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News Roundup: GSPC To Sell Stake To Private Equity

31 August, 2009

GSPC To Sell Stake To Private Equity – Gujarat State Petroleum Corp is planning to sell 5% stake to a private equity (PE) firm by October. The company has given the mandate to SBI Capital Markets Ltd to identify a PE firm for its 5% stake sale. GSPC made its biggest ever discovery of natural gas from the Krishna-Godavari gas field, which it says holds at least 1.4 trillion cu. ft (tcf) of in-place reserves and a maximum of 5.6 tcf reserves in 2005. (Mint)

Foreign Firms In Race For Eastern Condiments Stake – Norwegian conglomerate Orkla and US spices giant McCormick & Co Inc are in race acquire a strategic stake in Eastern Condiments. Kochi-based Eastern, India’s largest curry ingredients marketer, may divest between 26% and 50% stake and is asking for a valuation of Rs 700 crore. New Vernon, which invested Rs 45 crore in the company in 2006, plans to sell its stake. (Economic Times)

WNS Stake Sale Plans in Limbo – Buyout funds and some strategic investors have turned their back on WNS Global Services, in which private equity major Warburg Pincus has a 50.12% controlling stake. Silver Lake, Apax Partners and Bain Capital are believed to have lost interest after initial due diligence. Genpact is interested in a share swap deal and not an all-cash transaction, as favoured by Warburg. (ET)

Berggruen Hotels To Invest $100 million – Berggruen Hotels plans to add 19 hotels at an investment of $100 million in the next two-and-a-half years. The company opened its first greenfield hotel project under the Keys Hotels brand at Thiruvananthapuram and plans to start four more hotels during the current fiscal. Berggruen is a hospitality company focused on the budget and mid-market hotel segments. (DNA) 

Globsyn In Talks With Two Us Firms For Acquisition – Kolkata based IT product and services company Globsyn Infotech is in advance talks with two American companies for acquisition. Globsyn targets to complete at least one deal by June 30, 2010. Globsyn Infotech Chairman Bikram Dasgupta informed that the required money would be raised from the shareholders by way of rights issue or other means. (Business Standard)  

Lafarge Plans To Acquire Small Units In South India – Lafarge India, the Indian unit of French cement maker, is planning to venture into the South Indian market. Lafarge has 5.5 million tonne capacity plants in Jharkhand and Chhattisgarh and is now aiming for a pan-India presence. It would look at a combination of organic growth and value-adding acquisitions of small capacity units close to its own proposed plant in South India. (BS)

Harris Stratex Eyes Role In MTNL WiMax Project – US based wireless equipment maker Harris Stratex is interested to take part in Mahanagar Telephone Nigam Ltd’s (MTNL) franchisee project for rolling out WiMax-based broadband services. Harris Stratex is a leading WiMAX provider with 70% market share in India. It has recently bagged a contract from BSNL for supplying WiMax base station in Kerala. (Hindu Business Line)

GE’s Looking For Allies In Home Loans & MRO – GE Capital India, a non-banking financial services organization, which has financed a number of airlines, is actively looking at promoting MROs (Maintenance, Repair and Overhaul) in India. Anish Shah, president and CEO informed that it had a conversation with Gopinath airline on that matter. It expertises in structured finance, in equipment leasing, equipment lending and in credit cards and mortgage operations. (DNA)

Pankaj Tibrewal Is Futurebazaar.com CEO; Sankarson Banerjee Joins India Infoline : Post Sankarson Banerjee’s resignation as CEO at FutureBazaar.com, the e-commerce portal of the Future Group, Pankaj Tibrewal, who is part of Kishore Biyani’s strategy office for the group Future Group has assumed additional responsibility as CEO of the group’s online shopping portal FutureBazaar.com as well as other online portals the company owns – BigBazaar.com and Pantaloon.com. (Medianama.com)


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News Roundup: GSPC To Sell Stake To Private Equity

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