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News Roundup: Firstsource To Sell US-based MedAssist

05 September, 2011

Firstsource To Sell US-based MedAssist – Mumbai-based business process outsourcing firm Firstsource plans to sell US-based MedAssist, a health care business it acquired in 2007. Firstsource had paid $330 million for the acquisition. MedAssist sale is on the agenda as the management has been thinking of getting cash to invest in other growth activities. Firstsource had raised $275 million by issuing foreign currency convertible bonds (FCCBs) in 2008. (Business Standard)

Jindal Power IPO Unlikely In 4-5 Months – Jindal Power, a JSPL subsidiary, today said its its initial offer, through which it aims to raise up to Rs 7,200 crore, is unlikely to hit the market in the next four-five months. Initially, the company had planned to launch the issue by March this year. It operates a 1,000 MW thermal power project at Raigarh in Chhattisgarh. In 2010-11, it had clocked Rs 3,338 crore net sales. (Economic Times)

Olam In Talks To Buy Vallabhdas Kanji – The $13 billion agriculture commodities giant Olam is in talks to snap up Vallabhdas Kanji (VKL), a Kochi-based spices business firm of the JV Mariwala Group. This could mark Olam’s entry into the heavily fragmented Indian spices market as the international commodities group continues with its acquisition strategy. US private equity group Argonaut and Ascent Capital are minority investors in VKL, which has processing plants in south east Asia and exports to over 30 countries. (Times of India)

ED Seeks India Investment Details OF DE Shaw – Probing alleged irregularities in funds invested by the DE Shaw Group in India, the Enforcement Directorate has sought details about all the investments made or proposed by the US-based private equity major so far in the country. The DE Shaw Group manages over $20 billion of investment capital globally and has been present in India since 1996.

Encore Hotels Eyes PE Funding – Encore Hotels, which runs restaurant chains such as Rajdhani in overseas markets and Revival in India, is looking for a private equity/venture capital partner to raise around Rs 75 crore to fund its expansion plan. In 2011-2012, the company plans to set up 15 more Revival restaurants pan-India, which would be funded by PE or venture capitalist funds.

SKS May Approach RBI For Banking Licence – SKS Microfinance, which is passing through rough weathers, may approach the Reserve Bank for a banking licence. SKS Microfinance CEO and Managing Director M R Rao said the company does not see any major issue in meeting the eligibility criteria set by the Reserve Bank of India (RBI). (Business Standard)

IL&FS To Raise $1B – Non-banking finance company IL&FS Financial Services (IFIN) said on Sunday it plans to pare down its fund-raising by around $1 billion to $4 billion because of the problems in the infrastructure projects. Earlier, the company was planning to mop up $5 billion from the markets through debt by the end of this fiscal to fund its infrastructure projects. (Business Line)

Readymade Steel Eyes JV Partner – Steel fabrication firm Readymade Steel India is scouting for a joint venture partner to put up a manufacturing facility in the country. The joint venture partner will mainly provide technical support for setting up the facility in India, which will manufacture splicing system and couplers. (Business Line)


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News Roundup: Firstsource To Sell US-based MedAssist

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