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News Roundup: Jindal Steel Nears $2B Mine Purchase in West Africa

22 October, 2012

Jindal Steel Nears $2B Mine Purchase in West Africa: Jindal Steel & Power Ltd. (JSP), India’s second-biggest steelmaker by value, is approaching an iron ore mine acquisition in West Africa for at least $2 billion as it seeks raw material to feed its factories at home and in Oman. The investment will secure deposits of at least 1 billion metric tons and include building a transport line, Executive Director Manish Kharbanda said in an interview, without identifying the seller. (Bloomberg.com)

FinMin proposes 10% stake sale in EIL via FPO: The finance ministry has proposed a 10% stake sale in Engineers India or EIL via a FPO. In fact, the ministry has sent a proposal on this to the Cabinet Committee on Economic Affairs (CCEA). The finance ministry has also suggested a 5% discount for retail investors. The oil ministry, sources say, has agreed to the EIL disinvestment but with one condition. The oil ministry wants EIL FPO to be only after the government disinvests stake in two other PSUs. (moneycontrol.com)

Pavers England to buy out Indian franchise partner: UK-based footwear retailer Pavers England will buy out its franchise partner, Chennai-based Triton Retail, as it gets ready for solo journey in India following government’s approval of its proposal to invest Rs 100 crore in single-brand retail.The company at present runs 30 stores in different cities in India through Triton Retail. (Business Standard)

Omnivore Capital fund-raising on track for December closure: Omnivore Capital, India’s first agricultural technology venture fund, has garnered about Rs 187.5 crore of the targeted corpus and is on track for the closure of the fund by December-end. Omnivore Capital, which plans to raise Rs 250 crore, has garnered over 75% of the targeted corpus to date and fund-raising is on track for completion by end-December 2012, the company said. (Business Standard)

Riddhi Siddhi looking for acquisitions: Gujarat-based Riddhi Siddhi Gluco Biols Ltd (BSE: 524480) is looking for acquisitions.It is open to acquiring any business other than infrastructure and chemicals, but prefers agro foods and warehousing, a senior official of the company told Business Line today. (Business Line)

United Spirits to dilute 7% stake in Pioneer Distilleries: United Spirits will dilute 6.99 per cent stake in Pioneer Distilleries through offer-for-sale. The move is to meet the SEBI guideline of maintaining at least 25 per cent public share holding. The deadline for minimum public holding expires next June. (Business Line)

DMI Finance eyes Rs 1,000Cr real estate fund: DMI Finance, a non-banking finance company founded by former Citigroup employees Shivashish Chatterjee and Yuvraj C Singh, is in the process of raising 1,000 crore to invest in the real estate sector. The company’s second fund, which will tap high net worth domestic and foreign individuals and institutional investors over the next 12-18 months, will have an equity and debt corpus of 500 crore each and it will target over 20% internal rate of return. (The Economic Times)

Courtesy: VCCEdge


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News Roundup: Jindal Steel Nears $2B Mine Purchase in West Africa

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