India Equity Partners May Buyout BJN, Sagar Ratna – New York-based India Equity Partners (IEP) is holding talks to acquire controlling stakes in BJN Group, which operates a chain of fine-dining restaurants under multiple brands, and Sagar Ratna, another large chain serving South Indian delicacies and operating mainly in the national capital region (NCR). The PE firm has roped in former Dominos Pizza and DLF Retail chief executive Arvind Nair to lead acquisitions. Each of these transactions, if clinched, would be worth anywhere between $40 to $60 million. (Times of India)
Just Dial May Sell Stake To A Malaysian Conglomerate – Just Dial Pvt Ltd, a local search firm with pan-India presence, is understood to be close to striking a strategic deal with a Malaysian conglomerate picking up stake in the company. Global venture capital firm SAIF Partners may exit in this deal, if the investment from the Malaysian company materialises. Just Dial had raised its first round of venture capital funding of Rs 50 crore from SAIF Partners in 2006. Other investors include New-York based hedge fund Tiger Global and Sequoia Capital India. It is also understood that Just Dial is exploring a Rs 700 crore public offer in due course. (Business Standard)
Bharti Will Eye Consolidation In India – Mobile phone operator Bharti will look for opportunities within India as the sector consolidates, Singapore Telecommunications CEO Chua Sock Koong said on Thursday. SingTel owns around 32% of Bharti and Chua sits on Bharti’s board. (Reuters)
ADB To Set Up $250 Guarantee Fund For MFIs – India’s microfinance institutions (MFIs), under pressure because of stricter rules in their largest market Andhra Pradesh and the consequent slump in repayments there, may get a boost as Asian Development Bank (ADB) is constituting a $250 million (around Rs.1,135 crore) facility to offer guarantees against loans to MFIs extended by banks in the Asia-Pacific region where it operates, including India. The move is aimed at encouraging banks to lend more to MFIs. The proposed facility would recompense the exposure that banks have to microcredit lenders—to the extent to which they are guaranteed, if they were to go bad—in return for a fee. (Mint)
Biz Restructuring Delays Gitanjali’s PE Deal – Gitanjali Gems Ltd (GGL), which is in the process of raising funds from private equity (PE) players, is unlikely to close the deal any time soon due to the ongoing business restructuring of the company. The company was in talks with various PE players to raise $100 million by selling about 10% in the company. Earlier media reports said Blackstone, CX Partners, Bain Capital, Apax Partners were in race to acquire the stake in the proposed holding company. Gitanjali Gems plans to hive off various businesses such as Gitanjali Lifestyle, the retail arm which operates through shops named-Maya; real estate-proposed SEZs; jewellery and international businesses as subsidiaries of the new holding company-Gitanjali Brands. (Business Standard)
Coal India May Buy 15% In Peabody – Coal India Ltd , the world’s largest coal producer, may buy up to a 15% stake in US-based Peabody Energy Corp’s Australian assets early next fiscal for an estimated $100 million (about Rs 450 crore). The proposal to buy a stake in Peabody’s asset will be deliberated at a meeting of a sub-committee of the company board on the state-owned firm’s foreign acquisition plans, which is likely to take place this month. (Economic Times)
Vodafone, Essar May Appoint UBS To Value JV – Vodafone and Essar have identified UBS as an independent banker to value their four year-old telecom joint venture Vodafone Essar. This comes at a time when Essar is looking to dilute a part of the 33% stake in the JV. Goldman Sachs and Standard Chartered are already advising Vodafone and Essar respectively in the ongoing the development. (Times of India)
Mahindra Satyam To List On Nasdaq In Next Financial Year – Mahindra Satyam is all set for its Nasdaq relisting in the financial year 2011-2012. The firm will move forward with the listing after the merger and preparing US GAAP accounts. (MSN)
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