Hyderabad-based infrastructure conglomerate Nagarjuna Constructions (NCC) is negotiating with potential buyers to sell two highway assets in a bid to reduce its debt, two people familiar with ongoing discussions told. IDFC and two funds I Squared Capital and Acropolis Capital are in the race for the two assets, namely the Meerut-Muzaffarnagar highway and the Bengaluru-elevated expressway. The company is looking to obtain a combined enterprise value of around Rs 2,000 crore ($331 million) from the deal proceeds. In fact, Blackstone, which has interests in NCC, is also keen that NCC monetise its assets and reduce debt,” said one of the two people cited above. Blackstone owns around 12% in NCC. Ernst & Young are the sellside advisors to NCC. (The Economic Times)
Oil India said to plan bid for $2 billion Murphy Malaysia assets: Oil India Ltd (OIL), the nation’s second-biggest state-run explorer, is weighing a bid for part of Murphy Oil Corp.’s assets in Malaysia, said people with knowledge of the matter. The producer is interested in buying about a 30% stake in Murphy Oil’s assets in the Southeast Asian nation, said the people. The holding may be valued at least at $2 billion (Rs 12,053 crore), the people said. India’s government-run oil companies are building on their record $5.5 billion of acquisitions last year to secure supplies for Asia’s second-biggest energy consumer. Oil India, which had $2.1 billion of cash at the end of September, is also studying an acquisition of Nigerian oil and gas assets owned by Royal Dutch Shell Plc valued at as much as $2 billion, people familiar with the matter said last week. (Live Mint)
NK Proteins puts itself up for sale: Gujarat-based NK Proteins, an edible oil crushing company and a defaulter in the National Stock Exchange Ltd (NSEL) payment crisis, is up for sale, according to sources in the know. Promoters have offered to sell the company to raise funds to pay NSEL investors. Tirupati, NK Proteins’ popular brand of edible oil, is also expected to be sold. It is learnt the promoters have written to the Mumbai police, investigating the NSEL fraud, requesting its assets be unfrozen so that it could proceed with the sale. The company was declared a defaulter on paying Rs 969 crore ($160 million) to NSEL investors, which was borrowed on the NSEL platform. (Business Standard)
Cairn keeps local exit on the boil: Undeterred by the income tax department’s restrictions, Cairn Energy Plc has sought fresh approval from shareholders to sell its 9.65% stake in Cairn India when such curbs are lifted. In January, the income tax department had barred Cairn from selling the stake, alleging that the Scottish explorer did not pay tax on the capital gains of Rs 24,500 crore made when it transferred its India assets to a new company, Cairn India, in 2006-07. After its annual general meeting on May 16, 2013, Cairn Energy had said in a regulatory filing that shareholders had authorised the board to dispose of all or part of the company’s residual interest in Cairn India. (Telegraph)
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