GVK unit is in talks with PE, financial firms to sell stake: GVK Power and Infrastructure Ltd is in talks with global financial institutions and private equity firms to sell minority stakes in its airports and roads businesses by December end or early next year. The company is in advanced discussions with more than two international investors for selling a minority stake in two of our verticals. GVK had a debt of Rs 18,564.03 crore as on 31 March. The company is also looking to unlock value from its growing airports business. Earlier this year, GVK sold a stake in its rail and port project in Australia that is being developed under GVK Coal Infrastructure (Singapore) Pte Ltd or GVK Hancock. In March, GVK Hancock sold a 51% stake in the project to Queensland-based Aurizon Holdings Ltd for an undisclosed sum. (Live Mint)
Philips Lighting open to acquisitions: Lighting solutions provider Philips Lighting on Thursday said the company is open to acquisitions globally and in India. The company is looking for innovation and technology partners to boost its business. The company enjoys a leadership position in India with more than 30 per cent market share. To continue with this, Philips will continue to deliver locally relevant products, systems and services. Meanwhile, the firm has expanded its R&D capabilities in India by adding a new unit at its Noida ‘Innovation Centre,’ to boost R&D capabilities in LED lighting. The Noida centre has developed around 150 products in last two years for the local market. (Business Line)
Parsvnath looks to monetise land assets: Realty firm Parsvnath Developers Ltd. is planning to monetise non-core land parcel in South- West India either through joint ventures with local builders or outright sale of plots. The company is targeting to become a debt-free company by end of 2014-15 fiscal mainly on the back of revenues generated from two commercial projects in the national capital. Parsvnath has 85 acres land in Kochi, of which 50% has already been notified as Special Economic Zone and process for the next half is in progress. It has 35 acres in Chennai and 75 acre in Mysore. The firm would soon start lease/sale of commercial space at commercial buildings at Gole market and KG Marg in Delhi. (Business Standard)
Exhilway Private Equity plans to invest $1 billion in India: Exhilway Global (EG), one of the biggest emerging markets private equity funds in the world, would invest $1 billion6,099 crore) in India. EG would launch its flagship Exhilway Global Opportunities Fund L.P (EGO) next month, the fund plans to raise over $2 billion from the accredited investors based in US, Canada and UK. The fund could operate under the newly introduced JOBS Act of US and plans to promote its EGO fund over the internet. EG would shell out $30 million on the digital marketing of the fund. The fund will target an annual return of 20% p.a. followed by 8% p.a. on the investment. EGO has finalised close to 50 companies and is performing due diligence. After rolling out EGO-I, plans to announce EGO-II which would invest in close to 100 companies and plans to emerge as one of the largest private equity fund in India. (Business Standard)
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