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News Roundup: GMR To Raise $100M In PE

19 April, 2010

GMR To Raise $100M In PE – GMR Group, a diversified company engaged in infrastructure and power businesses, is looking to raise an additional $100 million in private equity for its unlisted power business, GMR Energy. GMR Energy had earlier raised $200 million in private equity from Temasek Holdings in early April, while the group’s flagship GMR Infrastructure raised $315 million last week from share sale to institutions. The company is also in the process of restructuring the portfolio of its energy vertical to transform GMR Energy into a pure energy subsidiary. (Reuters)

IL&FS To Raise $300M Through Share Sale – Infrastructure Leasing and Financial Services Ltd (IL&FS), one of India’s leading infrastructure development and finance companies, is looking at raising about $300 million. The company plans to raise the fund by selling existing and fresh equity shares. In this process, the company will sell a portion of its employee welfare trust holding in addition to issuing new shares that will see a dilution of 10% equity stake of the company. (Mint)

Sical Logistics To Sell 27% Stake To JV Partner – Sical Logistics Ltd, a Chennai-based provider of integrated multi-model logistics services, is selling its 27% stake in a new container handling facility at Chennai port to its joint venture partner, PSA International Pte Ltd. The financial details of the transaction could not be ascertained. The proceeds will be utilised by its parent company AC Muthiah group to restructure its debt-ridden fertilizer firm Southern Petrochemical Industries Corp Ltd (Spic). A venture between PSA and Sical had invested around Rs 600 crore to build the new facility, which it will operate for 30 years. (Mint)

GCPL Likely To Buy Firm In Argentina – Continuing its global expansions through acquisitions, FMCG major Godrej Consumer Products (GCPL) is looking at possible buys in Latin America. GCPL is believed to be in talks with Issue Group Co, a company in Argentina, which is engaged in hair color business. If the deal goes through, it would be GCPL’s sixth acquisition in the last two years. Earlier, the firm has bought firms like Rapidol, Kinky, and Tura in Africa and Megasari in Indonesia. (ToI)

Unitech Launches Rs 300Cr Fund – Unitech Group, India’s second largest developer, has launched a Rs 300-crore venture capital fund to raise funds for its slum redevelopment projects in Mumbai. Called Mumbai Redevelopment Fund I, the fund is targeting Rs 200 crore initially, with a greenshoe option of another Rs 100 crore. The fund is expected to close within the next two months. The company is also planning to launch a similar fund for Mumbai redevelopment projects. (BS)

GMR Infrastructure To Divest Non-power Portfolio – GMR Infrastructure Ltd, one of India’s leading infrastructure companies, is planning to restructure the portfolio of its energy vertical. The company is planning to transform GMR Energy into a pure energy subsidiary. It currently handles the power generation business of GMR and has built a varied portfolio within the segment with interests in thermal, gas and hydro-power generation. (DNA)

JSW Steel To buy Stake In Bramhani Industries – JSW Steel Ltd, India’s third largest steelmaker based in Mumbai, is looking to buy a controlling stake in Bramhani Industries Ltd (BIL), a company floated by Karnataka tourism minister G Janardhan Reddy. Bramhani has been working on setting up an integrated steel plant in Kadapa, with a total production capcity of 4 million tonne. JSW Steel is doing due diligence for the buy. (DNA)

Hindustan Zinc To Buy Assets In South Africa – Hindustan Zinc, a company owned by Vedanta Resources promoter Anil Agarwal, is bidding for the zinc businesses of South African resources company Anglo American. Anglo, once a target for takeover for Xstrata, is selling assets and cutting jobs to reduce debt and increase revenues from copper and iron ore. The deal, if materializes, will give Hindustan Zinc access to technology and economies of scale in trading and distribution of the metal. (ET

Emami To Buy Company In Egypt – Emami Group, a Kolkata-based producer of personal care products, is close to acquiring products manufacturer in Egypt in similar space. This is part of company’s plan to bolster Emami’s growth at an accelerated pace of 50-60% CAGR over the next three years. The deal size is not disclosed. Reportedly, Emami is buying a small company, and not the brand. (ET)

Anik Industries To Raise $60M Via QIP – Anik Industries Pvt Ltd, a manufacturer of dairy products, is planning to raise $60 million through various routes including global depository receipts (GDRs), qualified institutional placement (QIP) and foreign currency convertible bonds (FCCB). The board of directors of the company has already approved the fund raising plan, and is due for the approval from the shareholders, it informed the stock exchange. (Team VCC)

OPUS Properties In JV With Malaysian Firm – OPUS Properties Ltd, a New Delhi-based real estate company, has got Malaysian construction major UEM Construction Berhad as its joint venture partner. The 50:50 JV will initially develop a residential township called Danat-A-Pearl in Delhi NCR region that is spread across 500 acres of land. Danat-A-Pearl is an integrated project that houses residential, commercial and entertainment facilities. The JV is likely to carry out infrastructure and building construction works across the country, and also diversify its operation in areas such as construction of roads and bridges, it said in a statement. (Team VCC)


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News Roundup: GMR To Raise $100M In PE

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