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News Roundup: Glencore Eyes Stake In PE-backed KS Oils

13 September, 2011

Glencore Eyes Stake In PE-backed KS Oils – The world’s largest commodities trader Glencore International AG is evaluating a bid for the distressed KS Oils, a leading domestic edible oil firm, as the Swiss behemoth joins other multinational peers in chasing India’s agri processing story. The promoters of KS Oils have asked investment bankers to fetch a strategic buyer after their pledged shares were sold and the company’s share price tanked last month. Investors like New Silk Route, Baring Asia and C. Sivasankaran hold over a 25% stake in KS Oils. (Times of India)

DLF To Sell NTC Mill Land – DLF, India’s largest real estate developer, has decided to sell its prized asset, the 17.5 acres NTC Mill land in central Mumbai, which bankers estimate would fetch between Rs 3,000 crore and Rs 4,000 crore that will make it one of the biggest land deals in the country. The company that bought the land for Rs 702.2 crore in 2005, has started the process of appointing investment bankers for the proposed transaction that is likely to complete in the current fiscal. (Economic Times)

Nairs In Talks To Sell Second Property – The Nairs of Hotel Leelaventure, India’s fourth largest hospitality chain, are in exploratory talks to sell their upcoming beachfront luxury property in Chennai to NRI industrialist Ravi Pillai as they seek to reduce the company’s debt. Last month, it sold its Kovalam property to Ravi Pillai for Rs 500 crore. The 14-storeyed Leela hotel with 329 rooms, which draws inspiration from Chettinad architecture, would throw open its doors in January 2012. The property is valued at around Rs 900 crore. (Times of India)

Maran To Up SpiceJet Stake – Kalanithi Maran, promoter of media group Sun TV Network Ltd, will increase his stake in the low-cost airline SpiceJet Ltd to 43% by October, in the process bringing in much-needed funds to the tune of about Rs130 crore. The infusion and stake increase will happen through the issue of convertible preference shares at a premium of 50% to the current share price of Rs 24. (Mint)

GTL Infra Lenders Restructure Debt – GTL Infrastructure Ltd on Monday said its lenders have agreed to clear a proposal to restructure its debt, granting the founders a fresh lease of life as they try to come out of a debt trap the firm has gotten into. The troubled wireless towers company also said it was talking with potential investors, including Viom Networks Ltd and some private equity firms for the sale of equity. (Mint)

Future Group Eyes Stake Sale In Non-core Biz – Kishore Biyani’s Future Group plans to divest stakes in non-core businesses in the next six to 12 months. The group has already undertaken the valuation of its businesses such as insurance, financial services, logistics, media and textile mills, where it plans to sell stakes. The total valuation is Rs 4,500-5,000 crore. The group is in talks with a clutch of global private equity giants such as KKR and JP Morgan to sell its stake in its financial services arm Future Capital. (Business Standard)

Pothys Buys Prime Chennai Property For Rs 60cr – The owners of Pothys, a chain of textile showrooms in south India, has acquired a prime property in Chennai for around Rs 60 crore. This would be the second biggest property deal in the city in the last three months after India Cements MD’s Rs 90 crore deal in posh boat club area. (Business Standard)

Gabriel India Eyes Overseas Buys – Auto component major Anand Group is eyeing overseas acquisitions through its flagship company Gabriel India in order to enter new markets. The firm has started looking at some possibilities and will use a combination of internal accruals and borrowings. (Business Line)


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News Roundup: Glencore Eyes Stake In PE-backed KS Oils

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