International Coal Ventures Ltd (ICVL) has evinced interests in buying Rio Tinto-owned Riversdale Mining's coal mines in Mozambique. ICVL, a consortium of state-run firms incorporated for buying coal blocks overseas in 2009, is also open to acquire some stake in the Africa-focused miner, a source in the Steel Ministry told PTI. Anglo-Australian mining giant Rio Tinto took over Riversdale Mining in 2011 for $4 billion by buying out Tata Steel's over 24% stake and Brazilian steel maker Companhia Siderurgica Nacional's (CSN) entire 19.35% holding in Riversdale. ICVL was also in the race then and even hired Citigroup to assess the potential of a counter bid. (Economic Times)
Qatar Airways looks to grow India reach, eyes SpiceJet stake: Qatar Airways is in talks with SpiceJet for the possible acquisition of 24% stake in the Indian airline. Recently, the two airlines signed a non-disclosure agreement, but due diligence in this regard was yet to be carried out, said a source privy to the development. In January, Qatar Airways had denied it was in talks with SpiceJet or any other Indian airline. According to sources, however, the talks were in preliminary stages and Qatar Airways might infuse $200 million in debt and equity in SpiceJet. SpiceJet has total equity of Rs 484 crore. Promoter and Sun TV Chairman Kalanithi Maran owns 52.14% stake in the airline individually and through group companies. (Business Standard)
Piramal Group-backed Kauvery Medical Care plans second round of PE fund-raising: Sri Kavery Medical Care (Trichy) Pvt Ltd is in the process of raising funds from private equity (PE) firms to finance its expansion plans, said Dr S Manivannan, joint managing director. In the first round of fund-raising, the healthcare provider had reportedly raised Rs 90 crore from India Venture Advisors Pvt. Ltd., the private equity arm of the Piramal Group, for a 30% stake. The investment would be around Rs 100 crore to achieve targeted size. It would be a staggered investment and would be a mix of equity and debt, he added. (Business Standard)
Courtesy: VCCEdge
