ICICI To Sell 27% Stake In 3i Infotech – The ICICI Group plans to sell its 27% stake in 3i Infotech. Global private equity firms Apax Partners, Carlyle and KKR have shown interest in buying ICICI’s stake in the company. A potential acquisition will also require the buyer to launch a mandatory 20% open offer, taking the total investment to Rs 800-Rs 900 crore.
RIL Raising $10B For Lyondell Buy – Reliance Industries (RIL) is in talks with Standard Chartered, Barclays Capital, HSBC and some French banks to raise $8-10 billion for the acquisition of LyondellBasell, the petrochemical company that has filed for bankruptcy in the US.
MahaGenco Plans IPO For Project Expansion – MahaGenco plans to go in for an initial public offering (IPO) to mobilise funds for expansion. The proposal is for a public issue of shares of 10-20% of the total equity. The move comes at a time when state electricity boards continue to be in a financial mess with an aggregate loss of Rs 27,500 crore and outstanding receivables of Rs 47,400 crore. (Business Standard)
Essar Group To Buy Retail Chain X-Cite – Essar Group, which is engaged in the businesses of steel, energy, power, communications, shipping ports and logistics and construction, is planning to acquire X-Cite, a retail chain of consumer durables. The deal could be announced soon. X-Cite runs a few stores in south and north India. (ET)
Gujarat NRE Coke Unit Raises $50 Mn – Gujarat NRE Coke Ltd Australian unit, Gujarat NRE Minerals Ltd, had raised $50 million through a sale of shares to institutional investors.(Reuters)
Nilgiri Caught In Shareholder Tussle – Nilgiri, a leading food brand in the south, is grappling with a rift between its key shareholders. Differences have cropped up between private equity investor Actis, which owns majority interest in the company and some members of the promoter family. The rift came to light when some members of the promoter family want a share of the money that the company received after selling its hotel properties while Actis is keen on reinvesting the amount. (ET)
US N-power Cos Keen On India JV – GE Hitachi and Westinghouse, two major industrial engineering companies from the US, have begun talks with Indian companies to roll out their nuclear power offering in the country. GE is in talks with several firms such as Bharat Heavy Electricals Ltd (BHEL), Bharat Forge and Larsen and Toubro (L&T), for manufacturing castings and forgings for the nuclear power plants. Westinghouse, on the other hand, is interested in supplying nuclear power equipment and is in preliminary talks with Nuclear Power Corporation of India (NPCIL) for supply of equipment. (ET)
EdServ To Raise $25M Via GDR, FCCB – Education and placement company, EdServ SoftSystems plans to raise $25 million through a GDR/FCCB issue. The company plans to use the fund to expand its presence across India in the higher education and career placement segments, apart from investing in schools segment and online tuition services market. The GDR/FCCB issue is expected to be completed by the first quarter of 2010. (ET)
Japan’s Itochu, Mitsui To Acquire 25% In ONGC Arm – Oil and Natural Gas has been approached by Japanese firms Itochu Corp and Mitsui & Co for acquiring a 25% stake in ONGC Petro additions (OPaL). The company can raise upto Rs 5000 crore through the deal. ONGC has appointed Royal Bank of Scotland and Rothschild as advisors for the deal. (Reuters)