GMR Nears Raising Rs 600Cr PE For Highway Biz – GMR Infrastructure is understood to be giving final touches to raise close to Rs 600 crore through the private equity (PE) route to fund expansion of its highways business. A deal is expected to be signed within three weeks. This will facilitate financial closure for the Rs 7,500-crore highway project the Bangalore-based firm won in October, for a 555-km stretch from Ahmedabad to Kishangarh, Rajasthan (about 30 km from Ajmer). The company is expected to have the financial closure by March 2012. (Business Standard)
Srei To Raise $500M For Infra Fund By October – Kolkata-based Srei Infrastructure Finance Ltd is hopeful of raising the first tranche of its proposed $1-billion (nearly Rs 5,030 crore at the current exchange rate) infrastructure fund by October or November this year. The company plans to raise about $500 million (over Rs 2,500 crore) in the first tranche. The funds raised through the infrastructure equity fund will be spent on road, power and port projects in the country. (Business Line)
IOT Infrastructure Raises Rs 100Cr From UTI Capital – IOT Infrastructure & Energy Services Ltd (IOT), a joint venture between Indian Oil Corporation and Oiltanking GmbH, Germany on Monday said it has raised Rs 100 crore through private equity from India Infrastructure Development Fund (IIDF), the private equity arm of UTI AMC. After the deferment of its IPO process initiated in 2010, due to acute volatility in the stock market, IOT explored other alternative modes of financing its fund requirements and private equity was selected as a sound immediate option. (Economic Times)
Coffee Day Ups Stake In Mindtree – Coffee Day Group Chairman V G Siddhartha has bought out the residual 3.5 per cent stake held by Ashok Soota in mid-tier software exports company MindTree Limited. With this, Siddhartha has become the single-largest shareholder in the publicly-held Mindtree. Siddhartha effected the third and last step to buy out Soota’s stake in MindTree nearly nine months after he started buying out his stake step by step. (Business Standard)
Ruia’s Takeover Bid For German Auto Component Maker Fails – Chartered accountant-turned-takeover specialist Pawan Kumar Ruia has washed his hands of Meteor Gummiwerke KH Badje GmbH and Co.—an embattled German automotive component maker that he was to acquire from a trust representing its controlling shareholders—after he failed to inject cash for a rescue.
Ruia had in May last year announced that he had concluded a deal to take over Meteor Gummiwerke for an undisclosed price, described by the German firm as “symbolic” in one of its statements. (Mint)
Tiffany In Talks To Enter India – Iconic US jeweller Tiffany & Co is in talks to enter India through a 51% joint venture with actress-turned-luxury entrepreneur Reena Wadhwa, who already has a joint venture with Italian luxury brand Gucci. Reena Wadhwa, who is married to investment banker and Ambit Group CEO Ashok Wadhwa, will float a new venture to run Tiffany’s business. (Economic Times)
Raghunandan Quits Reckitt Benckiser – S Raghunandan has quit Reckitt Benckiser India within three weeks of taking over as the country head of the UK-based consumer products maker, taking industry watchers by surprise. He had taken over as the country head of the maker of Dettol antiseptic soap and Veet depilatory products only on January 2, following the elevation of former Reckitt Benckiser India chairman and MD C M Sethi as the £8.4-billion, or about Rs 67,000 crore, UK firm’s South East Asian region head. (Economic Times)