Irish building material maker CRH Plc and Swiss cement and aggregates giant Holcim are in independent talks with the Shriram Group to purchase a controlling stake in Sree Jayajothi Cements (SJJCL), which owns a 3.2-million-tonne cement plant in Andhra Pradesh. The negotiations, which were revived recently, are still preliminary. The company bought Jayajothi after its promoters failed to repay INR 563-crore dues to the engineering contractor. Shriram EPC converted their dues into equity shares and purchased a 19% stake. Another group company acquired another 49% stake, taking their combined stake to 68%. (The Economic Times)

Etihad may buy 24% stake in Jet for up to Rs 1,800Cr in 10 days: Abu Dhabi-based Etihad Airways was close to buying 24% stake in Jet Airways India Ltd. for around $331.18 million (INR 1,800 crore). The deal is likely to be concluded within ten days. Naresh Goyal owns 80% stake in the target company through Tail Winds Ltd. and the rest is held by individual and institutional investors. (Business Standard)


Supertech to Raise . 100 cr for Gurgaon Township: Supertech, a real estate developer operating in the National Capital Region, is looking to raise $18.39 million (INR 100 crore) from Reliance Capital’s Reliance Portfolio Management Services to buy land for a township in Gurgaon. The company would issue non-convertible debentures at 16% to Reliance PMS. The firm would have to redeem the debentures in three-and-a-half years and it would also pay an additional redemption premium at that time. (The Times Of India)

Hero Cycles Close to Buying Two Intl Cos for INR 550 Crore: Hero Cycles, part of the OP Munjalled Hero Group, which has Hero Motors, Munjal Kiriu, ZF Hero, Munjal Hospitality under its ambit, is close to acquiring two European cycle makers, at an estimated deal value of around $101.19 million (INR 550 crore). The acquisitions are likely to materialise by early 2013 with an announcement on the same expected shortly. (The Times Of India) 

Courtesy: VCCEdge

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