India Value Fund To Invest $100M In Manipal Hospitals – India Value Fund Advisors (IVFA) may invest up to Rs 500 crore ($100 million) in Manipal Hospitals, the third-largest domestic healthcare service provider, as the latter holds talks with private equity (PE) firms to accelerate expansion plans. Ranjan Pai-led Manipal Hospitals is expected to finalise a fund raising move within three weeks. Manipal may fetch about Rs 1,500 crore valuation, giving the new investor a fairly large minority stake. (Times of India)
Times Group, ABP To Start Talks For TV Alliance – India’s largest diversified media conglomerate, Bennett, Coleman and Co Ltd (BCCL), popularly known as the Times Group, may soon engage in formal talks with Aveek Sarkar’s Ananda Bazaar Patrika (ABP) to explore a grand partnership involving each other’s TV networks. Times Global Broadcasting Ltd is the television arm of BCCL and is popularly called the Times Television Network. (Business Standard)
Murugappa Eyes Banking Foray – Chennai-based diversified Murugappa Group is contemplating starting a bank, provided the regulations favour its three important criteria, one of it being the group having a majority control in the bank like it does in other businesses. The group’s Cholamandalam Investment and Finance Company has reported a 46 per cent growth in top line at Rs 1,784 crore. (Business Standard)
IL&FS, LIC TO Set-up $2B Infrastructure Fund – IL&FS Financial Services Ltd (IFIN) and Life Insurance Corporation (LIC) will set up an infrastructure debt fund with a targeted corpus of $2 billion. LIC will pick up 10 per cent stake in the asset management company floated by IL&FS, the infrastructure development and finance company headquartered here. IFIN will hold 75 per cent stake. The fund will be set up in compliance with the Securities and Exchange Board of India norms. (Business Standard)
BNP Paribas Appoints Viraj Kulkarni India Ops Head – BNP Paribas Securities Services today announced the appointment of Viraj Kulkarni as head of India operations. Kulkarni would drive the custodian’s business activities in the Indian market, which include custody and clearing, transfer agency and domestic fund services for buy—and sell—side institutions. (Business Line)
BG To Meet PSU Consortium Over Gujarat Gas Bids – After an impasse of about two months, the UK-based energy major British Gas and representatives of the PSU consortium — Bharat Petroleum Corporation, Oil and Natural Gas Corporation, Gujarat State Petroleum Corporation and Oil India — bidding for its 65% stake in Gujarat Gas are planning to meet on May 18 to discuss the modalities of the deal. The BG Group had earlier rejected a $900-million bid submitted by the PSU consortium saying it’s too low and well below its expectations. (Economic Times)
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