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News Roundup: FIPB Defers Jet Airways’ Proposal

08 October, 2010

Fusion Pharma Raises Rs 40Cr From Prosecure – Hyderabad-based Fusion Pharma, a startup drug maker engaged in production of antibiotics and nutritional supplements, is planning to invest Rs 40 crore in building a new plant in the pharma special economic zone at Jadcherla, about 80 km from here. Fusion is raising the entire investment from Prosecure, a venture capital firm that focuses on early stage companies in the healthcare and life sciences area. (Business Standard)

FIPB Defers Jet Airways’ Proposal – The Foreign Investment Promotion Board (FIPB) has deferred Jet Airways’ proposal to raise $400 million (Rs 1,770 crore) through qualified institutional placement (QIP). It was deferred at an October 1 meeting after the civil aviation ministry said the airline would be breaching the foreign direct investment (FDI) guideline. (Business Standard)

Jindal Steel Steel For Zimbawe Steelworks Firm – Naveen Jindal-controlled Jindal Steel & Power Ltd (JSPL) has bid for majority control in Zimbabwe’s largest steelworks, Zimbabwe Iron & Steel Company (Ziscosteel). JSPL is one of five bidders that have submitted the price bid for Ziscosteel. ArcelorMittal South Africa is also believed to be in the race. (BS)

IVRCL Unit In Talks With Piramals – Hindustan Dorr Oliver, the engineering and design subsidiary of infrastructure major IVRCL Infrastructures and Projects Ltd, is likely to find a new investor in the form of Piramals. The group is in talks with the promoters of the Hyderabad-based infrastructure company for either a possible stake sale or investment. (DNA Money)

Gitanjali Gems Earmarks Euro 20M For Italy Acquisition – Indian jeweller Gitanjali Gems Ltd expects to finalise the bid for acquisition of Italy’s DIT Group’s brands in two to three weeks. The firm has earmarked 20 million euros for the acquisitions. The company has bid for all four brands of DIT Group and one from Mariella Burani Fashion Group SPA. (Reuters)

Wilbur Ross May Invest $150M In Kingfisher Airlines – Billionaire investor Wilbur Ross may now be boarding Kingfisher Airlines with an investment in Vijay Mallya owned carrier. Both Ross and Mallya are in preliminary talks for investment for a $100 million – $150 million in the airline and may go via convertible debt route. (Moneycontrol)

Dabon International Eyes Acquisitions – Dabon International, a joint venture between the Bongrain of France and Dabur India, is scouting for local partners for giving a boost to its business in the country and is also open for acquisitions.Dabur India had forged the venture with 50:50 joint venture with Bongrain of France in 1996 for manufacturing cheese and other milk-based products, and the company had set up a manufacturing plant in Noida. (BS)

Pantaloon Retail To Raise Rs 750Cr – Pantaloon Retail (India) Ltd’s board has authorised raising of additional long term funds through further issuance of equity / Class B based securities to various investors by various means including public / private offerings end/or qualified institutional placement and/or on preferential allotment basis or any combination thereof under the applicable provisions of SEBI (issue of Capital and Disclosure Requirements) Regulations, 2009 upto an amount not exceeding Rs. 750 crores in one or more tranches. (BSE)

Essar Energy Eyes Overseas Refineries – London-listed Essar Energy Plc, India’s second- largest non-state refiner, may buy a refinery or storage facilities overseas to help boost exports of cleaner-burning fuels to be produced when its west coast plant is expanded. Essar Oil Ltd., a unit of Essar Energy, started talks last year to buy three refineries in Germany and the U.K. from Royal Dutch Shell Plc. (Bloomberg)


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News Roundup: FIPB Defers Jet Airways’ Proposal

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