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News Roundup: GMR To Sell InterGen Stake By March

11 November, 2010

Omaxe Plans Rs 400Cr QIP – Real estate developer Omaxe is planning to raise about Rs 400 crore through a stake sale to institutions, which is expected to be launched by January. The funds would be used for retiring the debt of the New Delhi-based company. Omaxe expects to reduce its net debt to Rs 1200 crore by the year-end from Rs 1600 crore as of now. (Moneycontrol)

Spice Group Merges Mobile Arms – BK Modi led Spice Mobility on Wednesday said it has merged the company with its parent firm Spice Televentures. The amalgamation between Spice Mobility and Spice Televentures Pvt Ltd (STPL). Spice Televentures is a holding company which manages and operates the interests of Spice in the domain of telecom, mobile communication , and Spice Mobility had proposed the merger in January. (Economic Times)

Jaiprakash Power Ventures To Raise $500M – Jaypee Associates, a construction and energy company, could consider mobilising close to $500 million through equity sale in Jaiprakash Power Ventures (JVPL) in 2011. JP Associates could also look at opportunities to refinance debt. (ET)

GMR To Sell InterGen Stake By March – Infrastructure major GMR, which holds 50% equity in global power major InterGen, will conclude the deal and sell off the stake by March 2011. The buyers are engaged in due diligence process. In October 2008 GMR had bid for and acquired 50% stake in InterGen NV, one of the major independent power producers in the world, for $1.2 billion. The stake sale would happen only if the buyers come up with a proposal to offer anything upwards of $1.5 billion. (DNA Money)

Russia’s Stork Eyes 26% In Nalco Project – Russia-based Stork Group is likely to pick up 26% stake in the titanium project planned by National Aluminium Company (Nalco) in joint venture with the Indian Rare Earths Ltd (IREL). Stork Group, known for its expertise in mining of titanium minerals and production of ferroalloys, is eyeing 26% stake out of Nalco’s 52% share in the project. The remaining stake is held by IREL. (Business Standard)

Aditya Birla Group Eyes Mining Buys – The Aditya Birla Group (ABG) is eyeing ferrous and non-ferrous mines in African and South American countries. The Mumbai-based group has zeroed in on mines in South Africa, Chile, Peru and Indonesia for acquisitions. Ferrous mines of the group would come under Essel Mining & Industries, while non-ferrous ones are under Hindalco. (BS)

Parsvnath To Raise Rs 100Cr From PEs – Realty firm Parsvnath Developers is likely to raise about Rs 100 crore this month by selling stake in a housing project to private equity firm. Talks are in advanced stage with couple of private equity (PE) firms and deal is likely to be finalised this month for stake sale in a housing project. (Express India)


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News Roundup: GMR To Sell InterGen Stake By March

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