BPCL In Talks With PE Investors For Stake Sale - Bharat Petroleum Corporation (BPCL) is in talks with private equity investors for a stake sale in its Bharat Oman Refinery at Bina in Madhya Pradesh. BPCL is also in talks with Oman Oil Company (OOC), which had expressed interest in picking up a 26% stake in the refinery for around $250 million. However, OOC, which holds only 2% stake in the refinery, has so far not increased its investment from the initial capital. (Business Standard)
PNB To Sell NPAs - As part of company’s plan to trim portfolio of bad loans and improve financial profile, public sector lender Punjab National Bank plans to offload non-performing assets (NPAs) aggregating Rs 548 crore. It plans to sell its 54 NPAs (accounts) located in Ahmedabad, Chennai, Delhi, Jodhpur, Kolkata, Kozikode, Meerut, Mumbai and Nagpur. PNB plans to bring down gross NPA’s to 1% by the end of March 2010. (BS)
NMDC To Acquire Mine In Australia - State-owned National Minerals Development Corporation (NMDC) is in discussion with the west Australian government to acquire an iron ore mine in the territory. The company is ready to invest around A$ 1 billion for the proposed acquisition. It is also looking for an Australian joint venture partner for the project. (DNA)
General Electric Looks At Buyouts - General Electric (GE) is in talks to acquire companies in healthcare, energy, transportation equipment and infrastructure in India. The $183-billion conglomerate hopes to close transactions in the next few months. The Fairfield, Connecticut based firm plans to expand headcount in India from present 12,000 people. (Economic Times)
Future Group, Carrefour Tie Up - Kishore Biyani-led Future Group and Carrefour, the world’s second largest retail chain, are likely to enter into a cash and carry alliance. The French chain’s global chief executive Lars Olofsson visited India last week and went to several Big Bazaar outlets in Delhi with Biyani. The tie-up is expected in the lines of Wal-Mart and Bharti. (ET)
Patni Brothers Revive Stake Sale Talks - Promoters of Patni Computer Systems and private equity firm General Atlantic are in talks with potential buyers to sell a part of their stake in the company. Narendra Patni and his younger brothers Gajendra and Ashok hold equal stakes totalling 48.3% in the company while General Atlantic holds about 18%. Two years back, a similar attempt was made by the two younger brothers and the PE firm but failed when executive chairman Narendra Patni was not ready to give up operational control. (BS)
Sri City To Raise Rs 250 Cr PE Money - Sri City Pvt Ltd, which has been developing a 5,000-acre SEZ in Chennai, plans to raise another Rs 250 crore through private equity placement to fund its Rs 1,200-crore expansion of the first phase. The proposed fund would be raised in the next six to 12 months and the company is in negotiation with a few of them. The project would be completed in the next five years. (Hindu Business Line)
