Fortis In Talks With Hyderabad’s Care Hospitals – Fortis Healthcare is in talks to buy a majority stake in Hyderabad-based Care Hospitals, which will help the group build its presence in south India and bridge the gap with rival and India’s largest healthcare chain Apollo Hospitals. Fortis is in discussions with minority investors Rakesh Jhunjhunwala, UK-based fund Ashmore and Matrix Laboratories founder N Prasad, who together own around 50% of the hospital, to buy their stake. This 50% could cost over Rs 300 crore. (Economic Times)
Tollway Firm DSC Plans $675M IPO – DSC Ltd., builder of India’s largest toll plaza, plans to raise as much as $675 million in an initial public offering. Credit Suisse Group AG and IDFC Capital Ltd. were hired by the Gurgaon, Haryana-based DSC which is likely to file preliminary share-sale documents by the end of January. (Bloomberg)
ONGC In Talks To Buy Advent Energy – A consortium of India’s top state-run energy firms, led by exploration giant Oil and Natural Gas Corp (ONGC), is in talks to acquire a 25% stake in Australia’s Advent Energy for around $1 billion. ONGC , along with Oil India (OIL) and Gail India , hopes to grab a share in the massive natural gas reserves of the Perth, western Australia-based unlisted Advent to help secure energy supplies for the country’s rapidly expanding economy. (ET)
Kiri Dyes To List Subsidiaries – Kiri Dyes & Chemicals Ltd, dyestuff manufacturing company, is planning to list its two subsidiaries — China-based Lonsen and German major DyStar — on a global stock exchange by 2013. In three years from now, Kiri will look at expanding the reach and presence of the two companies and for that we will require funds. (DNA)
Pegasus Buying Loans of Vishal Retail – Foreign lenders to Vishal Retail are unloading their bad loans to Pegasus Asset Reconstruction Company, a sign that a major stumbling block in the way of a deal to sell the troubled retailer is being removed. Pegasus, backed by New York-based hedge fund DE Shaw, has bought Barclays Bank’s bad loans of Rs 40 crore at a 16-18 % discount ten days ago and is in final stages of negotiations with Deutsche Bank and DBS. (ET)
SNC Lavalin Takes Stake in Rayalaseema Expressway – SNC Lavalin Mauritius Ltd, an affiliate of SNC-Lavalin, has picked up stake in Rayalaseema Expressway Ltd, a special purpose vehicle (SPV) led by KMC Group, executing the Rs 1,600-crore build, operate and transfer (BOT) project on National Highway 18 connecting Kadapa and Kurnool. The project has achieved financial closure with IDFC leading the funding, Government support and SNC picking up 36% equity for Rs 160 crore. (HinduBusinessLine)
DLF Sells 33% In Mumbai SEZ – India’s largest real estate company DLF has exited its SEZ project near Mumbai by selling its 33% stake to the promoter family for Rs 430 crore. The SEZ in Mulund will generate a space of 20 million square feet.
Mumbai Angels Backs Milk Mantra – Mumbai Angels, an angel investment network, will invest in Kolkata-based milk packaging and distributing company Milk Mantra . The company has already received early stage funding from Avishkar and an angel investor based in the UK. (ET)
IHC May Pay Rs 1,800Cr For Wagamama – London’s AIM-listed Indian hotel and restaurant company India Hospitality Corp is the frontrunner to acquire the world’s largest noodle bar chain, Wagamama , for about Rs 1,800 crore. The deal, likely to close by the end of this month, will be funded through internal accruals, fresh capital to be raised through equity issue to the existing investors and leveraging the assets of Wagamama. Morgan Stanley’s private equity wing and Bahrain-based Investcorp have also submitted bids to acquire Wagamama . (ET)
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