ArcelorMittal's Rs 40,000 Crore Project Put on Hold for 2 Years - The world’s largest steel maker, ArcelorMittal, has put on hold its proposed Rs 40,000-crore steel plant in Orissa’s Keonjhar district for at least two years, as the global demand for steel is stagnating.However, the company will go ahead with its plans in Jharkhand, and has secured iron ore mines and coal linkages to the project, company sources told Business Standard. (Business Standard)

DLF to Sell Half Its Hotel Plots, Wind Power Business - DLF, the country’s largest property developer, today said it would raise Rs 1,900 crore through the sale of hotel plots and its wind power business by the fiscal-end. The company is already in talks for selling its wind power business and expects to raise around Rs 900 crore through its sale. DLF has 40 hotel plots, of which 21 have been put on the block for sale to raise money. The company plans to raise Rs 5,500 crore by the end of this fiscal through the sale of non-core businesses, including land parcels. The company had accumulated debt of over Rs 14,000 crore by March 31. (Business Standard)

Rabo Equity to Raise $25 Million More For Agri Fund By Dec - Rabo Equity Advisors will float a second private equity fund focusing on the food and agribusiness sector in India in the second half of 2010. Rabo will start raising its second fund once it invests 70% of its existing fund. Food and the agri business will continue rto be the focus of the company. India Agri Business Fund, which has a committed capital of $95 million, is planning to raise another $25 million over the next four months. (Business Standard)

Indiabulls Power Plans Rs 1,500 Crore IPO - Indiabulls Power is planning to raise Rs 1,500 crore through an initial public offer in August this year and is expected to file its draft red herring prospectus in a week. Morgan Stanley has been given the mandate of lead banker for the issue, while Amarchand Mangaldas has been appointed lawyers. The 100% subsidiary of Indiabulls Real Estate will offer around 34 crore shares help by the parent company for sale in the primary market, following which Indiabulls Real Estate’s holding will come down from the current 71.4% to 57.8%. (The Economic Times)

Essar Oil to Raise $250 Million Via Equity Shares - Essar Oil, India’s second-largest petroleum refiner, has mandated Citi, JP Morgan and UBS to raise $200-250 million through issue of fresh equity shares. This is the first tranche of the $2 billion that Essar Oil is planning to raise to meet its expansion needs. The three banks are weighing the option of issuing fresh equity on Indian and foreign bourses to raise funds. Options such as qualified institutional placement (QIP) and foreign currencyconvertible bonds (FCCB) are also being considered. (The Economic Times)


NMCE To Sell Stake For $10 Million - Reliance ADAG backed National Multi-Commodity Exchange of India (NMCE) is planning to sell a stake to raise $10 million to private equity investors and foreign commodity exchanges. The firms is in talks with players from U.S., the U.K. and the EU. ADAG group firm Reliance Money picked up a 10% stake in the bourse in September '08. ()

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