Private equity firm Everstone Capital is in talks to buy a significant minority stake in the Subhash Chandra Goel-controlled lifestyle mall operator Fun Republic as a stable and pro-growth government at the Centre rekindles hopes of greater spending on entertainment. Everstone Capital, promoted by Atul Kapoor and Sameer Sain, could buy up to 30% stake in the Essel Group company, according to three people with direct knowledge of the development. ECity Ventures is the holding company that runs Fun Republic and Fun Cinemas. The group looks to aggressively grow the brand but the economic slowdown has scuttled the chances of expansion. (The Economic Times)
Coal India plans Rs 10,000-crore joint venture with GAIL India, RCF, FCIL: Coal India is planning a Rs 10,000-crore ($1.68 billion) joint venture along with GAIL India, Rashtriya Chemicals & Fertilizers (RCF) and The Fertilizer Corporation of India (FCIL) to set up a urea and ammonium nitrate chemicals complex that will run on gasified coal. Coal India has appointed Projects and Development India ( PDIL) to conduct a feasibility study on the project. The plan is to use around 6 million tonnes of coal from coalfields at Talcher in Odisha and manufacture about 3 lakh tonnes of urea annually and around 300-400 tonnes of ammonium nitrate per day. There would be two joint ventures. The first will be with Gail for coal-gasifying technology which would be brought by GAIL. In this venture, GAIL is slated to be the major partner, with CIL holding a non-majority stake,” a Coal India official said. The second joint venture will be with FCIL, RCF, where CIL is likely to hold a majority stake. This company will use the gasified coal to manufacture ammonium nitrate and urea. (The Economic Times)
RAK Ceramics in talks for acquisition in Morbi: UAE-based Ras Al Khaimah (RAK) Ceramics, the world largest tiles producer, is considering buying a tile manufacturer in Morbi. The acquisition is pegged at Rs 100 crore ($17 million). According to sources in the know, RAK Ceramics which had initially planned a Joint Venture (JV) with a local ceramic company, now may look for a buyout. “We have initiated our dialogue with some existing plants in Morbi market and we hope to conclude the deal in 3 to 4 months said Chief Operating Officer, Santosh Nema. “The JV plan is also still on,” he adds. (The Economic Times)
Investors, promoters eye Rs 1,200 cr in UFO Moviez sale: UFO Moviez India Ltd, the world’s leading satellite networked digital cinema chain, is up for sale. According to people in the know, two private equity investors that hold the majority stake in UFO and the promoters have appointed an investment bank to seek buyers for the company. The US-based Providence Equity Partners holds 35.7 per cent and the UK-based 3i Group holds 26.5 per cent in UFO Moviez. Tyre maker Apollo International Limited holds an 8.7 per cent stake in the company. According to bankers, the deal size could be Rs 800-1,200 crore ($135.18 million – $203 million). (Business Standard)
J&K Bank plans to sell entire 5% stake in PNB MetLife for Rs 700 cr: Jammu & Kashmir (J&K) Bank is exploring possibilities to sell its entire five per cent stake in PNB MetLife India Insurance Company for about Rs 700 crore ($118 million). The insurance company is a joint venture among the US-based MetLife International Holdings, Punjab National Bank (PNB), J&K Bank. M Pallonji and Company, and other private investors. MetLife International and PNB are majority shareholders in the company, with 26 per cent and 30 per cent stake, respectively. Sources said majority shareholders will have the first “right to refusal” in buying J&K Bank’s stake in the company. In case they were not willing, the bank will search for a buyer outside the company. “The bank is in the process of selling its entire stake in PNB MetLife. The process has already started. While the pricing has not been finalised yet, the bank expects to get close to Rs 700 crore for its five per cent stake,” a source said. (Business Standard)
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