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News Roundup: Hindustan Construction Plans Lavasa IPO By Dec 2011

16 November, 2009

JLR Ties Up $250M Funding From GE Arm – Tata Motors and Jaguar Land Rover have tied up $250 million from GE Capital, in a unique financing deal. GE Caps has undertaken to finance all new production of JLR cars from the time the cars leave the factory for up to 90 days, while the cars are in transit to dealers. The proposed arrangement was for working capital and not linked to refinancing of debt raised by the Mumbai-based company for the acquisition of JLR. (Economic Times)

Oman Oil To Up Stake In India Refinery To 26% – India oil major Bharat Petroleum Corporation has informed that Oman Oil Co has agreed to raise its stake to 26% in a 120,000 barrels per day Central India refinery. Oman Oil Co currently owns about a 2% stake in its joint venture with BPCL-Bharat Oman Refineries Ltd (BORL), which is building the Bina refinery in the Central Indian state of Madhya Pradesh. It is expected to cost around $2.4 billion (Reuters)

Nasscom, IKP May Open VC Fund To Foreign Investors – After getting promising response by floating the India Innovation Fund (IIF), Nasscom and ICICI Knowledge Park (now IKP Knowledge Park) are considering setting up a venture capital fund parallel to IIF and will be open to foreign investors. The initial corpus of this fund is likely to be Rs 100 crore. The new fund would be launched within a year’s time. (ET)

SJVN To Go IPO Next Year – The Initial Public Offer (IPO) of Satluj Jal Vidyut Nigam Ltd (SJVN), the state-owned hydro power producer, is likely to hit the market in the next financial year. The company is now in the process of appointing independent directors, after which, it will approach the Securities and Exchange Board of India (Sebi). The entire process may take another six months. The government had approved a 10% sale of its stake in SJVN. Currently, the government holds 75% stake in the company, and the rest being owned by the Himachal Pradesh government. (Business Standard)

Hindustan Construction Plans Lavasa IPO By Dec 2011 – Hindustan Construction Co Ltd is planning an initial public offer (IPO) of its Lavasa project by the second or third quarter of next financial year. The company is not looking at any equity investment, and has received full financial closure of Rs 2,200 crore for the project. Lavasa is a planned city being developed near Pune and Mumbai and is spread over 25,000 acres of land. (Reuters)

Grupo Mexico Wins Fight To Regain Control Of Asarco – In a recent ruling, a US District Judge said that Grupo Mexico SAB can regain control of its bankrupt US copper miner, Asarco, rejecting a competing offer from Sterlite Industries (India) Ltd. He ruled that Grupo Mexico’s proposal to pay about $2.5 billion to Asarco LLC’s creditors “is both feasible and confirmable”. In ruling in favour of Grupo Mexico, the judge agreed with a lower-court opinion from the bankruptcy judge that oversaw Asarco’s case for five years. (BS)

Reametrix Scouts For Strategic Partners – Reametrix, a Bangalore-based company that provides basic research and assay development services to biotechnology and pharmaceutical companies, is scouting for strategic partners to take TriTstat, a critical diagnostic product for managing HIV patients, to the global markets. The deals are expected within the next 12 months. Reametrix has the capabilities to develop 100 different products a year at its 20,000 square feet facility in Bangalore. (BS)

IFC Is Adviser To Vizhinjam Project – The International Finance Corporation (IFC), a member of the World Bank Group, will act as the principal adviser to the proposed Vizhinjam International Seaport, near Thiruvananthapuram. IFC will extend expertise to structure, market and implement the project and to attract serious investors through an open and competitive bidding process. IFC will implement the project in public-private partnership. (BS)

Government Plans VC Fund For Prospecting Mines – The steel ministry of India is in talks with a financial institutions to promote a venture capital fund for funding the prospecting of iron ore mining. Steel Secretary Atul Chaturvedi stated that prospecting of mines, which is the first step towards mining, is a high risk venture and unless there is certainty in conversion of prospecting licence into mining licence, it is difficult to attract investment to this sector. )

Aban Offshore Raises $150M – Drilling contractor Aban Offshore has raised $150 million by selling new shares to institutions at Rs 1,224.30 ($26.6) each. Citigroup was the sole arranger of the deal. (Reuters)

 


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News Roundup: Hindustan Construction Plans Lavasa IPO By Dec 2011

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