Reliance Capital May Sell 26% In General Insurance Unit – After roping in Nippon Life in the life insurance business, Reliance Capital is now looking to sell 26 per cent stake in Reliance General Insurance Company. Reliance Capital has shortlisted a few foreign investors. Reliance General is expected to report profits this year and, hence, it should fetch good value. In MarchNippon Life Insurance Co, entered into a definitive agreement to acquire a 26 per cent stake in Reliance Life for Rs 3,062 crore. (Business Standard)
GVK In Talks With Kideco For Stake Sale – The GVK group, which recently closed a deal to acquire coal mines and associated infrastructure from Georgina Hope Rinehart’s Hancock Group for $1.26 billion (Rs. 6,035 crore today) and is now in the process of raising funds for this, is in talks with PT Kideco Jaya Agung for divesting part of its stake in the coal mines. GVK will need the financial support and technical expertise of partners to develop the mines, and the rail and port projects, with the overall investment required in the first phase pegged at $10 billion. (Mint)
Warburg-Indiamart Deal Falls Through – High valuations have hit a roadblock in Warburg Pincus’ proposed Rs 150-crore funding in IndiaMART.com, the country’s largest online B2B marketplace for small and medium businesses. Warburg was in talks to acquire 10-20% stake in IndiaMART. Had the deal fructified, the money would have been used for sales and marketing activities and technology investment, apart from funding projects for inorganic growth at the e-commerce company. (Economic Times)
Apollo To Sell Stake In BPO Unit – Apollo Hospitals will divest minority stake in Apollo Health Street, the group’s business process outsourcing division. The company is scouting for partners from the IT space. Currently, the Apollo management and family members hold 54 per cent stake in Apollo Health Street. The rest is held by PE firms such as One Equity Partners and Temasek Holdings. (BUsiness Line)
GMR Infra To Get PE For Road Biz – GMR Infrastructure, the Bangalore-based infrastructure developer, is setting the stage to raise private equity in its road business. The company may be looking to raise around Rs 960 crore over a period to infuse equity in various new projects in this vertical. The roads vertical, dwarfed by the flagship airport and power verticals of GMR Infrastructure, is expected to win the bid for India’s largest highway project extending 555 km in connecting Ahmedabad in Gujarat to Kishangarh in Rajasthan. The project is worth Rs 7,000 crore. (Business Standard)
Equinox Realty Plans JVs With PEs – Equinox Realty and Infrastructure Pvt. Ltd, promoted by the Essar group, plans to partner with private equity (PE) funds for its projects that involve a mix of residential, office, and retail space development. Equinox has invested around Rs.1,200 crore so far in office space projects in Mumbai and Bangalore, and will invest another Rs.2,800 crore in its ongoing projects and to buy land. (Mint)
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