IL&FS May Invest $100M In KVK Energy - Infrastructure Leasing & Financial Services (IL&FS) is understood to be exploring options to invest $100 million in KVK Energy & Infrastructure to part-fund new and upcoming projects of the Hyderabad-based infrastructure company. IL&FS may invest through IL&FS Investment Managers, its private equity arm, and also partly through debt from one of its group arms. KVK Energy had earlier raised more than Rs 200 crore from Old Lane, a US-based fund founded by Citigroup CEO Vikram Pandit. KVK Energy has four operational projects with a cumulative capacity of 70 Mw and is putting up five more with an additional capacity of about 1,550 MW. (Business Standard)
AMRI Ups Bid For Sterling Hospitals - Emami-backed AMRI put in a revised bid of over Rs 600 crore to acquire Ahmedabad-based Sterling Hospitals after being challenged by private equity biggies, including Malaysia's sovereign wealth fund Khazanah. Khazanah controls Singapore's Parkway Holdings and also holds minority shares in India's largest private healthcare group Apollo Hospitals Enterprise. Sterling Hospitals promoter Actis estimates valuation at over Rs 650 crore. Investment bank JM Financial had set July 29 as the last day for submitting initial bids. (Times of India)
Reliance Broadcast In Talks With PEs - Media firm Reliance Broadcast Network Ltd (RBNL) today said it is in talks with private equity firms and strategic investors to fund its expansion plans in radio and television segments. The Anil Ambani-led Reliance Group company has plans to invest up to Rs 200 crore on radio business once licences for the FM Phase-III expansion are issued by the government and also make investment on the TV business to expand its portfolio of channels and reach. (Moneycontrol)
Kotak To Offload 11% In Commodity Exchange - Kotak Mahindra Bank, which holds 51% in Ace Derivatives & Commodity Exchange, is in talks with foreign and domestic investors to sell 11% in the bourse. Anchor investor Kotak has to cut its stake to 40% from 51% by October 26 to comply with a government rules on shareholding in a commodity exchange. The anchor investor has to reduce its stake to 40% within one year of the exchange going live, and to 26% over the next four years. (Economic Times)
Fortis Awaits Market Stability For SRL IPO - India's Fortis Healthcare Ltd. will wait for the local stock markets to stabilize before going ahead with the planned initial public offering for its medical diagnostics unit. The unit, Super Religare Laboratories, had withdrawn the IPO draft document once before when the company said in May it needed to be revised to reflect a new ownership pattern. (WSJ)
Centrum Starts Wealth Management JV With HK Firm - Domestic broking firm Centrum Capital has entered into a joint venture with Hong Kong-based Commonwealth Finance Corporation to start wealth management and investment advisory business in that country. The new tie-up comes just four months after Centrum ended its wealth management joint venture with Kishore Biyani's Future Capital. (Economic Times)
Reliance-Nippon Deal Cleared - The government has allowed Anil Dhirubhai Ambani Group firm Reliance Life Insurance to sell 26% stake to Japan's largest life insurer Nippon Life Insurance. But it has asked the insurance regulator to frame a common policy before approving the deal. The deal, announced in March, is worth $680 million. (Economic Times)
Star Cement Drops Stake Sale Plans - Meghalaya based Star Cement, a subsidiary of Kolkata-based Century Plywoods has put its decision to sell 10-15 per cent on the backburner given the slowdown and depleting valuations. The deal size, inclusive of debt was being pegged at $250- $275 million (Rs 1,000- Rs 1,200 crore). Star Cement is a popular brand of Cement Manufacturing Company, a 70.48% subsidiary of Century Plyboards. (Business Standard)
SPIC Sells Unit For Rs 50Cr - SPIC has sold its engineering division, SPIC-SMO, to a Kolkata-based company for a consideration of Rs 50 crore. This is pursuant to a restructure package approved by lenders (banks) under the ‘corporate debt restructure' mechanism. The package binds SPIC to divest its non-core activities, and remit the proceeds to the lenders' accounts. Earlier, SPIC had sold its stake in joint ventures, Technip India, and in Indo-Jordan Chemicals, a company based in Jordan. (Business Line)
