Hochtief In Talks For Majority In PE-backed Coastal Projects – Private equity investors and promoters of Coastal Projects, a Hyderabad based construction services firm, are in discussions with German giant Hochtief AG to sell a majority stake. The transaction may value the construction services firm at over $500 million. The deal may provide a blockbuster exit for financial investors Sequoia Capital, Baring Asia, Fidelity Investment Management and Deutsche Bank that together hold about a 35% stake in the hydro power developer and tunnel engineering company. (Times of India)
ICICI Venture, Sequoia To Invest Rs 50Cr Star Health – Private equity investors, ICICI Venture and Sequoia Capital along with Oman Insurance have infused Rs 50 crore into Chennai-based Star Health Insurance. The company was planning to raise around Rs 170 crore, during this financial year, of which Rs 50 crore was raised from the existing investors till December 2011. Both, Sequoia Capital and ICICI Venture, have invested Rs 140 crore and Rs 130 crore, respectively. (Business Standard)
Covidien Eyes India Buyouts
– Irish medical device-maker Covidien is looking to acquire local companies as part of its expansion plans in India. The $11 billion company is also investing in setting of clinical training institutes and acquiring manufacturing capabilities in the country in addition to ramping up its distribution channel in a bid to expand its reach to tier 2 cities. (Business Line)
Sistema Shyam Delays IPO
– Volatile market conditions and uncertain regulatory framework in the telecom sector has forced new telecom operator, Sistema Shyam, to postpone its proposal to enter the capital market through an IPO, but would consider the plan after the new telecom policy is announced. (Business Line)
Essar Steel To Sell 1.8% In Essar Power
– Ruias-promoted Essar Steel has agreed to sell 1.82% economic interest in Essar Power to Essar Power Holdings for $94 million. This values the unlisted Essar Power executing over 8,000 mega watts of projects over $4 billion. Essar Energy has been infusing funds into Essar Power by way of convertible preference shares, reducing the economic interest of Essar Steel in Essar Power to 1.82% now. (Times of India)
Pfizer To Consolidate India Animal Health Business
– Pfizer Inc. (PFE), the world’s largest drugmaker, said it will incorporate its Indian subsidiary’s animal health unit into its larger animal division, signaling the company has progressed in its push to divest the business. The action is a step toward worldwide consolidation of New York-based Pfizer’s animal health operations under one roof. Pfizer is shedding its animal health and nutrition businesses this year as part of Chief Executive Officer Ian Read’s plan to focus on developing new drugs. (Bloomberg)
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