GSPL May Pick Up 25% Stake In Mundra LNG – Gujarat State Petronet Ltd (GSPL), a group company of Gujarat State Petroleum Corporation (GSPC), is in advanced talks with GSPC-Adani consortium for picking up about 25% stake in the proposed 20-MMTPA LNG project at Mundra in Gujarat. After several failed attempts, GSPC, which held talks earlier with a couple of other companies including Essar and HPCL for a joint venture in the LNG project, is now aiming to rope in GSPL as a partner in the project. Currently, GSPC holds 51% stake in the project while Adani will hold about 25% stake. (BS)
Tejas Plans JV With ITI – Tejas Networks, a telecom networking equipment manufacturer promoted by Silicon-Valley based serial entrepreneur Gururaj Deshpande, has evinced interest in setting up a join venture (JV) with Indian Telephone Industries (ITI Ltd) to produce next-generation optical fibre networking and transmission equipment. The company is primarily looking at the JV targeting the domestic telecom equipment market estimated to be about $20 billion and growing. If the proposed JV sails through, Tejas will hold a majority 74% stake in the JV. It already has a technical collaboration with ITI in area of synchronous digital hierarchy (SDH) products for the last five years. (BS)
Sobha May Raise Rs 300 Crore – Sobha Developers, the Bangalore-based publicly-held real estate developer, is understood to be in discussions to raise Rs 300 crore at project levels. The funds are believed to be used to launch a slew of projects which the company has lined up over the next 12-18 months. It had earlier raised Rs 225 crore during the second half of 2009 from a fund sponsored by Infosys co-founder N S Raghavan. In addition to that, Sobha Developers has also raised Rs 530 crore through the Qualified Institutional Placement route in 2009. (BS)
Government To Shed L&T, ITC Pies – The government is considering selling its stakes in engineering company Larsen & Toubro (L&T) and consumer goods maker ITC in tranches to state-run financial institutions as it walks a tightrope between raising funds to tide over fiscal deficit. A sale of these stakes, inherited due to the bailout of Unit Trust of India in 2002, may fetch the treasury as much as Rs 19,000 crore at current stock prices. The government, through the Specified Undertaking of UTI (SUUTI), controls 11.90% of the equity in ITC and 9.06% of L&T. (ET)
SK Bangur Group Hikes Stake In Rama Newsprint – The SK Bangur Group, a Kolkata-based company, has bought out the entire stake of Ramsinghani Group in Rama Newsprint. The Ramsinghani Group was the co-promoter of Rama Newsprint. West Coast Paper Mills, a floagship company of Bangur Group, along with a few other entities, completed the off market deals last week to acquire the 16.84% stake at a cost of around Rs 38 crore. The Bangur Group now enjoys the management control of the company post this transaction, which increased its stake to 53.16% from 36.32% earlier. (Business Line)
Hotel Leela Venture To Raise Rs 600Cr – Hotel Leela Venture Ltd, one of the leading players in the Indian hospitality industry, plans to raise funds of up to $130 million (Rs 600 crore) to reduce debt and also to part-finance expansion plans. The funds will be raised through a mix of issue of equity shares via Qualified Institutional Placement and/or FCCBs. The company has informed the Bombay Stock Exchange that the board of directors of the company has approved the same. (Business Line)
Kuwait’s PIC Keen To Invest In ONGC Projects – Kuwait’s Petrochemical Industries Company (PIC) has shown keen interest in investing in the petrochemical projects driven by ONGC – ONGC Petro additions Ltd (OPaL) and ONGC Mangalore Petrochemical Ltd. (OMPL). A final decision on participation by PIC is subject to strategic bilateral interest. OPaL is setting up the country’s biggest petrochemical project at Dahej special economic zone with an estimated cost of Rs 12,440 crore and is expected to be commissioned in October 2012. OPaL will hold 49% equity, while the remaining stake will be offered to public or strategic partners. (Business Line)
Aegis IPO Likely By May 2010 – Aegis Limited, the business process outsourcing arm of Essar Group, is considering an initial public offering (IPO) this May to raise Rs 700 crore. Bankers to the deal — J P Morgan, JM Financials, Axis Bank, Edelweiss, IDFC-SSKI, Enam Securities — are expected to take a final call by February. (BS)
Morgan Stanley India Head Steps Down – Narayan Ramachandran, CEO and country head for Morgan Stanley India, has put in his papers. Scott Gaynor, the current chief operating officer for Asia, will hold charge as the interim country head till a full- time India CEO is announced. Ramchandran will continue to remain a senior advisor to all areas of the firm in India with a focus on Morgan Stanley’s growing wealth management business. Reports suggest that Ramchandran is looking to provide market-based solutions for poverty alleviation in areas such as micro-finance, social venture capital etc. (ET)
Global Hospitals Plans Rs 200Cr Capex – Hyderabad-based Global Hospitals, part of Ravindranath GE Medical Associates, is planning to enter Mumbai with a 19-floor 450-bed hospital. The hospital, which is under construction, will see an investment of over Rs 200 crore. The group, which now has a presence in Hyderabad, Chennai and Bangalore, is seeking to be in six metros across the country with 4,000-5,000 beds by 2013. Ravindranath holds a 65% stake in the group, while the remaining stake is held by other doctors who work with the group, and a US and Mauritius-based venture capital fund. (BS)
JRG Securities Allots 39,285 Shares To JRG ESOP Trust – JRG Securities, a Kochi-based brokerage firm, has allotted 39,285 shares to JRG ESOP Trust under employee stock ownership plan (ESOP). The board of directors met yesterday to allot the shares. It also agreed to change the name of the company, it informed to the stock exchange. JRG Securities is a private equity backed company in which Baring Private Equity Partners (India) Ltd holds 46% stake. (Team VCC)
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