GMR Ties Up Rs 3,800 Crore Funding From Financial Institutions – Hyderabad-based GMR Infrastructure has tied up funds for its 1,050-mw power project at Kamalanga in Orissa, the second major power project to cross the key financial milestone in recent days after ADAG group-promoted Sasan power project achieved financial closure last week. GMR haS tied up funding worth Rs 3,800 crore from a consortium of seven domestic financial institutions, led by IDFC and the State Bank of India (SBI). IDFC has committed Rs 700 crore, while SBI will lend Rs 600 crore to the thermal power project, which will use coal from the captive field allocated to it by the Orissa government. Canara Bank, Corporation Bank, Central Bank of India, UCO Bank and IDBI will provide the remaining funds. (The Economic Times)
Liberty Mutual, Religare May Form Non Life JV – US insurer Liberty Mutual is understood to have approached Religare Enterprises for a possible joint venture in non-life space after its proposed joint venture with Dabur fell through. Religare is understood to have been approached by other foreign insurers as well. Religare is promoted by the original promoters of Ranbaxy. Religare already has a life insurance joint venture where Aegon and Bennett Coleman & Company Ltd are partners. (The Economic Times)
Apollo Tyres Offers to Acquire Dutch Tyre Maker – Delhi-based Apollo Tyres, India’s second largest producer, has offered to fully acquire Vredestein Banden B.V, a Netherland-headquartered premium tyre maker, for an undisclosed sum. The trustee in bankruptcy, at the Almelo Court in The Netherlands.,has approved Apollo Tyres offer to acquire 100 per cent stake of Vredestein Banden B.V. VBBV is a 100 per cent subsidiary of Russia’s largest tyre manufacturer Amtel-Vredestein N.V (AVNV). (Business Standard)
Parsvnath Aims to Reduce Its Debt By A Quarter – Real estate developer Parsvnath Developers is planning to cut its debt by a quarter by the end of this fiscal, even as it has stalled 11 of its special economic zone (SEZ) projects. The New Delhi-based developer, which restructured Rs 800 crore of debt last year, plans to repay Rs 400 crore debt to banks and financial institutions. The company plans to repay the debt through internal accruals or from the large outstanding receivables in various projects. Parsvnath’s current cost of debt is 12-13.5% as compared with 11.5% one-and-a-half years ago. The company does not have any short-term debt due for repayment this year. (Business Standard)
Unilever Buys Baltimor’s Sauces Business – Unilever NV, the world’s second- largest consumer-products company, agreed to buy ZAO Baltimor Holding’s sauces unit to add Russia’s biggest ketchup maker to its growing interests in the country. The purchase includes Baltimor’s plant at Kolpino near St Petersburg which makes ketchup, mayonnaise and tomato paste and has annual sales of about$92 million. Unilever has identified Russia as a priority for expansion as it seeks to build on a decade-long growth record in the country. ()
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