Ind-Barath Shelves IPO, To Raise Rs 1,000Cr PE Funding – Hyderabad-based Ind-Barath Power is looking to raise Rs 1,000 crore through private equity, after the company shelved its plans to go public due to volatile market conditions. It is operating a power capacity of around 300 megawatts. Ind-Barath is backed by private equity funds like Citi Venture Capital International, Sequoia & Bessemer. (Business Standard)
Vodafone’s M&A Head To Steer India Listing – Vodafone Plc, the world’s largest private mobile phone company by revenues and customers, is moving its group head for mergers and acquisitions Colman Deegan to Mumbai to plan and execute the listing of its Indian operations. Deegan, who was a banker with Dredner in Ireland before joining the Vodafone group in 1998, will take over as the chief financial officer (CFO) for the telco’s Indian operations. (Economic Times)
India Eyes 25% Stake In Belaruskali For $7B – India is looking to acquire a 20-25% stake in Belarus-based Belaruskali, one of the world’s largest producers and suppliers of potash, in a deal that could be worth $6-7 billion (Rs.27,120-31,640 crore). A proposal to this effect is likely to be discussed at a meeting chaired by Prime Minister Manmohan Singh on Wednesday. The Belarusian government had valued Belaruskali at $30 billion.
Govt No To Sell Stake In Hexacom – The telecom department has shelved plans to sell the government’s 30% stake in mobile phone company Bharti Hexacom, a subsidiary of Bharti Airtel – the country’s largest telco by customers and revenue. Hexacom offers mobile services in six north-eastern states (excluding Assam) and Rajasthan and has a little over 15 million customers. (Economic Times)
DLF To Exit Pune SEZ – India’s largest listed real estate firm DLF is said to be exiting both phases of the Hinjewadi SEZ (special economic zone) project in Pune, a joint venture with Mumbai-based Ackruti City. DLF holds about 70% in the project and is in talks with a private equity (PE) player to sell its stake. KP Singh-led firm was expecting around Rs 900 crore for the stake sale, the PE player was only willing to pay up to Rs 450 to 500 crore.
L Capital, Groupe Arnault In Talks With Genesis – In a move that underlines the growing global appeal for Indian apparel, L Capital Asia, the private equity arm of the world’s largest luxury conglomerate LVMH Group, and Groupe Arnault is forming a 50:50 joint venture with Genesis Luxury Fashion to showcase ethnic haute couture. The companies together are in talks to invest about Rs 80 crore initially. The JV will act as a platform to promote and showcase work of budding designers besides established ones like Sabyasachi Mukherjee, Rohit Bal and Tarun Tahiliani. (Economic Times)
Oberoi To Develop Properties With RIL – The Oberoi Group is headed towards a strategic partnership with Mukesh Ambani-led Reliance Group for developing hotels and real estate property complexes in Bangalore and Goa. The proposed initial “multi-use” projects in Bangalore and Goa would be based on a new business model. Reliance group would be the key investor in the planned venture for which a new JV will be set up. (Business Line)
Wockhardt To Conclude Danone Deal In FY12 – Debt-saddled drug maker Wockhardt expects to conclude its recent deal to sell its nutrition business to food-major Danone for about Rs 1,600 crore. The company expects to get legal permission and seal the deal by the end of this financial year. This comes even as the company talks to bond holders to settle its long-pending legal disputes over Wockhardt’s $110-million FCCB (foreign currency convertible bonds). Wockhardt’s debt stands at Rs 3,200 crore, on June 2011. (Business Line)
Multiples To Buy Stake In Nov Sara – Former ICICI Venture boss Renuka Ramnath, who set up on her own fund Multiples Private Equity, is now ready to enter into an investment agreement with Sara Sae Pvt Ltd and its promoters for a significant minority stake to fund the buyout of 76 per cent held by National Oilwell Varco in the company. MPEF will also invest in fresh shares issued by the company to fund its capital expenditure and acquisition strategy. The total investment by the Funds is expected to be approximately Rs 108 crore. (Business Standard)
Accel Frontline To Buy Ushus – IT services company Accel Frontline has proposed to acquire Ushus Technologies, the software services division of AccelTransmatic Ltd. As part of the proposal, the Chennai-based company has entered into memorandum of understanding with AccelTransmatic. (Business Standard)