Gaurav Burman Buys Into F1 Team Lotus – Gaurav Burman, a member of the family that owns consumer goods maker Dabur India, is buying minority stake in Team Lotus, a Formula 1 team. Burman will initially acquire a minority stake for $10 million and over the next two-three years raise his shareholding to 50% by investing around $50 million. Lotus is owned by Tony Fernandes, the founder of low cost airline Air Asia. (Economic Times)
United Technologies To Buy Chennai Firm For Rs 350Cr – The $55-billion United Technologies Corp (UTC), makers of Carrier air conditioners and Otis elevators, is likely to acquire Chennai-based Agnice Fire Protection for Rs 350 crore, bolstering its integrated building management solutions business in India. The deal with Agnice is in advanced stage and waiting for regulatory approvals. The UTC’s move is part of a plan to accelerate India revenue to $2.5 billion, up from $500 million now, by 2015. (Times of India)
Everstone-backed Regen PowerTech Plans Rs 400Cr IPO – Chennai-based wind turbine manufacturer ReGen Powertech intends to come out with its initial public offering next year and plans to raise between Rs 400 crore and Rs 500 crore from the market. ReGen, which sells its wind turbines under a licence from and under the brand name of Vensys, closed last year with a turnover of Rs 1,250 crore. ReGen was promoted by the Hyderabad-based Nuziveedu Seeds group in which PE investor Everstone Capital is also a shareholder. (Business Line)
Tatas Mull Group CEO Position – The five-member selection committee set up to find a successor to Tata Group chairman Ratan Tata is discussing the creation of a new post of group chief executive officer (CEO) at Tata Sons. Tata Sons is the promoter and holding company of the group through which it wields control over 90-odd companies of the 03,79,675 crore salt-to-software group. Ratan Tata, who will demit office in December 2012, is the chairman of Tata Sons. (Business Standard)
Godrej Properties To Raise Rs 750Cr – Godrej Properties, the realty development arm of Godrej Group, will raise up to Rs 750 crore through a shares issue over the next 6-12 months to bring down promoters’ shareholding in the company from the current 83.79% to 75%, and to finance its ongoing as well as future projects. The company would prefer a qualified institutional placement of shares or a follow-on issue. (Economic Times)
Govt Eyes Share Sale In Axis, ITC & L&T – Anxious over its fiscal health, the government is exploring the possibility of selling a part of its holding in companies such as ITC, L&T and Axis Bank, which it holds through the Specified Undertaking of the United Trust of India (SUUTI). At current market prices, shares held in the three blue chips – ITC, Larsen & Toubro and Axis Bank – are together worth nearly Rs 36,000 crore. (Times of India)
Phoenix Mills To Buyback Stake In Market City – Mumbai-based realty firm Phoenix Mills plans to buy back stake from PE funds in Phoenix Market City, a mix used development project in Bangalore. Currently, Phoenix Mills holds around 46% stake in the project while three private equity funds – Horizon Venture Capital Fund, Edelweiss Real Estate Fund and IL&FS Investment Managers Ltd – hold 26%, 7% and 21% stake in the project. (Economic Times)
Rallis Buys More Stake In Metahelix – Agrochemicals company Rallis plans to hike stake in the Bangalore-based seeds major Metahelix Life Sciences by five to seven per cent in the next financial year. Rallis holds 72.98 per cent in Metahelix at present, and hopes to buy out the remaining stake from its promoters in tranches over the next three to five years to make it wholly-owned. During the July-September quarter, Rallis acquired an additional 12.77 per cent stake in Metahelix, taking it to 72.98 per cent from 60.21 per cent. (Financial Chronicle)
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