Godrej Close To Buying Indonesia’s Megasari - Godrej Consumer Products Ltd (GCPL) is close to acquiring Indonesian household products company Megasari in a deal estimated to be worth Rs 1,200-1,400 crore. It will fund the Indonesian acquisition through a combination of internal accruals and debt. In another development, Godrej has placed an “attractive†bid for the global pesticides business of Sara Lee Corporation with which it has a joint venture in India. The company is expected to buy out the US-based Sara Lee’s 51% stake in the joint venture in March or April 2010. (ET)
Essar's Deal With American Tower Hits Roadblock- After three attempts to merge the company with larger rivals, Essar Telecom Infrastructure is nowhere near its purported $400 million deal with broadcast and wireless communications sites developer American Tower Corporation (ATC). Both the firms continued to be in exclusive talks over a controlling stake in the Indian infrastructure company. Earlier, Essar Telecom was in talks with Tata Quippo, GTL and American Towers for the sale of its 4,000 mobile tower units, but the deal had to be shelved due to valuation issues. (Times of India)
Petrobras To Exit ONGC Block - Petroleo Brasileiro SA or Petrobras, a state-controlled oil firm in Brazil, has decided to offload its 15% stake in Oil and Natural Gas Corporation’s (ONGC’s) prolific gas discovery block in the Krishna Godavari basin. Royal Dutch and Shell and BP Plc are the two companies on the race to acquire the Petrobras’ stake. Shell has offered technology to convert natural gas into liquefied natural gas at a floating offshore facility at the deep sea and then transporting the fuel in ships to the shore. BP, on the other hand, has offered the conventional technology of producing gas at an offshore platform and then transporting it to land through under-sea pipelines. (BS)
IDFC May Invest In Monnet Ispat Unit - IDFC’s project equity division IDFC Project Equity Co Ltd is weighing investment in a greenfield power plant being set up by Monnet Power and Energy. It will most likely invest around Rs 400 crore in the project for a significant minority stake. The power project is scheduled to be put on floor in the next fiscal, while the company plans to complete financing model and fund-raising by the end of the current fiscal. The IDFC investment is expected to be made by the end of this fiscal. (DNA)
BK Birla Set On 50% Stake In Group Firms - BK Birla is set to raise his holding in all listed firms controlled by him to at least 50% before he hands them over to his grandson Kumar Mangalam and other successors over the next two-three years. Currently his family’s ownership is around 30% or less in most of his firms. Birla group’s interests include cement, textiles, chemicals, tyres and tea. (Mint)
Petrobras To Exit ONGC Block - Petroleo Brasileiro SA or Petrobras, a state-controlled oil firm in Brazil, has decided to offload its 15% stake in Oil and Natural Gas Corporation’s (ONGC’s) gas discovery block in the Krishna Godavari basin. Royal Dutch and Shell and BP Plc are the two companies on the race to acquire the Petrobras’ stake. Shell has offered technology to convert natural gas into liquefied natural gas at a floating offshore facility at the deep sea and then transporting the fuel in ships to the shore. BP, on the other hand, has offered the conventional technology of producing gas at an offshore platform and then transporting it to land through under-sea pipelines. (BS)
AI To Spin Off MRO, Ground Handling – Leading carrier Air India is set to launch two separate subsidiaries for maintenance, repair & overhaul (MRO) and ground handling services this year. It plans to generate Rs 3,000 crore from the MRO subsidiary and another Rs 1,000-1,500 crore from the ground handling arm. The move is to help the ailing airline save resources for the coming financial year. (DNA)
Religare Enterprises To Raise Rs 1,850Cr - Financial services provider Religare Enterprises plans to raise Rs 1,850 crore through rights issue. The members of the issue committee, at its meeting held recently, have given their approval to issue shares at Rs 355 per piece. The company would issue shares in the ratio of 2:3 that is two equity shares for every three stocks held. (BS)
Time Techno Mulls More Buys Abroad - Time Technoplast Ltd (TTL), a Mumbai-based innovative plastic products manufacturer, is looking at acquisitions in Europe with revenues of $30 million, and a firm in South-East Asia with a turnover of $20 million next fiscal. The acquisitions will be in the industrial packaging space, one of the five businesses TTL is present in. (DNA)
DAR Capital To Lunch Regional Movie Fund - London-based international investment advisor and private equity firm DAR Capital Group (DGC) is set to raise a fund that would be in the region of Rs 150-200 crore. The fund, which will mainly focus in financing regional cinema, is expected to be launched in the first half of 2010. Having invested around $250 million in areas like agriculture, real estate and infrastructure development in various projects worldwide, DGC, through its Mumbai-based subsidiary, DAR Media Pvt Ltd, will also be producing a minimum of 11 films by 2012. (FE)
Persistent Systems Files IPO Papers With SEBI - Persistent Systems has filed the draft red herring prospectus (DRHP) for the third time with the Securities & Exchange Board of India (SEBI) and has planned a public issue of 54,19,706 equity shares of Rs 10 each. The issue consists of a fresh issue of 4,139,000 equity shares and an offer for sale of 1,280,706 equity shares by its promoters. The issue comprises a reservation of up to 541,976 equity shares for eligible employees and the balance to the public. The issue will constitute 13.55% of the fully diluted post issue paid-up capital of the company. (FC)
Ceat Ups Stake In Associated Ceat Holdings To 54.84% - Tyre maker Ceat Ltd has acquired 3.68 million shares in Associated Ceat Holdings Co (Private) Ltd (ACHL), which is 36.84% of the firm. Ceat's stake in Colombo-based ACHL has increased to 54.84% following the acquisition, making ACHL a subsidiary of the Indian firm.(Reuters)
Pantaloon Retail Transfers Value Retail Biz To Unit - Pantaloon Retail (India) Ltd has transferred its value retail business to its subsidiary Future Value Retail Ltd. Pantaloon, India's largest listed retailer, is the flagship company of Kishore Biyani's Future Group.(Reuters)
