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News Roundup: Hiranandani Raises PE Funding For Projects

03 September, 2009

MTNL Bids For Nigerian Telco – State-owned telecom operator MTNL submitted a bid to acquire a 75% stake in Nigerian Telecommunications (Nitel). MTNL will now appoint consultants to evaluate Nitel before placing a financial bid for the Nigerian government-owned telco that has both fixed-line and mobile operations (both GSM & CDMA). For the proposed acquisition, MTNL will compete with 12 other bidders, including global majors such as Africa’s largest telecom operator MTN, Etisalat and Telefonica. (Economic Times)  

Tata To Sell Infinity Stake – Tata group subsidiary Infiniti Retail, which runs consumer durables store Croma, plans to sell its stake to private equity players. The company is looking at right valuations for the proposed divestment. Infiniti Retail has invested Rs 220 crore till date and will put in additional Rs 150 crore this year. (ET)

Lanxess Completes Acquisitions In India, China – German specialty chemicals group Lanxess has completed two acquisitions, one in India and the other in China. It has acquired the chemical businesses and production assets of Gwalior Chemical Industries in India for euro 82.4 million, while the value of Chinese acquisition Jiangsu Polyols Chemical Co is not disclosed. Both transactions have taken economic and legal effect at the start of September. (Business Standard)

Accor To Invest Rs 636 Cr In India – European hospitality major Accor will make equity investment of Rs 636 crore in India for setting up 50 hotels over the next 2-3 years. Accor has a JV with real estate developer Emaar MGF and another with aviation and hospitality services group Interglobe in India. It also has project-specific ventures with several companies in the country. (BS)

Hiranandani Raises PE Funding For Projects – Hiranandani Upscale, a fully-owned company of Mumbai-based developer Hiranandani Group, has achieved financial closure for three of its new projects from private equity players for acquisition of land plots. The company has not disclosed the name of the investors. The projects are in Chennai, Hyderabad and Bangalore. Hiranandani is said to have acquired 135 acres in three cities for about Rs 800 crore. (DNA)

Sistema Files Fresh Application To Get FIPB Nod – Sistema Shyam Teleservices (SST) has filed a fresh application with foreign investment regulator Foreign Investment Promotion Board (FIPB) seeking clearance for its internet subsidiary Shyam Internet Services. The Department of Telecom (DoT) has asked SST to seek fresh approval as it has allegedly violated the country’s foreign investment norms. The subsidiary never took the mandatory FIPB approval despite Russia’s Sistema picking up a 74% stake in the parent company. (ET) 

Golden Tobacco To Sell Its Mumbai Property – Golden Tobacco, which manufactures the Panama and Chancellor cigarette brands, is looking at ways to monetise its 7.5-acre property in western Mumbai. The property is estimated to be worth Rs 200 crore. The company is exploring the possibility of signing an agreement with Godrej Properties, the real estate arm of the Godrej Group, for jointly developing commercial and residential properties in the location where it would hold a substantial stake. (ET)

IL&FS Drops Stake Buy Plan in Tea Plantation – Infrastructure Leasing and Financial Services (IL&FS) said it will not be picking up a stake in Amalgamated Plantations Private Limited (APPL). The company was created in 2007 to hive off its 24 North Indian tea plantations. Tata Tea currently holds 50% in the company, Tata Investment Corporation 15% and IFC 20%. APPL is now looking for new investors. (BS)

 


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News Roundup: Hiranandani Raises PE Funding For Projects

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