Green Infra, Bharat Light In Fray For Lanco’s Wind Arm – IDFC Private Equity-promoted Green Infra and Bharat Light and Power, founded by former GE chief executive TS Chopra, are among four bidders interested in Lanco Infratech’s wind power assets. Lanco has licences to generate 5,000 mw using wind turbines and has also acquired land largely spread between Karnataka, Andhra Pradesh and Maharashtra. Lanco intends to raise close to Rs 300 crore from sale of these licences. (Economic Times)
Lok Capital To Invest Rs 26Cr In IFMR Rural Channels – Mumbai-based Lok Capital and one of its limited partners have together invested $5 million ( 26 crore) in IFMR Rural Channels for an undisclosed stake. Lok Capital’s series A investment in IFMR Rural Channels, which will be paid out in a single tranche, will be used for building Kshetriya Gramin Financial Services which offers financial services in remote rural locations. (Economic Times)
IVRCL, Essel Takeover Drama Simmers – The battle for the control of Hyderabad-based infrastructure company IVRCL seems to be hotting up with the incumbent promoter Sudhir Reddy and family trying to get white knights from the Reddy community to block any unsolicitated attempts of a takeover. On Monday, Subhash Chandra-promoted Essel Group announced a strategic 10.19% investment in the company by picking up an additional 14 million shares from the open market using two group investment vehicles Asian Satellite and Jay Properties. (Business Standard)
Indian Investor Bids For 42 Marriott Hotels – Little known Indian property investor Blue Mountain Real Estate Advisors has been selected as the preferred bidder for 42 Marriott hotels throughout Britain after it offered £750 million. The holding company for the portfolio of hotels collapsed under the weight of about £900 million of debt, most of it held by Royal Bank of Scotland (RBS). (Business Standard)
Pioneer Investcorp To Exit Institutional Business – Pioneer Investcorp (Pinc), a 25-year old Mumbai-based firm, has shut down its institutional stock-broking arm as higher costs, stiff competition and shrinking trading volumes have made the business unviable. The firm will retain its investment banking business. The BSE-listed broker asked most of its 80-odd employees in the stock broking business to look for jobs outside the firm. (Economic Times)
Tata Comm, Vodafone Gets Extension For C&W Bid – Tata Communications and Vodafone have both been given more time to decide whether they want to bid for British telecoms group Cable & Wireless Worldwide. Cable & Wireless, currently valued at $1.5 billion, said on Thursday the UK takeover panel had granted its request to give the two firms until April 19 to either announce a firm intention to make a bid or walk away. (DNA)
Dhanlaxmi In A Bind With Destimoney Stake – Dhanlaxmi Bank’s 13.3% stake in brokerage Destimoney Securities hangs in balance as the lender is stuck between a rock and a hard place since conflicting banking and securities regulations make a decision impossible. The Reserve Bank of India wants Dhanlaxmi to not be a dominant promoter in the brokerage to prevent any financial liabilities, but the National Stock Exchange rules prohibit such a sale for three years. (Economic Times)
Valiant To Invest Rs 170Cr In Shriram Housing – US-based private equity player, Valiant Partners, is planning to pick up a 22.75% stake in Shriram Housing Finance Limited, part of the Rs 50,000-crore Shriram Group. The investment will be done through Mauritius-based Valiant FDI Ventures, which manages a $3.2-billion fund. The deal envisages a cumulative investment of Rs 170.52 crore by Valiant and Rs 165.44 crore by SCUF. (Business Standard)
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