HDFC Realty Fund To Invest Rs 200Cr In Gurgaon Project - A fund managed by Housing Development Finance Corp. will invest about 2 billion rupees ($41 million) in one of the projects of New Delhi-based real estate developer ATS Infrastructure Ltd. The investments from HDFC would be for the developer's Gurgaon project near the national capital. ATS is building two large residential projects in Gurgaon with an investment of over 5.4 billion rupees. The company plans to complete the projects in three years. (Reuters)
BJN In Talks To Sell Out For Rs 80-100Cr - In yet another attempt to sell out, Mumbai-based BJN Group that owns the Firangi Paani and Sahib Sindh Sultan chains of restaurants, is in talks with two buyers. Mumbai-based investment bank o3 Capital Advisory Pvt. Ltd has got the mandate to find a buyer. The group, which has brands like Indijoe, Café Masala, Hypnos and Aromas of China, was in talks to sell its entire stake for Rs. 250-300 crore last year, but the deal could not be closed due to a valuation mismatch. (Mint)
Morgan Stanley's Naresh Naik Raising Two Realty Funds - Morgan Stanley Real Estate Investing managing director Naresh Naik has resigned to set up a real estate fund house that will invest exclusively in India. Naik is collaborating with Robert Naso, managing director and head of asset management, Asia Pacific, Morgan Stanley Real Estate, for the venture. Naik is raising a $300 million overseas fund, for which he has secured commitments for about $100 million. The second is a domestic fund that has secured commitments for about $75 million. (Mint)
Kingfisher Lenders Reject Debt Recast Plan - Vijay Mallya-promoted Kingfisher Airlines is back with a debt restructuring plea but banks are unwilling to take a fresh haircut this time citing the company's weak finances and the loss they incurred on converting a part of their loans into equity. In addition, they fear that a fresh recast will force them to treat the loans as a non-performing asset (NPA), in line with the Reserve Bank of India norms. (Times of India)
IVRCL To Sell BOT Projects - Infrastructure major IVRCL is gearing up to put its build-operate-transfer or BOT assets on the block and confine itself to cash-based contracts. The company is also merging IVRCL Assets and Holdings Ltd, which handles the BOT projects, with itself, and demerge its real estate asset base into a separate company. IVRCL is also said to be appointing consultants to scout for buyers for its BOT assets. (DNA)
RIL Says Not Bidding For Valero Assets - Reliance Industries Ltd has scotched rumours that it was considering acquisition of or investment in Valero Energy. In a communication to BSE, RIL said that ‘while it is, and will remain, the policy of Reliance not to comment on market rumours, in (the) light of the materiality of the rumoured transaction, Reliance wishes to dispel the rumours and announce that it is not in discussions with Valero nor otherwise considering an acquisition of Valero'. (Business Line)
