Max Chairman To Enter Hospitality Business – Max India chairman Analjit Singh has joined hands with PRS Oberoi group flagship EIH to set up a 100-room five-star hotel in Dehradun
under the Trident brand. The property will be owned by Mr Singh, while the Oberoi group will manage it. The Max group chairman had a 4.37% stake in EIH at the end of June this year, up from 2.17% at the end of March. (Economic Times)
Ajanta Group To Tap Markets – Ajanta Group may come out with its maiden initial public offer (IPO) to raise funds for its upcoming cement plant in Kutch district of Gujarat. The size of the IPO will be in the rage of Rs 300-600 crore. The overall cost of this plant is about Rs.2,000 crore and is expected to start operations in 2010. (Business Standard)
Sobha Developers Close To PE Funding For Project – Sobha Developers, the Bangalore-based developer, expects to close a private equity deal for one of its properties very soon. Sobha is lining up sale of its 100 acres at Hinjewadi (near Pune), around 45 acres in Bangalore, and 330 acres in Kochi (which includes two islands) and co development with other developers. (DNA)
Gujarat NRE Not To Increase Rey Bid – Mining firm Gujarat NRE Coke, which has made a takeover bid to acquire Australia’s Rey Resources, will not hike its offer if Australian firm’s share prices continue to rally. Rey’s shares have jumped over 250% since the takeover offer first came in June from Gujarat NRE Minerals, the Australian unit of Gujarat NRE Coke. Rey Resources owns coal, oil and gas tenements in west Australia. (DNA)
Gayatri Projects, NCC Buyout Maytas in Road Project – Gayatri Projects has decided to buy out the stake held by ailing Maytas Infra in the Meerut-Muzaffarnagar road project together with NCC. All three infrastructure players are from Hyderabad and are executing the Rs 600 crore project through a special purpose vehicle called Western UP Tollway Ltd. Maytas and NCC have 30% stake each in the project, while the other 40% is with Gayatri. Maytas has been finding it difficult to participate in the project. (DNA)
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