Flipkart To Raise $150M In Nine Months – Flipkart needs about $150 million from new investors in the next six to nine months even as bulge-bracket private equity firms remain wary of the online retailer’s initial public offering plans in the US—crucial to making handsome return on investments. PE giants like Bain Capital and Kohlberg Kravis Roberts could look at potential investment deal but demand clarity on Flipkart’s ability to pull off a public issue. Two existing investors Accel Partners and Tiger Global are unlikely to pump more capital after $100 million follow-on investment earlier this year. (Times of India)
Topsgrup Acquires British Co For £19.5M – Indian security company Topsgrup has acquired 100 per cent stake in a leading British security firm for £19.5 million.Topsgrup said it has completed the 100 per cent acquisition of The Shield Guarding Company Ltd, a reputed British security firm for a sum of £19.5 million. Topsgrup originally acquired a 51 per cent majority stake in the company in 2008, and then took up its option to purchase a 100 per cent stake in the company. (Business Line)
Nalco In Talks To Buy Inalum – Aluminum producer Nalco is in talks to buy Indonesia’s Ashan Aluninum (Inalum) for up to Rs 8,000 crore, in what could be the largest overseas acquisition by state-owned metal firm. A Japanese consortium holds 59 per cent stake in Inalum, which owns a 2.1 lakh tonne capacity aluminium plant in North Sumatra province while the rest is with the Indonesian government. (Business Line)
Tayal Group FCCB Holders Move To Court – Investors in KSL and Industries Ltd have moved the Bombay high court with a petition to liquidate the company and recover their dues after the Tayal group company failed to meet a 19 May deadline to redeem $90 million (about Rs.496 crore at current exchange rate) worth foreign currency convertible bonds (FCCBs), including interest. The hearing on the case is likely to begin early this week.
ONGC In Talks With Statoil, Ecopetrol – As part of efforts to boost its energy production capacity, state-owned Oil and Natural Gas Corp. Ltd (ONGC) is in separate talks with Columbia’s Ecopetrol SA and Norway’s Statoil ASA for cooperation in hydrocarbon exploration and development. Such an arrangement may result in more joint efforts overseas for securing assets and significantly help India toward energy security. (Mint)
NEA To Invest Rs 84Cr In Trsihe Developers – New Enterprise Associates (NEA), the $11-billion US-based private equity firm, has finalised a deal to invest Rs 84 crore to pick up a minority stake in Chennai-based renewable energy infrastructure development company Trishe Developers. Trishe was started in 2011 by Ramkhumar Narasimhan, who was earlier the CEO of the wind division of Orient Green Power. The company has so far commissioned 200-MW wind farms for Spanish major Gamesa. (Economic Times)
Coal India To Pick Up 50% In IOC’s Explosives Unit – Coal India (CIL) will sign a memorandum of understanding with Indian Oil Corporation (IOC) to take over 50% in its explosives division, which will be spun off into a different company where CIL and IOC will have 50% stake each. CIL’s move comes just after Competition Commission of India (CCI) imposed a penalty of Rs 60 crore on 10 private explosives manufacturers following its complaint that they had formed a cartel. (Economic Times)
Nitco Heads For CDR – Spiralling import costs due to the rupee’s dip hit the bottom lines of many companies in 2011-12, weakening their financial profile significantly. Ceramic tile maker Nitco Ltd is one such company. It is a major player in vitrified tiles, which it imports from China. A weak rupee made its imports costly and dented its profitability. (Business Standard)