May Buy ICFAI Schools In Rs 700Cr Deal

04 August, 2010

Everonn May Buy ICFAI Schools In Rs 700Cr Deal – Everonn Business Education Limited, wholly owned subsidiary of Everonn,  is in talks with ICFAI to acquire its 65 schools. ICFAI is planning to sell 135 schools in all. The deal value is pegged at Rs 700 crore, with Everonn buying schools for Rs 250-300 crore. (Moneycontrol)

ICFAI Business School has denied any talks with Everonn.

Tata Capital, Mizuho To Raise $500M For Growth Fund – Tata Capital has teamed up with Japan’s Mizuho to develop a growth fund to invest in mid-market Indian companies. Tata Capital will tap the large investor base of the Japanese company and the growth fund will target $500 million. Tata Capital and Mizuho will jointly put in a fifth of the total fund size. (Economic Times)

Grameen Koota Plans Rs 100Cr Equity Round – Grameen Koota, a Bangalore-based microfinance institution (MFI), is looking at raising Rs 80 crore-100 crore equity in the next couple of months. The MFI plans to use these funds to meet its credit growth, and also as initial capital for a micro-housing subsidiary. (HindusBusinessLine)

Piramal Eyes Insurance Sector – Billionaire Ajay Piramal-led Piramal Healthcare Ltd, set to receive Rs17,600 crore from selling off two businesses, may put some of that money into insurance, one of the fastest growing segments of the Indian financial sector. It is not clear which area of insurance will Piramal look to foray into.

Apollo Eyes Private Equity Funding – Apollo Hospitals is planning to raise funds from private equity investors to add 4,000 beds in the next couple of years. Apollo is looking to invest Rs 3,000 crore for expansion and is in talks with investors. (Financial Chronicle)

RIL, Essar In Race For BP’s Africa Assets – Reliance Industries (RIL) and Essar are bidding to acquire the retail assets and lubricants business of BP in five African countries — Zambia, Malawi, Botswana, Namibia and Tanzania. Essar and RIL are likely to place bids in the range of $400-450 million while BP is expecting $500 million. (Business Standard)

Emaar MGF To Buy Back Citibank Stake – Real estate major Emaar MGF is in talks with Citibank International to buy back securities of Emaar MGF Land Ltd. Citibank International, a company incorporated in Britain, had invested $150 million (Rs 685 crore) in convertible securities issued by Emaar MGF in 2006. (BS)

Unitech May Exit JV – Unitech Ltd is completely exiting Unitech Omkar, its joint venture with Mumbai-based Omkar Realtors Developers. Omkar will pay off Unitech the Rs 250 crore or so it had brought to the JV and some more, and undertake development of the project on its own. (DNA)

Adani Acquires Australia Coal Assets – Gautam Adani-led Adani Enterprises Ltd entered into a pact with Australia’s Linc Energy to buy the latter’s coal assets for Australian dollar 500 million (about Rs.2,100 crore). Adani will pay a royalty of A $2 on every tonne of coal mined over the next 20 years to the Australian miner. (Hindu)

I&B To Scan Zee’s Education Hive-Off – Foreign Investment Promotion Board (FIPB) has deferred a proposal of Zee Entertainment Enterprises Ltd (ZEEL) to hive off the education operations of ETC Networks Ltd under a separate company. Representatives of the ministry of information and broadcasting had requested deferment to examine if the proposal was in line with their norms. (Business Standard)

SAIL, Kobe Steel In JV Talks – Steel Authority of India (SAIL) hopes to stitch up a joint venture with Japan’s Kobe Steel within the next six months. The two companies are in talks to set up a 0.5 million tonne greenfield steel plant in India using Kobe Steel’s pioneering new steel-making technology. (ET)


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News Roundup: Everonn May Buy ICFAI Schools In Rs 700Cr Deal

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