IL&FS PE Buys Four Logix Group Units For Rs 600Cr – Logix Group is selling four office buildings in Noida to IL&FS Investment Managers, the only listed private equity fund in India, for Rs 600 crore. Citi Property Investors, which holds 50% in the property Logix Cyber Park, will get an exit through this transaction. Last year, Apollo Global Management had acquired the real estate investment management group of Citigroup called Citi Property Investors. Citi had invested around Rs 60 crore in 2006 for a 50% stake in the project. The four buildings with 3-lakh-sq-ft of space in each are spread over 11 acres in Sector 62 in Noida. (Economic Times)
Vodafone Tax Win Paves Way For IPO – The Vodafone chief executive said the company’s victory in a $2.2-billion legal battle against tax authorities in India would help pave the way for a listing of shares in its business in the country. Vodafone last week won a long-running legal battle against the tax department in a Supreme Court ruling that analysts said would encourage foreign investment and remove a barrier to an initial public offer (IPO). (Business Standard)
Govt Amends KG-D6 Contract For BP Entry – The government has amended the KG-D6 contract to formally induct British energy giant BP as 30% partner in India’s biggest gas field operated by Reliance Industries. With this BP gets a legal role in the management of India’s giant gas block in the eastern coast. The British firm has been waiting for formal signing of contracts since August 2011 when the government approved its $7.2-billion deal to acquire 30% stake in 21 blocks held by RIL. (Economic Times)
Turner In Talks With Sahara For A JV – Turner Construction Co., the US unit of German construction services company Hochtief AG, is in talks with Sahara Prime City Ltd for a joint venture (JV). Turner, which entered the US market in 2006, may initially hold a 10% stake in the JV and provide services to Sahara’s planned construction township projects. According to its initial plan, Sahara’s projects are currently valued at Rs.500 crore.
Oriental Invests In VC Funds – Public sector general insurer Oriental Insurance Company of India (OICL) has set the trend by investing in venture capital (VC) funds floated by financial institutions. It had made an initial investment of Rs 120 crore in the VC funds floated by IDFC, IDBI and ICICI focused on infrastructure. The officials said based on performance of VC investments, it would increase the investments. (Financial Chronicle)