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News Roundup: Gitanjali, L Capital Reopen Deal Talks

21 March, 2012

Gitanjali, L Capital Reopen Deal Talks – Listed jewellery firm Gitanjali Gems has revived talks with L Capital, the private equity arm of the world’s largest luxury group LVMH, for a strategic investment. In the last one year, the company has been working on restructuring its businesses, which is close to completion and sources in both firms said they have reopened negotiations for an investment, which could be as high as $100 million. (Economic Times)

Multiples Alternate Taking 14.5% STake In IEX –  PTC India Ltd, one of the promoters of the Indian Energy Exchange (IEX), plans to sell part of its stake in the bourse, retaining a minority 5%, in line with regulations.As part of the exit plan, Renuka Ramnath’s Multiples Alternate Asset Management (MAAM) will buy PTC’s 14.5% stake in IEX. PTC originally held 26% in IEX through PTC India Financial Services Ltd. PTC had earlier sold a 5% stake to Bessemer Venture Partners and Lightspeed Venture Partners.

IRDA Says Metlife-PNB Deal Does Not Meet Accounting Standards – Metlife India Insurance may not be able to sell stake to the country’s secondlargest public sector lender, Punjab National Bank, as the structure of the deal does not meet the Indian accounting standards. The deal is structured in a way that PNB would buy 30% stake in Metlife India Insurance for free. (Economic Times)

Bharti Walmart To Raise Rs 500Cr From Banks – Bharti Walmart, a joint venture (JV) between Sunil Bharti Mittal’s Bharti Enterprises and the world’s largest retailer, Walmart, plans to raise Rs 500 crore from global banking majors such as Citigroup, JP Morgan Chase, Deutsche Bank and BNP Paribas, to fund its expansion plans. It had earlier said it planned to set up 10 to 12 wholesale cash and carry centres in 2012. (Business Standard)


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News Roundup: Gitanjali, L Capital Reopen Deal Talks

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