Gail Eyes Majority Stake In Gujarat Gas – Gail India is eyeing the controlling stake in British gas major BG’s subsidiary in Gujarat as the state-run company prepares to compete with oil major BP and Reliance in the gas marketing business. BG is selling its 65% stake in Gujarat Gas Co Ltd (GGCL), the country’s largest private-sector gas transmission and distribution firm. BG had acquired the stake for Rs 170 crore in 1997, while the current market value of the company is about Rs 5,000 crore. (Economic Times)
Lawson May Invest In Future Group Holding Company – Lawson Inc, Japan’s second-largest convenience store chain, has appointed audit and consultancy firm PwC to carry out due diligence on a number of unlisted companies of the Future Group that supply fruit, vegetables and staples for India’s largest retailer. If the deal fructifies, the $25-billion Japanese retailer will invest in a holding company that will control six other companies of the Indian retailer that supplies to formats Big Bazaar, Food Bazaar, KB FairPrice and Aadhaar. The combined businesses of all these entities – both back and front end – are estimated at over Rs 3,000 crore. (Economic Times)
Everstone Capital To Raise $350M For New Logistic Fund – Everstone Capital, an India focused private equity and real estate investor, is planning to raise a second industrial fund next year of around $350 million. The current $240 million fund is currently invested in three logistics parks in select centres across the country which it will own and manage. The industrial fund, under IndoSpace Logistics Parks, is part of Everstone’s real estate fund and formed through an equal joint venture with the US-based Realterm Global. (Economic Times)
Mahindra Makes Open Offer For Swaraj Automotives – Auto major Mahindra & Mahindra will make an open offer to acquire up to 27 per cent stake in Swaraj Automotives entailing an outgo of up to Rs 5.82 crore. The offer price will be Rs 90 per equity share for a total price consideration of not exceeding Rs 5.82 crore in accordance with SEBI takeover code. (Economic Times)
Soham Renewable Energy Eyes Acquisitions – Bangalore-based Soham Renewable Energy India Pvt Ltd is scouting for acquisitions in the renewable energy space and is working on a target of acquiring 100 MW of projects in the next two years. Soham has already tied up investments to fund the potential acquisitions and recently received Rs 125 crore funding from SBI Macquarie Infrastructure Fund, out of a total commitment of Rs 365 crore from the fund. (Business Line)
Dish TV To Raise $200M From Overseas Investors – Dish TV plans to raise up to $200 million from overseas investors even as the government has mandated digitisation. The company has applied to the Foreign Investment Promotion Board (FIPB) for approval. The application is slated for consideration on 15 November. The aim is to build a war chest and seize the market opportunity that the digitisation mandate would open up. The push also would be for boosting its high definition (HD) subscriber base. (IndianTelevision)
Sicom Lends Rs 400Cr To UB Group – SICOM, the non-banking finance company partly owned by the Maharashtra government, is understood to have emerged as a source of some of the funds being raised by the UB Group to support Kingfisher Airlines. Four companies linked to Kingfisher and the UB Group have collectively borrowed Rs 400 crore from SICOM, in which the state government holds 49% equity. (Economic Times)
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